金吾财讯 | 财通证券发布研报指，雅迪控股(01585)2024年预期盈利同比下降，主要原因为：1）公司电动两轮车销量下降主要系分销商处于去清存货周期，2）公司若干现存型号存货的销售价格降低，主要系公司为响应国家标准的调整，实施了销售和市场推广策略，以加速现存型号存货的售清。
该行指，2024年初南京发生的电动自行车起火事件引起相关政府部门高度重视，进而在2024年H1通过推出新国标并更新现有国标来加强电动两轮车监管。我们认为行业标准的提升有望促进行业集中度提升，公司作为行业龙头有望充分受益。公司坚持专注于长远发展，持续投资核心零部件新技术的研发以及拓展海外市场，打开成长空间。
该行预测，公司2024-2026年实现营业收入340.68/402.00/482.40亿元，实现归母净利润12.87/22.95/36.29亿元。对应PE分别为29.83/16.72/10.57倍，维持“增持”评级。
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