雅迪控股(1585.HK):以旧换新+出海提速 新国标落地后扬帆起航;维持买入

交银国际
26 Mar

受新旧国标过渡以及去库存影响,雅迪控股 2024 全年收入和净利润下滑,基本符合业绩预告。新国标落地和以旧换新推动下,中国内地两轮车行业进入新周期,技术、渠道、产品力加持下,雅迪作为行业龙头有望受益,此外,雅迪海外业务提速中。上调目标价至19.84 港元,并维持买入评级。2024 年业绩符合预期。2024 年公司收入282.4 亿元(人民币,下同),同比减少18.8%,收入下降主要由于新旧国标过渡...

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