金吾财讯 | 国联证券发研报指，2024 年因新国标调整、行业严监管、渠道去库存等因素拖累，雅迪控股(01585)销量大幅下滑，且为维稳渠道，公司适当降低出货均价、增加费用投入，致使利润大幅承压。展望后续，随着以旧换新政策、新国标切换等落地，行业需求提振且格局集中趋势确定，公司经营修复可期且弹性可观；短期经营波动不改公司龙头地位及实力，中期盈利能力提升&海外收入快速增长，仍能保障经营稳健增长，建议积极关注公司底部投资价值。 该行指，考虑到2024年经营压力较大，公司收入及业绩下滑明显；而基数转低、行业销量增长确定及格局集中背景下，预计2025年经营修复弹性突出，该行预计公司2024-2026年营收同比分别-16%/+36%/+10%至292/398/440亿；归母净利润同比分别 -49%/+110%/+20%至13/28/34亿；对应当前估值为28/13/11X，维持“买入”评级。
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