研報掘金丨安信證券:愛瑪科技規模效應不斷強化,盈利能力有望進一步上行
格隆匯5月29日丨安信證券28日研報指出,電動兩輪車行業需求仍有擴張空間,愛瑪科技(603529.SH)為電動兩輪車行業頭部企業,公司品牌、產品、供應鏈領先競爭對手,在行業擴張期能夠把握優質渠道網點,實現份額的持續增長。此外,公司產品結構有升級空間,規模效應不斷強化,盈利能力有望進一步上行。預計公司2023~2025年EPS分別為2.68/3.33/3.88元,給予6個月目標價為53.60元,對應2023年PE估值為20x,維持買入-A的投資評級。公司3月發佈2023年股票期權激勵計劃,業績考核目標要求2023~2025年公司收入或者淨利潤複合增速達到 20%。股權激勵計劃有利於激發員工的積極性,另一方面也彰顯管理層對於公司長期發展的信心。
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