爱玛科技系列 车中旭霞 深度研究报告： 《 电动两轮车行业深度：政策发力叠加格局优化，行业高景气拐点渐近 》—— 202 41224 跟踪点评报告： 《 爱玛科技（603529.SH）-2024年利润率改善，产品、渠道完善有望促进量价齐升》——20250419 核心观点 2024年收入及利润同比小幅增长 爱玛科技2024年实现营收216.1亿元，同比增长2.7%，归母净利润19.9亿元，同比增长5.7%；2024Q4实现营收41.4亿 元，同比增长15.7%，环比下降39.7%，归母净利润4.3亿元，同比增长34.2%，环比下降28.0%。2024年行业需求疲 软，公司受国检等影响，收入及利润同比小幅增长；2024Q4利润同比增速较高，主要是前期计提激励费用加回。2024 年爱玛电动自行车销售753.6万辆，同比下降0.9%，电动摩托车销售236.9万辆，同比下降11.8%，电动三轮车销售55.0 万辆，同比增长28.9%，电动三轮车需求旺盛，销量增长较快。 2024年价格战缓解，利润率提升 2024年公司毛利率17.8%，同比+1.3pct，净利率9.3%，同比+0.3pct，2024Q4毛利率19.5%， ...

证券研究报告 | 2025年04月19日 风险提示：政策推进节奏不及预期，行业价格战，消费能力疲软，新车发布 及销售不及预期，库存水平过高。 | 盈利预测和财务指标 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | | 21,036 | 21,606 | 26,672 | 31,698 | 36,769 | | (+/-%) | | 1.1% | 2.7% | 23.4% | 18.8% | 16.0% | | 净利润(百万元) | | 1881 | 1988 | 2623 | 3137 | 3726 | | (+/-%) | | 0.4% | 5.7% | 32.0% | 19.6% | 18.8% | | 每股收益（元） | | 2.18 | 2.31 | 3.04 | 3.64 | 4.32 | | EBIT | Margin | 7.9% | 8.1% | 10.5% | 10.3% | 10.3% | | 净资产收益率（ROE） | | 24.4% | ...

2025起点 轻型动力电池 技术 高峰 论坛 2025第五届起点两轮车换电大会 活动规模： 500+ 起点研究院（ SPIR）轻型动力电池及两轮车换电TOP排行榜权威发布（覆盖 中国轻型动力电池出货量TOP20，中国中小储能电池出货量 TOP20、无人机电池/电动工具电池/两轮车电池关键细分环节出货量TOP10、锂电电动两轮车/两轮车换电运营商TOP10 等），为行业树立 标杆，为投资及采购决策者提供参考； 海内外轻型动力及中小储能市场高速增长，低空飞行、移动电动工具、人形/智能机器人、智能家居、智慧储能等热门应用场景进入高速发展 期，新一轮增量市场推动电池技术迭代革新； 政策支持、即时配送需求及技术升级等主要驱动力影响下，全球两轮车换电市场高速增长，基于产业链整合优势，中国企业将迎来新一轮布局 风口，电池安全、下沉市场覆盖及成本优化等挑战急需解决； 上下游企业加速研发高安全、高倍率、高能量密度、长循环寿命、低成本、高低温等细分性能优势电池产品； AI技术加速驱动固态、钠电、全极耳等新电池技术与工艺体系的研发优化，推动研发效率大幅度提升，新技术新工艺在轻型动力电池领域加速 应用； 全行业首届聚集轻型动力及中小 ...

