金吾财讯 | 交银国际研报指，2024年绿源集团控股(02451)收入50.7亿元（人民币，下同），同比下滑0.2%，其中电动自行车/电动踏板车收入同比+11.7%/-30.3%至30.2亿元/7.1亿元。归母净利润同比下滑19.8%至1.17亿元。毛利率/归母净利润率为13.1%/2.3%。考虑到绿源正积极拓展渠道，并布局高端产品，该行预计公司仍需较大的营销和研发投入以维持竞争优势，下调2025/26年归母净利润12%/6%至1.91亿/2.44亿元。新国标落地后，两轮车行业估值中枢上移，该行上调公司目标价至7.16港元（原为6.24港元），对应15倍2025年市盈率。当前股价较目标价涨幅仅为4.7%，维持中性评级。
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