Huatai Securities is optimistic about YADEA's continued consolidation of its leading advantage in the two-wheeled vehicle sector, maintaining a "Buy" rating
Huatai Securities maintains a "Buy" rating on YADEA, with a target price of 18.63 yuan. It is expected that net profit will reach 2.9 billion yuan in 2025, a year-on-year increase of 128%, driven by the growth in electric two-wheeler sales and product structure optimization. Sales are expected to exceed 16.2 million units in 2025, with net profit per vehicle increasing by over 80%. The company will focus on the mid-to-high-end market, increase the proportion of self-supplied batteries, and strengthen profitability. Benefiting from the fuel motorcycle restriction policies in Southeast Asia, YADEA is expected to increase its market share. The net profit forecast for last year has been revised down to 2.94 billion yuan, while the net profit forecasts for this year and next year remain at 3.51 billion and 3.83 billion yuan, respectively
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