Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Views - The electric two-wheeler industry is entering a high-quality development phase, with the company positioned as a leading player benefiting from policy support and market recovery [7][37]. - The company has demonstrated strong revenue growth, with a projected compound annual growth rate (CAGR) of 20.8% from 2020 to 2024, and a net profit CAGR of 30.5% during the same period [6][18]. - The company is expected to continue expanding its market share and profitability through innovation, product diversification, and strategic channel development [8][41]. Summary by Sections Company Overview - The company is a leading manufacturer in the electric two-wheeler sector, having participated in the formulation of national standards since its inception in 1997 [16]. - The company has established a comprehensive production base across four regions in China, enhancing its manufacturing capabilities [16]. Industry Analysis - The electric two-wheeler industry is projected to recover to stable growth, driven by policies encouraging replacement and new market demands such as instant delivery and shared riding [7][29]. - The industry has seen a compound annual growth rate of 10.6% from 2019 to 2023, with sales reaching 55 million units in 2023 [29]. Financial Performance - The company's revenue increased from 2.38 billion yuan in 2020 to 5.07 billion yuan in 2024, with a net profit rising from 40 million yuan to 117 million yuan during the same period [6][18]. - The report forecasts net profits of 184 million yuan, 267 million yuan, and 347 million yuan for 2025, 2026, and 2027, respectively [6][56]. Product and R&D Strategy - The company is focusing on five core systems in R&D, including liquid-cooled motors and smart battery maintenance systems, with R&D investment reaching 231 million yuan in 2024 [8][41]. - A diversified product matrix has been established, covering various market segments from economy to luxury models, with a strategic focus on high-end markets [8][41]. Market Opportunities - The global electric assist bicycle market is expected to grow from 35 billion USD in 2024 to 62 billion USD by 2030, with a CAGR of 10% [8][52]. - The company is actively expanding its presence in overseas markets and has launched a high-end brand, LIVA, to tap into the electric assist bicycle segment [8][53].
绿源集团控股（02451）：港股公司首次覆盖报告：电动两轮车优质企业，技术升级与产品迭代双轨并行