雅迪控股:政策驱动景气度上行 龙头盈利修复可期

国盛证券
10 Jun

以旧换新叠加新国标落地,行业需求有望重回快速增长区间。预计行业2025/2026 年销量5600/6175 万辆,同比+12%/+10%,未来行业稳态需求接近6500 万辆。主要受益于:1)以旧换新政策补贴力度大,截至2025年4 月8 日全国电动自行车售旧、换新各334.1 万辆,平均单车补贴金额688 元,据中国自行车协会监测,行业一季度产量同比+25%,刺激效果显著,后续换购需求有望加速释放...

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