国泰海通：予大行科工(02543)“增持”评级目标价76.57港元

智通财经

Oct 15

智通财经APP获悉，国泰海通发布研报称，考虑大行科工(02543)处于景气度较高的折叠自行车赛道，在二轮出行赛道中属于成长性较为突出的细分赛道，叠加公司产品矩阵完善、渠道开拓，予“增持”评级，对应目标价76.57港元。该行预测公司2025-2027年营收分别为6.76、8.86、11.11亿元，对应归母净利润分别为0.79、1.05、1.32亿元，同比分别增长50.7%、32.9%、25.8%，EPS分别为2.49、3.31、4.16元。

公司核心竞争力体现在三方面：一是多元化渠道布局，国内-线下经销为主(24年收入占比68.2%，同比+45.2%)，其中经销商渠道覆盖广泛&建立基本盘;国内-线上直销增速更快，24年收入同比增长72.5%至1.00亿元;24年国内-线下直销/海外销售收入占比分别为3.0%/6.6%。二是全方位的产品矩阵，覆盖城市通勤/户外探索/时尚个性/超卓竞速/实用内涵五大品类及全价格带。高端/中端/大众价位分别为每辆≥5000元/2500-5000元/<2500元。其中中端车型为主导，2024年中端车型收入占比近70%，均价2130元，销量超14万辆。三是突出的研发实力，截至2025年4月拥有国内外135项专利，并且受邀参与制定《中国自行车安全国家标准》(GB/T3565.4– 2022)。

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