金吾财讯 | 浙商证券发研报指，雅迪控股(01585)在墨西哥投资建设工厂，配备了雅迪自主研发的先进技术，包括长续航系统和智能安全系统。墨西哥当地政府参与主持首款车下线会议。雅迪北美市场总经理张亮表示：“墨西哥不仅是关键的生产中心，也是该机构更广泛区域战略的启动平台。该机构完全相信墨西哥及整个拉丁美洲市场的实力和潜力。”该机构表示，公司为电动两轮车赛道品牌龙头，预计2025-2027年公司营收413.07/497.70/569.23亿元，同比增长46.3%/20.5%/14.4%，归母净利润32.07/38.08/43.77亿元，同比增长152.0%/18.7%/14.9%，当前市值对应市盈率为11.5/9.6/8.4X。公司将在以下三方面共同驱动下保持高质量增长，(1)新国标提竞争门槛，以旧换新拉动行业景气度高增，(2)产品持续高端化、龙头风采彰显，(3)海外“电气化”确定，开蓝海市场。该机构认为雅迪控股作为两轮车品牌龙头，高质量增长将驱动公司动态市盈率修复至20X，维持“买入”评级。
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