24、25Q1电动两轮车板块综述：受益供需合力拉动，25Q1表现靓丽

Investment Rating - The investment rating for the electric two-wheeler industry is optimistic [2] Core Viewpoints - The electric two-wheeler industry is expected to benefit from a combination of supply and demand factors, leading to a strong performance in Q1 2025 [2][10] - The "old-for-new" policy has shown significant results, with a positive outlook for the entire year [11] - The industry faced challenges in 2024 but is projected to recover significantly in 2025 due to clearer regulations and continued support from government policies [10][11] Summary by Sections Industry Review - The electric two-wheeler industry experienced notable pressure in 2024, primarily due to safety concerns and regulatory uncertainties [10] - The introduction of new national standards and the continuation of the "old-for-new" subsidy policy are expected to stimulate market demand in 2025 [10][11] Performance Overview - In 2024, traditional brands faced revenue declines, while new brands like Ninebot and Niu Technologies showed strong growth [3][16] - In Q1 2025, companies such as Aima Technology and Ninebot reported significant revenue increases of 25.8% and 99.5% respectively, driven by improved market conditions and effective policies [3][17] Sales and ASP - Traditional brands saw a decline in sales in 2024, with Yadea and Aima experiencing drops of 21.2% and 3.7% respectively, while Ninebot achieved a remarkable growth of 76.6% [4][18] - The average selling price (ASP) for leading brands remains stable, with Ninebot maintaining a higher ASP of around 2850 yuan due to its focus on the mid-to-high-end market [4][18] Profitability - Despite sales pressures in 2024, leading brands managed to maintain stable profitability through effective cost control and product optimization [21] - In Q1 2025, profitability is expected to improve further, supported by scale effects and growth in mid-to-high-end product sales [21][22] Investment Recommendations - The report suggests focusing on companies with strong competitive advantages and market share growth potential, such as Yadea, Aima Technology, and Ninebot [4][22]