金吾财讯 | 招商证券发布两轮车行业更新报告，回顾2024：1）作为价格战年份后的政策过渡年，2024年行业基本面偏弱。2）股价方面，经历了两次政策预期催化上行后，年末股价演绎从政策预期回归短期基本面。该行指，以旧换新堵点疏通，2025有望释放更好效果。1）2024年以旧换新出现年末效果优于旺季的现象，主要是前期切标去库及流程复杂、收旧要求高影响等因素影响抑制换新，11月后标准切换完毕叠加换购流程优化、条件放宽，以旧换新效果释放更好；2）以旧换新堵点在今年暴露并得到疏通，经销商端换新模式基本跑通，再加上明年政策节奏更明确，2025年以旧换新效果有望充分释放，其中头部公司有望通过获取更多定点门店、更强资金实力与更合规的经营，在以旧换新中更为受益。
展望明年，该行看好以新国标修订稿落地为代表的供给端优化与预期新一轮以旧换新的需求端刺激这两条主线，带来行业格局优化与需求提振，维持行业“推荐”评级，重点推荐雅迪控股(01585)、爱玛科技，看好龙头实现α与β的共振。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.