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雅迪控股(01585):收盘价潜在涨幅港元12.82港元22.63↑+76.5%

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 22.63, indicating a potential upside of 76.5% from the current price of HKD 12.82 [2][3][10]. Core Insights - In the first half of 2025, the company's two-wheeler sales reached 8.794 million units, surpassing the 8.211 million units sold in the same period of 2024, leading to a revenue increase of 33.1% year-on-year to RMB 19.19 billion [2][7]. - The company's gross margin improved to a historical high of 19.6%, up 1.6 percentage points year-on-year, driven by a high-end product strategy and an increase in the proportion of products priced above RMB 3,000 [2][7]. - The implementation of new national standards is expected to enhance industry concentration, benefiting leading companies like this one, which is also well-positioned for overseas expansion [2][7]. Financial Performance Summary - Revenue projections for 2025, 2026, and 2027 have been revised upwards by 2%-4% to RMB 38.51 billion, RMB 43.04 billion, and RMB 46.91 billion respectively [6][11]. - Net profit estimates for the same years have been adjusted upwards by 1%-2% to RMB 3.08 billion, RMB 3.59 billion, and RMB 4.02 billion respectively [6][11]. - The company reported a net profit margin of 8.6% in the first half of 2025, an increase of 1.4 percentage points year-on-year, with operating cash flow of RMB 4.73 billion [2][7].