2025起点 轻型动力电池 技术 高峰 论坛 2025第五届起点两轮车换电大会 聚焦轻型电池技术 拓展新兴应用市场 时间： 7月10-11日 地点：江苏无锡 一、活动背景及亮点 二、活动组织架构 活动名称： 2025起点轻型动力电池技术高峰论坛 2025第五届起点两轮车换电大会 活动主题： 聚焦轻型电池技术 拓展新兴应用市场 主办单位： 起点锂电、起点钠电、起点两轮车及换电 活动规模： 500+ 起点研究院（ SPIR）轻型动力电池及两轮车换电TOP排行榜权威发布（覆盖 中国轻型动力电池出货量TOP20，中国中小储能电池出货量 TOP20、无人机电池/电动工具电池/两轮车电池关键细分环节出货量TOP10、锂电电动两轮车/两轮车换电运营商TOP10 等），为行业树立 标杆，为投资及采购决策者提供参考； 海内外轻型动力及中小储能市场高速增长，低空飞行、移动电动工具、人形/智能机器人、智能家居、智慧储能等热门应用场景进入高速发展 期，新一轮增量市场推动电池技术迭代革新； 政策支持、即时配送需求及技术升级等主要驱动力影响下，全球两轮车换电市场高速增长，基于产业链整合优势，中国企业将迎来新一轮布局 风口，电池安全、下沉 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a total revenue of 21.606 billion yuan in 2024, representing a year-on-year increase of 2.71%, with a net profit attributable to shareholders of 1.988 billion yuan, up 5.68% [3][4] - In Q4 2024, the company reported a total revenue of 4.142 billion yuan, an increase of 15.69%, and a net profit of 434 million yuan, up 34.24% [3][4] - The electric three-wheeler segment showed significant revenue growth, with a year-on-year increase of 36.07% [4] Revenue Breakdown - For 2024, the company's revenue from electric bicycles, electric two-wheel motorcycles, electric three-wheelers, and accessories was 13.037 billion yuan, 5.214 billion yuan, 1.952 billion yuan, and 847 million yuan, respectively [4] - Domestic and overseas revenues were 20.976 billion yuan and 235 million yuan, respectively, with year-on-year growth of 1.92% and 3.82% [4] - The company’s revenue from distribution and direct sales was 20.641 billion yuan and 706 million yuan, respectively, both showing stable growth [4] Financial Performance - In Q4 2024, the company's gross margin was 19.53%, a decrease of 0.42 percentage points, while the net margin improved to 10.55%, an increase of 1.30 percentage points [5] - The financial expense ratio increased due to a decline in interest income from financial management and deposits [5] - The company expects to benefit from the old-for-new policy, which is likely to drive demand for electric bicycles and expand market size [6] Profit Forecast - The company forecasts net profits of 2.616 billion yuan, 3.207 billion yuan, and 3.852 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 3.04 yuan, 3.72 yuan, and 4.47 yuan [6][8] - The projected PE ratios for the next three years are 13.86, 11.31, and 9.41 times [6][8]

活动主题： 聚焦轻型电池技术 拓展新兴应用市场 2025起点 轻型动力电池 技术 高峰 论坛 2025第五届起点两轮车换电大会 聚焦轻型电池技术 拓展新兴应用市场 时间： 7月10-11日 地点：江苏无锡 一、活动背景及亮点 二、活动组织架构 活动名称： 2025起点轻型动力电池技术高峰论坛 2025第五届起点两轮车换电大会 主办单位： 起点锂电、起点钠电、起点两轮车及换电 活动规模： 500+ 起点研究院（ SPIR）轻型动力电池及两轮车换电TOP排行榜权威发布（覆盖 中国轻型动力电池出货量TOP20，中国中小储能电池出货量 TOP20、无人机电池/电动工具电池/两轮车电池关键细分环节出货量TOP10、锂电电动两轮车/两轮车换电运营商TOP10 等），为行业树立 标杆，为投资及采购决策者提供参考； 海内外轻型动力及中小储能市场高速增长，低空飞行、移动电动工具、人形/智能机器人、智能家居、智慧储能等热门应用场景进入高速发展 期，新一轮增量市场推动电池技术迭代革新； 政策支持、即时配送需求及技术升级等主要驱动力影响下，全球两轮车换电市场高速增长，基于产业链整合优势，中国企业将迎来新一轮布局 风口，电池安全、下沉 ...

Core Viewpoint - The company reported a revenue of 21.61 billion yuan for 2024, representing a year-on-year increase of 3%, with a net profit attributable to shareholders of 1.99 billion yuan, up 6% year-on-year [1] Financial Performance - In Q4 2024, the company achieved a revenue of 4.14 billion yuan, a year-on-year increase of 16%, and a net profit of 0.43 billion yuan, up 34% year-on-year [1] - The gross profit margin for 2024 was 17.8%, an increase of 1.3 percentage points year-on-year, with a net profit margin of 9.2%, up 0.3 percentage points year-on-year [2] - The company plans to distribute a cash dividend of 0.592 yuan per share for 2024, totaling 800 million yuan, which accounts for approximately 40% of the annual net profit attributable to shareholders [2] Product Performance - In 2024, the electric bicycle segment generated a revenue of 13.04 billion yuan, a year-on-year increase of 1.5%, with a gross margin of 17.6% [1] - The electric motorcycle segment reported a revenue of 5.21 billion yuan, a year-on-year decrease of 10.2%, while the electric tricycle segment saw a revenue increase of 36.1% to 1.95 billion yuan [1] Market Trends - The electric bicycle industry has seen a significant increase in replacement activity, with 3.34 million units replaced as of April 8, 2025, which is 2.4 times the total replacement volume for the last quarter of 2024 [2] - A total of 3.3 million consumers have applied for old-for-new subsidies, amounting to 2.27 billion yuan, which is 3.5 times the total subsidy amount for the last quarter of 2024 [3] - The production of electric bicycles in China increased by 25% year-on-year in the first quarter of 2025, with approximately 11 million units produced [3] Future Outlook - The company is expected to see steady growth in net profit, with projections of 2.52 billion yuan, 3.02 billion yuan, and 3.47 billion yuan for the years 2025 to 2027, respectively [3]

