AIMA TECHNOLOGY GROUP CO.(SH:603529) 远峰电子·2025-08-24 11:28Industry Analysis - The two-wheeler industry in China is expected to benefit from favorable domestic policies and a recovery in exports, with the introduction of new standards accelerating the exit of low-quality products and promoting demand for upgrades. The sales volume of electric two-wheelers in China is projected to reach 52 million units by 2025 [3][27] - The "old-for-new" policy and the new strong standards are expected to drive the demand for electric bicycles, leading to market expansion. The sales volume of electric two-wheelers in China increased from 32.2 million units in 2018 to 55 million units in 2023, with a compound annual growth rate (CAGR) of 11.3% [27][30] - Southeast Asia is anticipated to provide additional growth opportunities for electric two-wheeler exports, particularly due to policies promoting the transition from gasoline to electric vehicles. The export volume of electric two-wheelers reached 22.13 million units in 2024, with a year-on-year increase of 47.1% [38][42] Company Analysis - The company has established a comprehensive product matrix covering electric bicycles, electric motorcycles, and electric tricycles, with a focus on high-end, intelligent, and differentiated products. The electric bicycle and motorcycle products cover a price range from 1,000 to over 5,000 yuan [4][44] - The company has a strong distribution network, with over 1,900 dealers and more than 30,000 stores globally. The online and offline integration strategy has effectively promoted sales conversion [4][44] - The company has made significant investments in production capacity, with eight completed and four under construction production bases in China, and ongoing expansion in Indonesia and Vietnam. The use of digitalization is expected to enhance cost efficiency [4][44] Financial Performance - The company's revenue is projected to grow significantly, with expected revenues of 21.606 billion yuan in 2024, increasing to 37.535 billion yuan by 2027. The net profit is also expected to rise from 1.988 billion yuan in 2024 to 3.692 billion yuan in 2027 [6][14] - The gross profit margin has improved from 11.72% in 2021 to 19.63% in Q1 2025, driven by the expansion of high-end product sales and the implementation of new standards [18][20] - The company's net profit is expected to reach 6.05 billion yuan in Q1 2025, reflecting a year-on-year increase of 25.12%, indicating strong financial performance supported by policy-driven demand [20][14]