本报告仅供 Choice 东方财富 使用，请勿传阅。 998345838 公司快报 2024 年 08 月 23 日 爱玛科技(603529.SH) 量价齐升，Q2 单季度收入增速环比改善 事件：爱玛科技发布 2024 年中报，公司 2024 年上半年实现收 入 105.9 亿元，YoY+3.7%，实现归母净利润 9.5 亿元，YoY+6.2%； 经折算，公司 Q2 单季度实现收入 56.4 亿元，YoY+18.1%，实现归 母净利润 4.7 亿元，YoY+12.1%。随着国检影响逐步退去，公司产 品结构持续优化，Q2 收入增速环比 Q1 改善明显。 2024Q2 收入增速环比提升：爱玛 2024Q2 收入增速环比 Q1+27pct。我们认为主要因为：1）上年同期收入基数较低，2023Q2 公司收入受行业价格竞争影响有所下滑；2）公司产品持续升级， ASP 提升；3）国检影响有所减弱，终端动销逐步恢复。展望后续， 公司下半年收入基数仍然较低，收入有望维持较快增长。此外， 行业集中度有望在新的标准及政策下逐步提升，爱玛科技作为行 业头部企业有望受益。 产品结构持续上行，Q2 毛利率同比提升：爱玛 Q2 单季度毛 ...

Investment Rating - Buy rating maintained for the company [1] Core Views - The company's Q2 2024 revenue exceeded consensus expectations, with a mid-term dividend payout ratio of 30% [1] - Q2 2024 revenue reached 5.64 billion yuan (+18.1% YoY), with net profit attributable to shareholders of 470 million yuan (+12.1% YoY) [1] - H1 2024 revenue was 10.59 billion yuan (+3.7% YoY), with net profit attributable to shareholders of 950 million yuan (+6.2% YoY) [1] - The company announced a mid-year dividend of 0.3 yuan per share, representing a 30% payout ratio [1] - Q2 revenue outperformed expectations, driven by both volume and price increases, with ASP rising by 120 yuan to 2005 yuan (+6% YoY) [1] - Overseas revenue in H1 2024 reached 120 million yuan (+41% YoY), accounting for 1% of total revenue, with Southeast Asia being a key growth area [1] - The company is expected to achieve its 20% revenue and net profit CAGR target under the equity incentive plan [1] Financial Performance - Q2 2024 gross margin increased by 2.3 percentage points YoY, while sales/management/R&D/financial expense ratios rose by 0.9/0.6/0.3/0.9 percentage points respectively [1] - Excluding equity incentive costs, Q2 net profit margin increased by 0.4 percentage points YoY [1] - The company is expected to achieve revenue of 23.6/27.2/30.5 billion yuan in 2024-2026, with net profit attributable to shareholders of 2.2/2.7/3.2 billion yuan [1] - EPS is forecasted to be 2.20/2.56/3.08/3.67 yuan for 2024-2026, with P/E ratios of 11.38/10.27/8.55/7.18x [2] - ROE is expected to be 23.7%/22.1%/20.9% for 2024-2026 [2] Industry and Company Outlook - The industry is benefiting from the "New National Standard" and "Replacement of Old Vehicles" policies, which are expected to boost demand and further consolidate market share for leading companies [1] - The company's performance is expected to be more elastic due to the low base effect, with potential catalysts from policy support and market consolidation [1] - The company's overseas expansion, particularly in Southeast Asia, is seen as a new growth driver [1] Financial Projections - Revenue is projected to grow by 12.1%/15.3%/12.4% in 2024-2026, reaching 23.6/27.2/30.5 billion yuan [2] - Net profit attributable to shareholders is expected to grow by 17.4%/20.1%/19.2% in 2024-2026, reaching 2.2/2.7/3.2 billion yuan [2] - Gross margin is forecasted to improve to 17.7%/17.8%/17.8% in 2024-2026 [2] - Operating cash flow is expected to increase significantly, reaching 4.5/4.8/5.3 billion yuan in 2024-2026 [3]

