爱玛科技（603529）：2025Q3单车价利齐升，国标落地驱动行业提质发展

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 21.093 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 20.78%. The net profit attributable to shareholders was 1.907 billion yuan, up 22.78% year-on-year [2] - The new national standards implemented from September 1, 2025, are expected to drive industry upgrades and enhance product competitiveness, leading to a positive outlook for the company's market share [3] - The company's gross margin improved to 18.00%, an increase of 1.21 percentage points, attributed to the optimization of product structure during peak season [4] - The company is projected to achieve revenues of 25.7 billion, 30.31 billion, and 35.213 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.462 billion, 2.926 billion, and 3.445 billion yuan [5] Summary by Sections Financial Performance - For Q2 2025, the company achieved a revenue of 8.062 billion yuan, a year-on-year increase of 17.30%, and a net profit of 695 million yuan, up 15.24% year-on-year [2] - The operating cash flow for the first three quarters of 2025 was 5.569 billion yuan, showing significant improvement [2] Industry Analysis - The transition to new national standards is expected to standardize the industry, enhancing quality and safety, which will benefit leading companies [3] - The sales dynamics are anticipated to slow down as the market clears out old standard vehicles, but the overall outlook remains positive due to the new regulations [3] Profitability Metrics - The company maintained a relatively stable net profit margin of 8.81%, despite a slight decrease of 0.09 percentage points [4] - The company focuses on core technology research and development, particularly in electric motors and control systems, which supports its competitive edge [4] Future Projections - The earnings per share (EPS) are expected to be 2.83, 3.37, and 3.96 yuan for 2025, 2026, and 2027 respectively, with a corresponding price-to-earnings (PE) ratio of 12, 10, and 8 times [5]