证券研究报告 | 公司点评报告 2025 年 04 月 17 日 爱玛科技（603529.SH） 2024 年稳健收官，看好 2025 年量价齐升 消费品/轻工纺服 公司在 2024 年营收/归母净利润同比+2.71/5.68%，在政策过渡年平稳收官，彰 显经营韧性。我们看好 2025 年在以旧换新政策加持下，公司凭借产品优势+品 牌效应超额受益。我们预计 2025-2027 年公司归母净利润 26.36/31.09/35.97 亿元，对应 PE 分别为 13.8/11.7/10.1 x，维持 "强烈推荐"投资评级。 刘丽 S1090517080006 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 21036 | 21606 | 27418 | 31915 | 36313 | | 同比增长 | 1% | 3% | 27% | 16% | 14% | | 营业利润(百万元) | 2194 | 2310 | 3080 | 3638 | 4211 ...

[Table_StockAndRank] 爱玛科技(603529) 投资评级 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 邓健全 汽车行业首席分析师 执业编号：S1500525010002 邮 箱： dengjianquan@cindasc.com [Table_OtherReport] 爱玛科技：一季度稳健增长，产品结 构改善 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 爱玛科技：产品力提升，核心受益政策增量 [Table_ReportDate] 2025 年 04 月 16 日 [Table_S 事件：爱玛科技发布 ummary] 2024 年年度报告。2024 年 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the consumer goods industry, focusing on retail, dining, automotive, home appliances, and textiles for March 2025 and the first quarter of 2025 [1][2][3][4][5][6][13][16][18][31]. Core Insights and Arguments Consumer Retail Performance - In March 2025, the total retail sales of consumer goods increased by 5.9% year-on-year, with a cumulative total of 12.46 trillion yuan for the first quarter, reflecting a 4.6% growth [2]. - Retail sales of goods above designated size grew by 9%, with a quarter-on-quarter increase of 4.2 percentage points [2]. - Online retail sales of physical goods rose by 5.7%, accounting for 24% of total retail sales [2]. Dining Sector - The dining industry showed strong performance, with March 2025 dining revenue growth reaching a new high of 5.6% over the past 12 months [6]. - Mid-to-high-end dining establishments began to outperform the market, indicating improved revenue elasticity following price strategy adjustments [6]. Automotive Sector - In March 2025, the total retail sales of automobiles reached 433 billion yuan, a year-on-year increase of 5.5% [13]. - Wholesale sales of passenger vehicles grew by over 10%, with a cumulative first-quarter growth of approximately 13% [13]. - The penetration rate of new energy vehicles rose to 45.7%, with sales increasing by over 40% year-on-year in Q1 [13]. Home Appliances - Home appliance sales exceeded expectations, with online sales growing by 35.1% year-on-year in March 2025 [16]. - Cumulative sales for the first quarter increased by 19.3% year-on-year, with significant growth in categories like air conditioners, refrigerators, and washing machines [16]. Textile and Apparel Sector - The textile and apparel industry saw a retail sales increase of 4% year-on-year in March 2025, with mid-to-high-end menswear brands performing particularly well [18]. - The overall outlook for the apparel sector is cautiously optimistic, with expectations for stable improvement in the second quarter and second half of the year [21]. Other Important Insights - The convenience store, specialty store, supermarket, and department store channels all showed signs of recovery, with respective year-on-year growth rates of 10%, 7%, 5%, and 1% in March 2025 [5]. - The consumer goods sector is experiencing a gradual improvement in profitability cycles, with cost pressures easing due to declining prices of key commodities [32][33]. - Investment recommendations include focusing on companies with strong pricing power and cost transfer capabilities, such as Jinpi, Yili, and Haidilao, as well as brands like Anta Sports and Tmall International for potential growth [8][24][33].