爱玛科技20241108

Key Points Industry Overview - New National Standard Implementation: The new national standard for electric two-wheelers is expected to be fully implemented by September 30, 2023. This will include the cessation of production and sales of old standard vehicles. - Market Growth: The industry is expected to grow by 5-10% due to consumer demand and an additional 10-15 million units from the replacement policy. The total market size could reach 65 million units in 2024. - Replacement Policy: The replacement policy is expected to peak in the first half of 2024, with 10-15 million units being replaced. This policy aims to promote the replacement of old, unsafe vehicles with new, safer ones. Company Overview - New Product Development: The company is focusing on developing new products that comply with the new national standard. These products are expected to be launched before the end of June 2023. - Channel Structure: The company is prioritizing the development of new products and channel structure reform over expanding the number of stores. The focus is on improving the quality of existing stores rather than increasing the number of stores. - Capacity Expansion: The company plans to increase its production capacity to 15 million units by the end of 2024. The capital expenditure for 2023 and 2024 is expected to be announced later. - International Expansion: The company has established bases in Vietnam and Indonesia and has opened stores in North America. The company is currently in the incubation stage in these markets and expects significant growth in the future. Financial Outlook - ASP Growth: The company expects the ASP for electronic vehicles to increase by 10% in 2024. The ASP for electric paint film is expected to remain stable or slightly increase. - Profitability: The company expects to achieve higher profitability through the launch of new products, product upgrades, and cost control measures. Other Key Points - Battery Technology: The company is confident that its battery technology can meet the requirements of the new national standard, including the weight and range specifications. - Regulatory Changes: The company is closely monitoring regulatory changes and adapting its products and strategies accordingly. - Competitive Landscape: The company expects increased competition in the market, particularly in the second half of 2024, as new products are launched and the market expands.