爱玛科技：公司信息更新报告：2024Q3业绩阶段性承压，2025看好公司乘行业东风重进量价齐升通道

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a temporary pressure on revenue and profit in Q3 2024, but maintains stable profitability. The forecast for net profit from 2024 to 2026 has been adjusted downwards due to policy changes affecting industry sales, with expected net profits of 19.95 billion, 24.98 billion, and 31.08 billion respectively [1] - The company is expected to benefit from favorable industry policies in 2025, with a clear inflection point in fundamentals. The new national standard for electric bicycles is anticipated to stimulate end-user sales and improve the competitive landscape [2] Financial Performance Summary - For Q1-Q3 2024, the company achieved operating revenue of 174.6 billion (up 0.05%) and a net profit attributable to shareholders of 15.5 billion (down 0.25%). In Q3 alone, revenue was 68.7 billion (down 5.1%) and net profit was 6.0 billion (down 9.0%) [1] - The company's gross profit margin for Q1-Q3 2024 was 17.4% (up 1.6 percentage points), and the net profit margin was 9.0% (up 0.1 percentage points). The gross profit margin for Q3 2024 was 16.8% (up 0.7 percentage points) [2] - The company’s earnings per share (EPS) for 2024E is projected at 2.32, with a price-to-earnings (P/E) ratio of 11.4 [4] Sales and Product Insights - In Q3 2024, the company’s sales volume is expected to decline by approximately 10% due to a policy transition period, while the average selling price (ASP) is projected to increase by 5.7% to 1986 yuan per unit [2] - The company is successfully improving its product mix, with a higher proportion of high-margin two-wheeled and three-wheeled products, which is expected to drive ASP and profit growth [2] Future Outlook - The company is well-positioned to re-enter a growth phase in terms of both volume and price in 2025, supported by a robust product pipeline and favorable market conditions following the implementation of new standards [2]