YADEA(HK:01585) ZHONGTAI SECURITIES·2025-09-08 11:32Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8]. Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 19.2 billion RMB (+33%) and net profit attributable to shareholders of 1.65 billion RMB (+60%) [4]. - The company is expected to achieve strong growth in volume, price, and profit in 2025, with a significant increase in net profit forecasted for 2025 and 2026 [8]. Revenue Summary - The company's revenue from electric bicycles, electric scooters, batteries, and chargers in the first half of 2025 was 9.3 billion RMB, 3.8 billion RMB, and 5.7 billion RMB respectively, showing growth rates of +49%, +7%, and +41% [5]. - The total sales volume of electric two-wheelers reached 8.79 million units (+38%) in the first half of 2025, driven by national subsidies and a higher proportion of mid-to-high-end models [5]. Profit Summary - The company's gross margin in the first half of 2025 was 19.6% (+1.6 percentage points), and the net profit margin was 8.6% (+1.4 percentage points), both reaching record highs [7]. - The net profit attributable to shareholders per unit sold was 188 RMB (+16%) [7]. Financial Forecast - The company’s revenue projections for 2025 and 2026 are 30 billion RMB and 33 billion RMB respectively, reflecting growth rates of +135% and +11% [8]. - The expected earnings per share (EPS) for 2025 and 2026 are 0.96 RMB and 1.07 RMB respectively [3][12].