格隆汇8月1日｜太平洋证券研报指出，爱玛科技两轮车紧抓"她经济"布局女性客群，三轮车业务有望贡 献新增量。公司两轮车业务已实现电动自行车、电动摩托车品类全价格段覆盖，智能化方面积极完善多 端协同生态体系，高端化方面旗舰新品Q7和A7plus助力公司两轮车业务价格天花板上探至5000元以 上，差异化方面紧抓"她经济"崛起的行业趋势布局女性客群，共同助推收入规模和产品结构的不断提 升；公司电动三轮车业务在行业竞争格局较为分散的背景下，有望通过推出针对女性和老人客群的休闲 三轮车产品实现规模高速扩张，同时规模效应也或将帮助盈利能力提升。行业端，新强标出台和国补政 策持续落地有望持续推动电动自行车行业更新换代需求，进而助力市场规模扩张。公司端，作为龙头企 业之一有望分享行业增长红利，产品端持续深耕两轮车业务并积极拓展电动三轮车产品矩阵，渠道端线 上线下联动的同时海外业务持续拓展，生产端产能布局广泛且数智化助力效率不断提升，三驾马车未来 有望共同拉动公司收入业绩快速增长。维持"买入"评级。 ...

Core Viewpoint - The interview with Ni Jie, the founder and chairman of Luyuan Group, highlights the company's journey over 28 years, emphasizing the importance of innovation and product quality in establishing a sustainable competitive advantage in the manufacturing industry [1] Group 1: Precision Innovation - Luyuan's success is attributed to its "precise innovation" approach, addressing industry pain points and user needs, especially as the electric two-wheeler market shifts from growth to competition [2] - The "full-scenario light travel" strategy captures diverse user needs beyond commuting, including child transport, pet travel, instant delivery, and short-distance leisure [2] - Innovations such as liquid-cooled motors with a ten-year warranty and ceramic brakes with a three-year warranty significantly enhance product durability and safety [2][4] Group 2: Quality and Responsibility - Luyuan's commitment to "safety and durability" reflects a belief in quality and a sense of responsibility that transcends commercial interests, even amidst competitive pressures [5] - The ten-year commitment on liquid-cooled motors not only protects consumer rights but also reduces carbon emissions by extending product lifespan, aligning with green development principles [5] - The company's ethical stance and responsibility are seen as foundational to gaining market respect and achieving international recognition for Chinese manufacturing [5] Group 3: Diverse Scene Layout - Luyuan's strategic vision includes a comprehensive coverage of light travel scenarios and a global layout, addressing various user needs through products like electric bicycles and leisure tricycles [6] - The company's proactive approach to "going global" aligns with China's Belt and Road Initiative, focusing on emerging markets in Asia and Africa, and promoting collaborative industrial development [8] Group 4: High-Quality Development - Luyuan's 28-year history exemplifies a long-term perspective that prioritizes sustainable development over short-term profits, advocating for a development path based on technological innovation and user needs [9] - The company's focus on quality, responsibility, and innovation positions it well to navigate industry fluctuations and explore advanced fields like AI robotics and vehicle networking [9] - Luyuan's story serves as a model for high-quality development in Chinese manufacturing, emphasizing the need for determination, wisdom, and a broad perspective to solve real problems and maintain quality [9]