2021 年限制性股票激励计划首次授予部分第二个解 除限售期解除限售条件成就事项 之 独立财务顾问报告 2024 年 4 月 证券代码：603529 证券简称：爱玛科技 上海荣正企业咨询服务（集团）股份有限公司 关于 爱玛科技集团股份有限公司 | （二）咨询方式 12 | | --- | 一、释义 本独立财务顾问报告中，除非文义载明，下列简称具有如下含义： | 上市公司、公司、爱玛科技 | 指 | 爱玛科技集团股份有限公司（含分、子公司） | | --- | --- | --- | | 独立财务顾问 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | | | 《上海荣正企业咨询服务（集团）股份有限公司 2021 | | 独立财务顾问报告 | 指 | 年限制性股票激励计划首次授予部分第二个解除限售期 | | | | 解除限售条件成就事项之独立财务顾问报告》 | | 本激励计划、股权激励计划 | 指 | 爱玛科技集团股份有限公司 2021 年限制性股票激励计 | | | | 划 | | | | 公司根据本激励计划规定的条件和价格，授予激励对象 | | 限制性股票 | 指 | 一定数量的公司股票，该等股票 ...

Financial Performance - The company's operating revenue for Q1 2024 was RMB 4,953,544,553.57, representing a decrease of 8.97% compared to the same period last year[4] - Net profit attributable to shareholders was RMB 483,312,042.34, showing a slight increase of 1.16% year-on-year[4] - Basic earnings per share decreased by 30.12% to RMB 0.58, while diluted earnings per share fell by 32.10% to RMB 0.55[4] - Total operating revenue for Q1 2024 was approximately RMB 4.95 billion, a decrease of 8.9% compared to RMB 5.44 billion in Q1 2023[16] - Net profit for Q1 2024 was approximately RMB 489 million, an increase of 1.0% from RMB 481 million in Q1 2023[18] - Operating profit for Q1 2024 was approximately RMB 565 million, slightly down from RMB 573 million in Q1 2023, indicating a decrease of 1.3%[18] - Total operating costs for Q1 2024 were approximately RMB 4.43 billion, down 9.2% from RMB 4.87 billion in Q1 2023[16] - The total comprehensive income for Q1 2024 was approximately RMB 488.95 million, compared to RMB 481.54 million in Q1 2023, reflecting an increase of 1.5%[19] Cash Flow - The net cash flow from operating activities decreased significantly by 51.09%, amounting to RMB 680,940,563.86, primarily due to a decline in cash received from operating activities[7] - Cash flow from operating activities for Q1 2024 was approximately RMB 680 million, a decrease of 51.1% compared to RMB 1.39 billion in Q1 2023[20] - Cash inflow from investment activities totaled $699.42 million, a decrease from $1.13 billion in the previous period[21] - Cash outflow for investment activities was $1.29 billion, compared to $1.11 billion last year[21] - Net cash flow from investment activities was -$593.38 million, contrasting with a positive cash flow of $17.07 million in the prior year[21] - Total cash inflow from financing activities amounted to $7.35 million, down from $2.00 billion in the previous period[21] - Net cash flow from financing activities was -$45,409.96, significantly lower than $1.96 billion last year[21] - The net increase in cash and cash equivalents was $87.68 million, compared to a substantial increase of $3.37 billion in the previous year[21] - The ending balance of cash and cash equivalents stood at $6.12 billion, down from $8.91 billion at the end of the previous period[21] Assets and Liabilities - Total assets at the end of the reporting period were RMB 20,792,104,934.67, an increase of 4.52% from the end of the previous year[5] - The total assets of the company as of March 31, 2024, amounted to RMB 20,792,104,934.67, an increase from RMB 19,892,813,618.33 at the end of December 2023, representing a growth of approximately 4.5%[12] - The total current assets reached RMB 10,040,621,948.63, up from RMB 9,586,038,766.03, indicating an increase of about 4.8%[13] - The total liabilities of the company were RMB 12,494,895,923.91, compared to RMB 12,112,741,156.43, showing an increase of around 3.2%[14] - The total current liabilities amounted to RMB 10,430,773,926.13, compared to RMB 10,121,823,309.96, reflecting an increase of approximately 3%[14] Shareholder Information - Shareholders' equity attributable to the parent company was RMB 8,215,816,944.45, reflecting a growth of 6.53% year-on-year[5] - The equity attributable to shareholders of the parent company was RMB 8,215,816,944.45, up from RMB 7,712,038,217.61, marking an increase of about 6.5%[15] - The total number of ordinary shareholders at the end of the reporting period was 19,329[8] Other Financial Metrics - Non-recurring gains and losses totaled RMB 32,872,846.71 for the period, with significant contributions from government subsidies and asset disposal gains[6] - The weighted average return on equity was 6.08%, a decrease of 0.64 percentage points compared to the previous year[4] - The company reported a retained earnings of RMB 5,187,909,646.03, an increase from RMB 4,704,597,603.69, indicating a growth of about 10.3%[15] - The company's total non-current assets were RMB 10,751,482,986.04, up from RMB 10,306,774,852.30, representing an increase of approximately 4.3%[12] - The company's inventory increased to RMB 735,932,825.44 from RMB 575,340,281.28, representing a growth of approximately 28%[13] - The accounts receivable rose to RMB 409,433,354.76 from RMB 357,840,165.19, indicating an increase of about 14.4%[12] - Research and development expenses for Q1 2024 were approximately RMB 124.53 million, an increase of 5.7% from RMB 118.19 million in Q1 2023[16] - Sales expenses for Q1 2024 were approximately RMB 175.93 million, an increase of 25.0% compared to RMB 140.84 million in Q1 2023[16] - The company reported a foreign exchange loss of approximately RMB 68,773.76 in Q1 2024[18] - The company implemented a capital reserve conversion plan in May 2023, resulting in a significant impact on earnings per share metrics[7] - The impact of exchange rate changes on cash and cash equivalents was an increase of $167,723.54[21] - The company received $1.996 billion in loans during the quarter[21] - The company distributed $6 million in dividends and interest payments[21]