Dividend Distribution - The company plans to distribute a cash dividend of 0.332 CNY per share, totaling approximately 285.84 million CNY, which represents 30.07% of the net profit attributable to shareholders for the first half of 2024[4]. - The total share capital for the dividend distribution is based on 860,964,324 shares after deducting 750,524 shares held in the repurchase account[4]. - The company has not disclosed any significant changes in its total share capital or repurchase account shares that would affect the dividend distribution[4]. - The company plans to submit the profit distribution proposal to the third extraordinary general meeting of shareholders in 2024 for approval[56]. Financial Performance - The company's operating revenue for the first half of 2024 reached ¥10,590,926,475.10, representing a 3.66% increase compared to ¥10,216,579,420.33 in the same period last year[14]. - Net profit attributable to shareholders was ¥950,627,860.77, up 6.24% from ¥894,789,993.19 in the previous year[14]. - The net cash flow from operating activities was ¥1,159,662,667.39, showing a significant recovery from a negative cash flow of -¥361,986,474.74 in the previous year[15]. - Total assets increased to ¥21,419,285,558.94, a growth of 7.67% from ¥19,892,813,618.33 at the end of the previous year[15]. - The net assets attributable to shareholders rose to ¥8,333,162,205.86, reflecting an 8.05% increase from ¥7,712,038,217.61[15]. - Basic earnings per share for the first half of 2024 were ¥1.12, a 7.69% increase from ¥1.04 in the same period last year[15]. - The diluted earnings per share were ¥1.07, up 3.88% from ¥1.03 in the previous year[15]. - The weighted average return on equity decreased to 11.65%, down 0.64 percentage points from 12.29% in the previous year[15]. Operational Risks and Management - The board of directors has confirmed that there are no significant risks affecting the company's operations during the reporting period[6]. - The report emphasizes that the financial report is guaranteed to be true, accurate, and complete by the company's management[3]. - The company has outlined potential risks in its operations, which are detailed in the report[6]. - The company has not faced any non-operational fund occupation by controlling shareholders or related parties during the reporting period[5]. - The report does not indicate any violations of decision-making procedures regarding external guarantees[5]. - The report is unaudited, and the management has taken responsibility for its accuracy[3]. Production and Expansion - The company is expanding its production bases, including projects in Guigang, Lishui, and Chongqing, to enhance manufacturing capacity[12]. - The company has established eight production bases across various provinces, with new bases in Chongqing, Taizhou, Lishui, Guigang, Fengxian, and Lanzhou under development, and a new base in Southeast Asia being planned[19]. - The company plans to invest in new production bases in Fengxian and Lanzhou to expand its electric tricycle product coverage and enhance capacity in the northwest region[32]. - The company is advancing the construction of its Southeast Asia production base to support international expansion efforts[32]. Research and Development - The company has a dedicated R&D team focusing on core technologies and smart upgrades, including vehicle networking and intelligent hardware[18]. - The company has achieved significant progress in battery technology research and development during the reporting period[31]. - The company focuses on advanced production technology, utilizing automated equipment to enhance production efficiency and product quality[21]. - The company emphasizes R&D and product innovation to meet evolving consumer demands for stylish, intelligent, and connected electric vehicles[49]. Marketing and Sales Strategy - The company has built a nationwide offline sales network, leveraging brand influence to expand dealer channels and achieve rapid growth in the electric two-wheeler market[22]. - The company has developed a multi-platform online sales