中金发布研报称，雅迪控股(01585)产品结构改善、多措施降本，上调25E/26E归母净利润12%/12%至 30/35亿元。当前股价对应12x/10x25/26E P/E。维持跑赢行业评级，维持目标价18港元，对应 17x/14x25E/26E P/E，较当前有40.4%的上行空间。公司公布1H25业绩：1H25公司实现营业收入191.9亿 元，同比+33.1%;归母净利润16.5亿元，同比+59.5%。 中金主要观点如下： 上半年销量如期高增，产品结构环比改善 毛利率同环比增长，单车净利润创新高 1H25毛利率19.6%，同比+1.6ppt/环比+7.4ppt，该行认为主要系产品结构改善、电池自供比例提升、平 台化生产研发等因素共同带动。从分部资料来看，电池及电驱动业务毛利率为11%，1H25公司销售/研 发/管理费用分别为8.2/5.3/6.2亿元，对应费率分别为4.3%/2.8%/3.3%，合计同比-0.2ppt/环比-2.4ppt。 1H25净利率为8.6%，同比+1.4ppt，单车净利润188元/扣除其他收益的单车净利润150元，均创新高。 旺季动销无虞，积极推进高质量增长 考虑到8月31日生产端 ...

Core Viewpoint - Company Yadea Holdings (01585) has improved its product structure and implemented cost-reduction measures, leading to an upward revision of its net profit forecasts for 2025 and 2026 by 12% to 30 billion and 35 billion respectively, with a current stock price corresponding to 12x/10x P/E for 2025/2026 [1] Group 1: Sales Performance - In the first half of 2025, the company achieved sales of 8.794 million units, a year-on-year increase of 37.8%, driven by low base effects and the old-for-new replacement program [2] - The sales breakdown shows electric scooters sold 2.128 million units (up 12% YoY) and electric bicycles sold 6.666 million units (up 49% YoY), with battery sales reaching 9.384 million units (up 40% YoY) [2] - The average revenue per vehicle was 2,182 yuan, an increase of 99 yuan from the previous period, with a higher proportion of high-priced products contributing to this growth [2] Group 2: Profitability Metrics - The gross margin for the first half of 2025 was 19.6%, reflecting a year-on-year increase of 1.6 percentage points and a quarter-on-quarter increase of 7.4 percentage points, attributed to improved product structure and increased self-supply of batteries [3] - The net profit margin was 8.6%, up 1.4 percentage points year-on-year, with a record high net profit per vehicle of 188 yuan [3] Group 3: Future Outlook - The company anticipates strong sales growth in the third quarter, supported by the cessation of production of old national standard models, which will meet terminal sales demand from September to November [4] - The company is focusing on high-quality growth through product innovation and market expansion, including the introduction of high-end brands and deepening its presence in the commercial market [4] - The potential of the battery aftermarket is recognized, with expectations for significant contributions to incremental performance [4]