证券研究报告·公司点评报告·摩托车及其他 爱玛科技（603529） 2023 年报点评：业绩符合预期，看好公司长 2024年 04月 21日 期发展 证券分析师 黄细里 买入（维持） 执业证书：S0600520010001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E huangxl@dwzq.com.cn 研究助理 孟璐 营业总收入（百万元） 20,802 21,036 25,400 28,636 32,142 执业证书：S0600122080033 同比（%） 35.09 1.12 20.74 12.74 12.24 mengl@dwzq.com.cn 归母净利润（百万元） 1,873 1,881 2,219 2,718 3,255 同比（%） 182.14 0.41 17.96 22.50 19.76 股价走势 EPS-最新摊薄（元/股） 2.17 2.18 2.57 3.15 3.78 爱玛科技 沪深300 P/E（现价&最新摊薄） 15.49 15.42 13.07 10.67 8.91 -40 %% [ [T ...

[Table_MainInfo] 公司研究/造纸轻工/轻工制造 证券研究报告 爱玛科技（603529）公司年报点评 2024年04月19日 [Table_InvestInfo] 投资评级 优于大市 维持 23 年平稳收官，电动三轮车需求加速 股票数据 [Table_Summary] 0[4Ta月b1le9_日S收to盘ck价（In元fo）] 33.30 投资要点： 52周股价波动（元） 23.61-61.10 总股本/流通A股（百万股） 862/224 总市值/流通市值（百万元） 28702/7444  事件：公司发布年报，23 年实现营业收入 210.4 亿元，同增 1.1%；归母净 相关研究 利润18.8亿元，同增0.4%，归母净利率8.9%，同减0.1pct；扣非归母净利 [《Ta发b布le员_R工e股p权or激tIn励fo，] 彰显长期发展信心》 润17.6亿元，同减1.8%，扣非归母净利率8.4%，同减0.2pct。 2024.02.01 《收入同比承压，看好长期发展空间》  单季度看，23Q1-Q4分别实现营业收入54.4/47.7/72.4/35.8亿元，同比变化 +18.6%/-1.6%/ ...

汽车/摩托车及其他 公 司 研 爱玛科技（603529.SH） 2023 业绩稳增，2024 看好产品量价持续提升 究 2024年04月18日 ——公司信息更新报告 投资评级：买入（维持） 吕明（分析师） 周嘉乐（分析师） 骆扬（联系人） lvming@kysec.cn zhoujiale@kysec.cn luoyang@kysec.cn 日期 2024/4/17 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790122120029 当前股价(元) 33.48  产品结构升级&渠道深耕持续，2024年发展可期，维持“买入”评级 公司2023全年实现营业收入210.4亿元（同比+1.1%，下同），归母净利润18.81 公 一年最高最低(元) 64.49/23.61 亿元（+0.4%），扣非净利润 17.64 亿元（-1.8%），公司营收业绩保持平稳其中 司 信 总市值(亿元) 288.57 2023Q4公司实现营业收入35.8亿元（+0.2%），归母净利润3.2亿元（-34.9%）， 扣非净利润 3.2 亿元（-26.7%）。考虑到行业增长仍有不确定性，我 ...

