爱玛科技(603529)：25Q1业绩迎开门红 看好全年稳健增长

Core Viewpoint - The company reported strong Q1 2025 results with significant year-on-year growth in revenue and net profit, driven by new product launches and the "old-for-new" subsidy policy [1][2][3] Financial Performance - In Q1 2025, the company achieved revenue of 6.232 billion yuan, a year-on-year increase of 25.82%, and a net profit attributable to shareholders of 605 million yuan, up 25.12% year-on-year [1] - The company's net profit excluding non-recurring items reached 593 million yuan, reflecting a year-on-year growth of 31.57% [1] - The gross profit margin improved to 19.63%, an increase of 1.59 percentage points year-on-year [2] Product and Market Strategy - The company is benefiting from the "old-for-new" subsidy policy, which has stimulated consumer demand for higher-priced products, leading to a reduction in the proportion of low-end vehicles [2] - The company is actively expanding its product matrix and enhancing its intelligent configurations to strengthen its competitive edge in the mid-to-high-end market [2] Future Outlook - The company is expected to benefit significantly from the "old-for-new" policy, with projected net profits of 2.636 billion, 3.109 billion, and 3.597 billion yuan for 2025, 2026, and 2027, respectively, corresponding to price-to-earnings ratios of 13.9, 11.8, and 10.2 times [1][3] - The company maintains a "strong buy" investment rating, anticipating continued growth driven by product advantages and brand effects [3]