电动两轮车K 型消费趋势分化，爱玛专注科技力、产品力提升。一方面，基于消费需求和使用场景原创开发的，且兼具差异化、高端化、智能化等特征的产品具有更高毛利并更受消费者青睐。另一方面，不具备原研能力的、公模型、同质化的基础功能款型产品并未因销售价格的下降而获得更多人群的青睐。公司重视产品力提升，将技术开发作为产品开发的技术与工艺供应职能，持续推进CBB 共享模块的打造工作，不断推进、优化全流程质控体系。Incident: The company released its report for the first quarter of '24. In 24Q1, it achieved operating income of 4.95 billion yuan, a decrease of 9.0%; net profit to mother of 480 million yuan, a net interest rate of 9.8%, an increase of 1.0 pct; net profit of 450 million yuan, a decrease of 3.9%, after deducting a net interest rate of 9.1% of non-return to mother, an increase of 0.5 pct.
The 24Q1 consolidated gross margin was 18.0%, an increase of 2.2 pct. The cost rate for the period was 7.0%, an increase of 2.0pct.
Among them, sales/management/R&D/finance expenses were 3.6%/2.6%/2.5%/-1.7%, respectively, with year-on-year changes of +1.0pct/+0.5pct/+0.3pct/+0.2pct.
The K-type electric two-wheeler consumer trend is divided, and Emma focuses on improving technological and product capabilities. On the one hand, products that are originally developed based on consumer demand and usage scenarios, and have characteristics such as differentiation, high-end, and intelligence, have higher gross profit and are more favored by consumers. On the other hand, common models and homogenized basic functional products without original research capabilities have not been favored by more people due to falling sales prices. The company attaches importance to improving product strength, takes technology development as a technical and process supply function for product development, continues to promote the construction of CBB shared modules, and continuously promotes and optimizes the full-process quality control system.
The company spent 590 million yuan on R&D in '23, an increase of 16.3% over the previous year.
Profit forecast and rating: We expect net profit for 24-25 to be 22.3 billion yuan and 2.70 billion yuan respectively. The current stock price is 13/11 times PE for 24/25, 17-19 times PE for 24, and a reasonable value range of 44.0-49.1 yuan/share, giving a “superior to market” rating.
Risk warning: The demand side falls short of expectations, competition in the electric two-wheeler industry intensifies, and raw material prices fluctuate.
