金吾财讯 | 招商证券表示，雅迪控股(01585)在过往十余年竞争中顺应行业趋势，成为两轮车领军企业，如03-14年行业扩张期积极增产抢占市场以及19年新国标后大力拓渠道扩产能承接出清份额等。未来新国标修订版落地后，行业竞争中研发与生产能力重要性将逐步提升，公司有望凭借领先于同业的向后一体化能力与研发能力进一步塑造竞争优势，提升市场份额。该行指，公司作为两轮车行业龙头，经过2024年养精蓄锐，2024年末渠道库存低、新品储备充裕，该行看好公司2025年受益格局优化与换新需求带来的供需双向利好，并在2024年低基数下呈现更大表观弹性。展望中长期，公司战略眼光领先，在市场端，积极布局东南亚、非洲各国，看好钠电落地后公司海外市场打开，公司收入规模再上台阶；在生产研发端，率先通过收购南都华宇、凌博电子布局核心三电环节，实现核心部件自供率提升，看好供应链垂直整合后产品竞争力与盈利能力进一步提升。该行预计2024-2026年公司归母净利润为12.78/27.83/31.83亿元人民币，对应PE为29.28/13.44/11.75x。维持“强烈推荐”投资评级。
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