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[Brokerage Focus] HAITONG SEC maintains the "outperform market" rating for YADEA (01585), stating that with domestic regulations becoming stricter, the company still has room for growth as a leading player.
Jinwu Financial News | HAITONG SEC reported that YADEA (01585) is a leader in the electric two-wheeler market, primarily engaged in the research, production, and sales of electric two-wheelers and related products. The products mainly include electric two-wheelers, electric three-wheelers, Graphene lead-acid batteries, Sodium-ion Batteries, and their components. In 2023, the revenue reached 34.763 billion yuan, with a compound annual growth rate of 19.15% from 2013 to 2023; the net income attributable to the parent was 2.64 billion yuan, with a compound annual growth rate of 28.05% from 2013 to 2023. The firm indicates that the electric two-wheeler Industry in China has entered a mature stage, with expectations for 2024 to be preserved.
【Brokerage Focus】China Merchants maintains a "recommended" rating for the two-wheeler Industry, indicating that smoothing out the trade-in bottlenecks is expected to yield better results by 2025.
Jinwu Finance News | China Merchants released an update report on the two-wheeled vehicle industry, reviewing 2024: 1) As a transitional year following the price war, the fundamentals of the industry are relatively weak in 2024. 2) In terms of stock prices, after experiencing two upward movements driven by policy anticipation, the end-of-year stock prices returned to short-term fundamentals. The institution indicated that the trade-in blockages were resolved, and it is expected that better results will be released in 2025. 1) In 2024, the effects of trade-in at the end of the year were better than during the peak season, mainly due to factors such as the pre-cut market destocking and complex processes, as well as high requirements for old vehicle collection suppressing the trade-in. After November, the standard transition was completed, combined with the trade-in process.
Yadea Group Set to Benefit From Lithium-Ion Battery Replacement Demand -- Market Talk
Yadea Group Holdings Target Price Raised to HK$16.00 From HK$10.00 by Daiwa Capital Markets >1585.HK
Yadea Group Holdings Raised to Buy From Hold by Daiwa Capital Markets >1585.HK
Major brokerage rating | Daiwa: Raised Yadi's Target Price to HKD 16, rating upgraded to "Buy."
Daiwa issued a report, upgrading Yadea's rating from "Hold" to "Buy," raising the Target Price from 10 HKD to 16 HKD, and increasing the 2025 Target PE from 11 times to 14 times, considering its sales growth momentum under the trend of lithium-ion Battery (LiB) replacements and support from subsidy programs for trade-ins. The report states that due to an optimistic outlook for replacement demand, it has raised Yadea's revenue forecasts for 2024 to 2026 and increased the gross margin forecast by 1%, as it is expected that self-supply of key components may increase.
