Jinwu Financial News | Guotai Junan Securities covered Yadi Holdings (01585) for the first time. The company is one of the earliest electric vehicle manufacturers. Since its establishment, the company has continuously expanded its product line, built a large-scale leading enterprise integrating R&D, production and sales of electric bicycles, electric mopeds, electric motorcycles and their spare parts, and led the industry forward with marketing strategies that continuously cater to the market.
According to the bank, the company completed its own battery supply chain layout through the acquisition of Huayu New Energy. It has successively led R&D in graphene batteries and sodium batteries, led industry transformation with excellent technical strength, and once again established its leading position. It is expected that as old lead-acid batteries enter the replacement cycle and sodium battery penetration rate increases, the company is expected to open up market space through extensive layout and intensive cultivation on the channel side.
According to the bank, the company has a comprehensive layout in the field of two-wheelers and consolidated its advantages through upstream integration into the industrial chain. The company's 2024-2026 EPS is expected to be 1.04/1.20/1.39 yuan, respectively. Referring to PE and PB valuations, a target price of RMB 18.76 was given, giving it an “increase in weight” rating.