爱玛科技（603529）：电动两轮车龙头企业，高端化与全球化并举

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Viewpoints - The company, Aima Technology, is a leading player in the electric two-wheeler industry, focusing on high-end and global expansion strategies. In 2024, the company is projected to achieve revenue of 21.606 billion yuan, a year-on-year increase of 2.71%, and a net profit attributable to shareholders of 1.988 billion yuan, up 5.68% year-on-year [1][2]. Summary by Sections Company Overview - Aima Technology is recognized as a leading enterprise in the electric two-wheeler sector, with a rich product matrix and a strong market presence. The company has over 2,000 dealers and more than 30,000 retail outlets, providing a robust distribution network [20][23]. Industry Analysis - The electric two-wheeler market is expected to see significant growth driven by new national standards and policies promoting the replacement of old vehicles. The global e-bike market is projected to maintain a growth rate of over 10% from 2022 to 2030 [2][43]. Financial Performance - The company has shown steady revenue growth, with total revenue reaching 20.802 billion yuan in 2022, a 35.09% increase year-on-year. The revenue from electric bicycles has been increasing, accounting for 60.34% of total revenue by 2024 [34][38]. Profitability Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 3.14, 3.74, and 4.20 yuan, with corresponding price-to-earnings (PE) ratios of 13X, 11X, and 10X [3][5]. Market Trends - The company is actively expanding its international presence, with overseas revenue increasing significantly from 1.0 million yuan in 2020 to an estimated 2.35 million yuan in 2024. The overseas gross margin is also showing signs of recovery [2][3]. R&D Investment - Aima Technology has invested 659 million yuan in research and development in 2024, reflecting an 11.75% increase year-on-year. The company holds over 2,000 patents, indicating a strong focus on innovation [3][40].