金吾财讯 | 交银国际研报指，2024 年雅迪控股(01585)收入282.4 亿元（人民币，下同），同比减少18.8%。量：电动踏板车的销量同比下降20.7%至393万台，电动自行车的销量同比下降21.4%至909万台。ASP：电动踏板车和电动自行车的ASP分别同比+4%/-2%至 1804 元/1347 元。归母净利润同比-51.8%至12.7亿元。雅迪在战略上加强布局中高端产品，目标中高端产品占比达到50%以上。电池技术布局上，雅迪携手旗下华宇电池推出钠电产品。该行指，新国标落地和以旧换新推动下，行业进入新周期，该行预计公司作为行业龙头，技术、渠道、产品力加持下有望受益。上调公司目标价至19.84港元（原为 13.55 港元），对应 18倍 2025 年市盈率。看好公司中长期发展，维持买入评级。
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