爱玛科技（603529）：产品结构优化，盈利能力稳步提升

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 6.232 billion yuan in Q1 2025, representing a year-on-year growth of 25.82%. The net profit attributable to the parent company was 605 million yuan, up 25.12% year-on-year, while the net profit excluding non-recurring items reached 593 million yuan, reflecting a growth of 31.57% year-on-year [3][8]. - The growth in revenue is primarily driven by the continuation of the "old-for-new" policy, which has significantly boosted domestic demand. The company has also optimized its product structure, leading to strong market performance [8]. - The gross profit margin increased by 1.59 percentage points to 19.63% in Q1 2025, attributed to consumer preference for higher-priced products due to subsidies [8]. - The company is expected to benefit from the new national standards implemented in 2024, which will enhance production qualifications and product consistency, favoring leading companies in the industry [8]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 62.32 billion yuan, a 25.82% increase year-on-year. The net profit attributable to the parent company was 6.05 billion yuan, up 25.12%, and the net profit excluding non-recurring items was 5.93 billion yuan, reflecting a 31.57% increase [3][8]. - The operating profit for Q1 2025 was 625 million yuan, a year-on-year increase of 41.71%, with an operating profit margin of 10.03%, up 1.12 percentage points [8]. Market Dynamics - The "old-for-new" policy has led to a significant increase in domestic demand, with 3.341 million electric bicycles being replaced from January to April 2025, which is 2.4 times the total replacement volume from September to December 2024 [8]. - The company has launched multiple products across different price ranges, contributing to the optimization of its product structure [8]. Future Outlook - The company is expected to see continued growth in net profit, with projections of 2.607 billion yuan, 3.038 billion yuan, and 3.429 billion yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 14.05, 12.06, and 10.69 [8].