Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company has shown a strong performance with revenue and profit growth, benefiting from the industry's overall expansion. The company is focusing on technology and fashion as its brand proposition while enhancing product quality through ongoing R&D in motors, controllers, batteries, and new materials. The company is also expanding its distribution channels and improving operational efficiency through digital systems [3][8] - The company has adjusted its net profit forecasts for 2025 and 2026 to 2.619 billion and 3.013 billion respectively, with a projected PE ratio of 12.33 and 10.71 for those years. The company is expected to maintain a solid market position with low valuation levels [3][8] Financial Performance Summary - For the first half of 2025, the company achieved total revenue of 13.03 billion, a year-on-year increase of 23%, and a net profit of 1.21 billion, up 27.6% year-on-year. The gross margin improved to 19.2%, an increase of 1.4 percentage points [8] - The sales volume of electric two-wheelers reached 6.05 million units, a year-on-year increase of 19.7%, with an average selling price (ASP) of 1,924 yuan, up 95 yuan year-on-year. The sales volume of electric three-wheelers was 200,000 units, with an ASP of 3,550 yuan, remaining stable year-on-year [8] - The company reported a significant increase in operating cash flow, reaching 2.59 billion, a year-on-year increase of 123%. Capital expenditures decreased by 16% to 1.18 billion [8]
爱玛科技(603529):2025年半年报点评:业绩符合预期,两轮车量价双升,分红率同比提升