（3）我们认为行业的核心竞争要素从"价格竞争"到"产品升级"，竞 争态势从"全行业充分竞争"到"龙头集中"。诸如雅迪、爱玛、九号 的行业龙头企业通过利润率优势稳定刚需市场的基本盘，通过智能化 升级和用户心智培养发展不断扩容的智能车市场。未来的竞争会聚焦 于中高端市场，龙头企业"规模效应+产品升级-格局集中-盈利优势扩 大"的正向循环仍然持续，份额和盈利的相对优势会继续扩大。 | [Table_Grade] 行业评级 | 持有 | | --- | --- | | 前次评级 | 持有 | | 报告日期 | 2026-03-02 | [Table_Page] 深度分析|家用电器 证券研究报告 [Table_Title] 家用电器行业 两轮车行业龙头集中，竞争从价格到产品 [Table_Summary] 核心观点： （2）2020-2025 年国内电动两轮车高级配置市场占比从 2%提至 14%， 3000-5000 元价格带成竞争焦点；龙头加码智能化，九号卡位差异化 中高端智能车赛道，雅迪和爱玛跟进智能车软件付费模式，同时布局钠 电池、智驾系统等新技术。 [Table_PicQuote] 相对市场表现 [分析师： T ...

Core Viewpoint - The company is a leading electric two-wheeler supplier in mainland China, focusing on product development and technology investment, with over 700 patents expected by the end of 2024 [1] Company Overview - The company specializes in electric two-wheelers, including electric motorcycles, light motorcycles, and electric bicycles, with a production capacity exceeding 5 million units annually by the end of 2024 [1] - The company has factories in Zhejiang, Shandong, and Guangxi, with plans to increase total production capacity as the Chongqing factory is built and put into operation [1] - The sales network is expanding, with over 1,400 distributors covering 328 cities across 31 provincial-level administrative regions and more than 12,800 retail stores [1] Financial Performance - From 2019 to 2024, the company's revenue increased from 2.49 billion to 5.07 billion yuan, with a CAGR of 15%, although revenue is expected to decrease by approximately 0.2% in 2024 due to product mix adjustments [2] - The gross profit margin remained stable, with margins of 11.7%, 13.4%, and 13.1% for 2022-2024, driven by higher sales of high-margin products and improved manufacturing processes [2] - The net profit attributable to the parent company grew from 70 million to 120 million yuan from 2019 to 2024, with a CAGR of 11% [2] Industry Outlook - The demand for electric two-wheelers in short-distance transportation is expected to remain robust, with total sales in mainland China projected to reach 77.2 million units by 2027, growing at a CAGR of approximately 4.6% from 2023 to 2027 [2] - The market is anticipated to shift towards quality and brand-driven competition due to new national standards, leading to the gradual elimination of smaller manufacturers lacking R&D and sales capabilities [2] Product and Channel Strategy - The company emphasizes product development, establishing core technological barriers, and enhancing its product mix to focus on the mid-to-high-end market [3] - The company is launching the LYVA brand to target the high-end electric assist bicycle segment, integrating AI technology for multi-scenario light travel solutions [3] - The retail channel strategy includes strengthening online and offline collaboration and maintaining stable relationships with corporate clients in the shared mobility sector [3] Revenue Forecast - Revenue projections for 2025, 2026, and 2027 are 6.38 billion, 7.20 billion, and 8.10 billion yuan, respectively, with net profits expected to be 180 million, 220 million, and 250 million yuan [3]