Core Viewpoint - Aima Technology will showcase multiple products at the 2025 South China Electric Vehicle Exhibition, highlighting its strong first-quarter performance and innovative capabilities [1] Group 1: Exhibition Details - The 2025 South China International Electric Vehicle and Parts Exhibition will be held from June 13 to 15 in Guangzhou, featuring hundreds of industry-leading companies [1] - The exhibition is themed "Leading the Future, Connecting the World" and serves as a significant platform for trade and communication within the South China two-wheeler industry [1] Group 2: Company Performance - Aima Technology reported a revenue of 6.232 billion yuan in the first quarter, a year-on-year increase of 25.82% [1] - The net profit for the same period was 605 million yuan, reflecting a year-on-year growth of 25.12% [1] - The net cash flow reached 1.302 billion yuan, showing a substantial year-on-year increase of 91.14% [1] Group 3: Product Strategy - Aima Technology emphasizes a user-centric approach, with multiple models receiving prestigious awards in the first quarter [1] - The showcased models are designed for different demographics, reflecting the company's strategy to align products with user needs and drive industry upgrades [1] - The A7 series targets young male consumers, while the Metaverse Play model caters to female preferences, balancing practical and emotional value [1] Group 4: Industry Outlook - The new national standard will be implemented on September 1, 2025, signaling a shift towards technological innovation and application integration in the industry [1] - The South China Electric Vehicle Exhibition will serve as a platform for brands like Aima to demonstrate their strengths and initiate a journey towards high-quality green travel [1]

2025华南国际电动车及零部件展览会（简称"华南电动车展"）将于6月13日至15日在广州琶洲保利世贸博览馆举办。作 为华南地区最大的两轮车展，本次展会以"智领未来，链动全球"为主题，汇聚数百家行业优秀企业。作为行业头部品 牌，刚刚获得全球权威咨询机构弗若斯特沙利文"全球电动两轮车领先品牌"认证的爱玛科技将，携旗下爱玛元宇宙系 列、爱玛A7系列、爱玛商务电动车以及三轮、四轮电动车等产品重磅亮相1A03展位，全面展现在技术创新方面的雄厚 实力，以及对于用户需求的敏锐把握和前瞻洞察。 情感价值催生同频共振 据刚刚披露的爱玛科技2025第一季度报告显示，今年第一季度，爱玛科技的营收实现了高速增长，营业收入达62.32亿 元，同比增长25.82%；归属上市公司股东净利润6.05亿元，同比增长25.12%；现金流净额13.02亿元，同比增长91.14%， 实现主营业务与营收利润的多路径同步增长，能够取得这样的骄人战绩，足以印证爱玛科技作为行业领军品牌的系统性 优势，堪称为本次华南电动车展的重磅亮相提供了强有力的背书。 强大阵容凸显核心理念 基于"一切以用户为核心"的理念，秉持在技术方面的不断投入和迭代，以求打造用户喜爱的 ...

[Table_ReportType] 公司点评报告 [Table_StockAndRank] 爱玛科技(603529) 证券研究报告 投资评级 无评级 公司研究 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 盈利预测：考虑公司 2025 年限制性股票激励计划的可能影响，我们预计 2025-2027 年公司归母净利润分别为 25.5/29.7/33.5 亿元，PE 分别为 13.0X/11.2X/9.9X。 风险因素：消费疲软、行业竞争加剧，新品推广不及预期。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 相关研究 [Table_OtherReport] 爱玛科技：产品力提升，核心受益政 策增量 爱玛科技：一 ...