system, including major e-commerce platforms, enhancing customer experience and facilitating new customer acquisition[22]. - The company has implemented a new retail strategy through platforms like Douyin and Kuaishou, effectively converting online traffic to sales[30]. - The company has received multiple awards for its innovative marketing strategies, including the Tiger Roar Marketing Gold Award and the Fashion Leading Enterprise Award at the 2023 International Science and Technology Innovation Festival[23]. Environmental and Social Responsibility - The company emphasizes green and high-quality development, integrating sustainable practices into all operations[68]. - The company has established emergency response plans for environmental incidents, with drills conducted annually to enhance preparedness[64]. - The company actively participates in social responsibility initiatives, including cash donations to support poverty alleviation in Tibet and Gansu[69]. - Multiple subsidiaries have achieved environmental management system certification, enhancing the company's commitment to environmental protection[68]. Financial Management and Investments - The company has implemented a cost management system that enhances efficiency across all operational processes, resulting in a strong cost competitive advantage[24]. - The company plans to maintain a stable supply of key components by investing in and integrating global supply chain resources[52]. - The company aims to mitigate the impact of raw material price fluctuations through centralized procurement and digital supply chain upgrades[52]. - The company has cumulatively invested 168,613.90 million RMB from the proceeds of its initial public offering, achieving an investment progress of 100.31%[88]. Shareholder and Corporate Governance - The company has committed to not transferring or managing shares for 36 months post-IPO, ensuring stability in shareholding[73]. - The company will propose a share buyback plan within 5 trading days after the conditions for initiating the stabilization measures are met, including the number of shares to be bought back and the price range[76]. - The company guarantees that the share buyback price will not exceed the latest audited net asset value per share from the previous fiscal year[76]. - The controlling shareholders will ensure that no funds or business transactions occur between the company and enterprises they control that could harm the interests of the company and its shareholders[77]. Related Party Transactions - The company has committed to avoiding related party transactions that could harm its interests, ensuring all transactions are conducted at fair market prices[79]. - The company has engaged in related transactions with Tianjin Jiemai Electric Technology for labor services amounting to RMB 200 million in 2024[81]. - The company has reported a total guarantee amount of 213,805,637.30 RMB, which accounts for 2.57% of the company's net assets[86]. - The company has not disclosed any significant related party transactions during the reporting period[84]. Accounting and Financial Reporting - The company follows a control-based approach for consolidating financial statements, including all subsidiaries[150]. - The company recognizes goodwill when the acquisition cost exceeds the fair value of identifiable net assets acquired in a business combination[149]. - The company has not reported any significant changes in its accounting policies or estimates related to financial instruments in the current reporting period[157]. - The company recognizes cash dividends from investees as investment income in the current period[162].