股 票 研 究 [Table_industryInfo] [ Table_Main[爱ITnaf 玛bol]e 科_Ti技tle]( 603529) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩符合预期，2024 年有望稳健增长 目标价格： 39.50 上次预测： 39.50 公 ——爱玛科技（603529.SH）2023年年报点评 当前价格： 32.24 司 王佳(分析师) 2024.04.17 更 010-83939781 [交Ta易bl数e_M据a rket] 新 wangjia025750@gtjas.com 证书编号 S0880524010001 52周内股价区间（元） 24.12-63.28 报 总市值（百万元） 27,788 告 本报告导读： 总股本/流通A股（百万股） 862/224 流通 B股/H股（百万股） 0/0 公司 2023 年业绩符合预期，产品端聚焦高品质和多样化满足客户需求，渠道端持续 流通股比例 26% 精耕细作，加强供应链本土化降本增效，2024年有望实现稳健增长。 日均成交量（百万股） 5.22 投资要点： 日均成交值（百万元） 154.51 [T ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-035 | | --- | --- | --- | | 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 2023 年度暨 2024 年第一季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 04 月 29 日(星期一)上午 10:00-11:30 会议召开地点： 上海证券 交易所 上证路演中心（ 网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 04 月 22 日(星期一)至 04 月 26 日(星期五)16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 amkj@aimatech.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 爱玛科技集团股份有限公司 ...

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 2023 年持续督导年度报告书 | 保荐机构名称:华泰联合证券有限责任公司 | 被保荐公司名称:爱玛科技集团股份有限公司 | | --- | --- | | 保荐代表人姓名:赵乃骥 | 联系电话:010-57615991 | | 保荐代表人姓名:杨阳 | 联系电话:010-57617013 | 根据中国证监会《证券发行上市保荐业务管理办法》和《上海证券交易所上 市公司自律监管指引第 11 号 -- 持续督导》等相关规定,华泰联合证券对爱玛 科技 2023 年度的信息披露文件进行了事前审阅或事后及时审阅,对信息披露文 件的内容及格式、履行的相关程序进行了检查:审阅公司信息披露文件的内容及 格式,确信其内容真实、准确、完整,不存在虚假记载、误导性陈述和重大遗漏, 格式符合相关规定;审查公司临时股东大会、董事会、监事会的召集与召开程序, 确信其合法合规;审查股东大会、董事会、监事会的出席人员资格、提案与表决 程序是,确信其符合相关规定和公司章程等。 经核查,华泰联合证券认为,爱玛科技严格按照证券监管部门的相关规定进 行信息披露活动,依法公开对外发布各类定期报告 ...

2024年04月15日 公 司点评 公 买入 / 维持 司 爱玛科技(603529) 研 究 爱玛科技 2023 年报点评：Q4 业绩有所承压，量价预计持续向好 公司发布2023年度报告，符合预期：公司2023全年营业收入210.36 ◼ 走势比较 亿元/+1.12%，归母净利润18.81亿元/+0.41%，扣非归母净利润17.64亿 元/-1.83%，基本每股收益2.20元/-33.53%。其中，23Q4实现收入35.81 10% 亿元/+0.18%，增速转正，基于 22Q4 冲回销售费用等原因带来的较高基 太 平 (1( 42 %% ))71/4/32 82/6/32 8/9/32 91/11/32 03/1/42 11/4/42 数 润， 3.2 13 8Q4 亿业 元绩 /-有 26所 .6承 7%压 ，， 基归 本母 每净 股利 收润 益3 0. .2 34 8亿 元元 /-/ 5- 63 .4 5. 98 %9 。%， 扣非归母净利 经营端，全年电自保持销量增长，三轮车量价齐增：1）电自收入 洋 (26%) 128.45 亿元/+5.85%，主要受到销量驱动，全年销售 760 万台/+5.06%， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is showing signs of bottoming out with upward elasticity, supported by a new round of equity incentives launched in February 2024, aiming for a revenue or net profit CAGR of 20% from 2024 to 2026 [2][3] - The industry is experiencing a slowdown in competition, with an improvement in average selling price (ASP) and a favorable shift in product and channel structure [2][3] Financial Performance Summary - For Q4 2023, the company reported revenue of 3.58 billion yuan (up 0.2% YoY), with a net profit attributable to the parent company of 320 million yuan (down 35% YoY) [2] - The full-year revenue for 2023 was 21.04 billion yuan (up 1% YoY), with net profit attributable to the parent company remaining flat at 1.88 billion yuan [2][3] - The company plans to distribute a dividend of 5.34 yuan for every 10 shares, maintaining a dividend payout ratio of 40% [2] Revenue and Profitability Forecast - Revenue is expected to grow to 24.35 billion yuan in 2024, representing a 15.8% increase YoY, with net profit projected at 2.30 billion yuan (up 22.1% YoY) [3][4] - The gross margin is forecasted to improve to 17.5% in 2024, while the net profit margin is expected to stabilize around 9.4% [5] - The company aims for revenue of 30.27 billion yuan and net profit of 3.33 billion yuan by 2026, with respective growth rates of 10.5% and 19.3% [4][5] Market Position and Industry Outlook - The recent government initiatives to promote electric bicycle trade-in programs are expected to benefit the industry by enhancing market concentration [2][3] - The company is focusing on consolidating its domestic market while expanding overseas, which is anticipated to restore growth confidence [2][3]