大行评级|交银国际:上调雅迪控股目标价至22.63港元 憧憬毛利率仍有提升空间

格隆汇
Aug 29, 2025

交银国际发表研究报告指,雅迪控股上半年出货节奏恢复正常,两轮电动车业务逐步复苏,电动自行车及电动踏板车销量分别增长至666.6万及212.8万辆。由于产品结构改善,带动雅迪毛利率提升1.6个百分点至19.6%,创历史新高。 憧憬毛利率仍有提升空间,该行维持对雅迪控股的“买入”评级,认为新国标将于今年9月1日正式实施,行业进入新发展周期,加上海外业务前景向好,相应将该公司2025至27年的收入预测上调2%至4%,净利润预测上调1%至2%,目标价从19.84港元上调至22.63港元。

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