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-074 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 2024 年半年度募集资金存放与使用情况的专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》 《上海证券交易所上市公司自律监管指引第1号——规范运作》等有关规定，现将 爱玛科技集团股份有限公司（以下简称"公司"或"爱玛科技"）2024年半年度募 集资金存放与使用情况专项说明如下： 一、募集资金基本情况 （一）募集资金到位情况 1、2021 年首次公开发行股票 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准爱玛科技集 团股份有限公司首次公开发行股票的批复》（证监许可〔2021〕1775 号文）的核准， 爱玛科技公开发行人民币普通股（A 股）6,500 万股，股票面值为人民币 1.00 元， 发行价格为每股人民币 27.86 元， ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-077 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 关于续聘会计师事务所的公告 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 安永华明会计师事务所（特殊普通合伙）（以下简称"安永华明"），于 1992 年 9 月成立，2012 年 8 月完成本土化转制，从一家中外合作的有限责任制事务 所转制为特殊普通合伙制事务所。安永华明总部设在北京，注册地址为北京市东 城区东长安街 1 号东方广场安永大楼 17 层 01-12 室。截至 2023 年末，拥有合伙 人 245 人，首席合伙人为毛鞍宁先生。安永华明一直以来注重人才培养，截至 2023 年末拥有执业注册会计师近 1800 人，其中拥有证券相关业务服务经验的执 业注册会计师超过 1500 人，注册会计师中签署过证券服务业务审计报告的注册 会计师超过 500 人。 安永华明 2023 年度业务总收入为人民币 59.55 亿元，其中，审计业务收入 人民币 55.85 亿元（含证券业务收入人民 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-078 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 关于修订《公司章程》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 爱玛科技集团股份有限公司(以下简称"公司")根据《上市公司章程指引 （2023 年修订）》（证监会公告〔2023〕62 号）的相关规定及公司实际情况，于 2024 年 8 月 22 日召开第五届董事会第二十六次会议，审议通过《关于修订<公 司章程>的议案》，公司拟对《公司章程》中部分条款进行修订，具体修订情况如 下： | 修订前 | 修订后 | | --- | --- | | 第一百六十一条 公司股东大会对利润分配 | 第一百六十一条 公司股东大会对利润分配 | | 方案作出决议后，公司董事会须在股东大会 | 方案作出决议后，或公司董事会根据年度股 | | 召开后 2 个月内完成股利（或股份）的派发 | 东大会审议通过的下一年中期分红条件和上 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-076 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 关于 2021 年限制性股票激励计划预留授予部分第二个解除限 售期解除限售条件成就暨上市的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 113,400 股。 本次股票上市流通总数为 113,400 股。 本次股票上市流通日期为 2024 年 8 月 29 日。 一、本次激励计划批准及实施情况 （一）本次激励计划批准情况 2、2021 年 11 月 17 日至 2021 年 11 月 26 日，公司对激励对象的姓名和职务 在公司内部进行了公示。在公示期内，公司监事会未收到任何员工对本次拟激励 对象提出的异议。2021 年 12 月 1 日，公司披露了《爱玛科技集团股份有限公司监 事会关于 2021 年限制性股票激励计划激励对象名 ...

朝阳区建外大街甲14号广播大厦5层、9层、10层、13层、17层 邮政编码：100022 电话：010-65219696 传真：010-88381869 北京海润天睿律师事务所 关于爱玛科技集团股份有限公司 2021 年限制性股票激励计划预留授予部分第二个解除限售 期解除限售条件成就的 法律意见书 中国·北京 二〇二四年八月 北京海润天睿律师事务所 关于爱玛科技集团股份有限公司 2021 年限制性股票激励计划预留授予部分第二个解除限售期解除限售条件成就 的法律意见书 致：爱玛科技集团股份有限公司 北京海润天睿律师事务所（以下简称"本所"）接受爱玛科技集团股份有限 公司（以下简称"爱玛科技"或"公司"）的委托，担任公司"2021 年限制性 股票激励计划"（以下简称"本限制性股票激励计划"）的法律顾问。根据现行 有效适用的《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》 （以下简称"《管理办法》"）等有关法律法规的规定，为 2021 年限制性股票 激励计划预留授予部分第二个解除限售期解除限售条件成就（以下简称"本次解 除限售条件 ...

华泰联合证券有限责任公司 关于爱玛科技集团股份有限公司 增加 2024 年度担保额度及被担保方的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合"或"保荐机构"）作为 爱玛科技集团股份有限公司（以下简称"爱玛科技"、"上市公司"或"公司"） 2022 年度公开发行可转换公司债券的保荐机构，根据《证券发行上市保荐业务 管理办法》、《上海证券交易所股票上市规则》以及《上海证券交易所上市公司自 律监管指引第 11 号——持续督导》等有关规定，对爱玛科技增加 2024 年度担保 额度及被担保方的事项进行了认真、审慎的核查，并发表本核查意见，具体情况 如下： 一、担保事项概述 （一）2024 年度担保额度预计的基本情况 公司于 2024 年 4 月 15 日召开第五届董事会第二十一次会议、2024 年 5 月 30 日召开 2023 年度股东大会，审议通过了《关于为部分子公司提供担保额度的 议案》，同意公司为子公司提供或子公司与子公司之间相互提供的 2024 年担保额 度不超过 60 亿元人民币（含等值外币），担保有效期从 2023 年年度股东大会审 议通过之日起至 2024 年年度股东大会召开之日止。具体内容详 ...

本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、召开会议的基本情况 (一) 股东大会类型和届次 2024 年第三次临时股东大会 (二) 股东大会召集人：董事会 | 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-080 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 关于召开 2024 年第三次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 股东大会召开日期：2024年9月9日 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 9 月 9 日 14 点 30 分 召开地点：天津市和平区大沽北路 2 号环球金融中心 22 层会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 9 ...