Tracking of Hong Kong stock concepts | The implementation of the new national standard replacement subsidies for old ones, the advantages of leading electric bicycle companies will expand (attached concept stocks)

On January 13th, the "Electric Bicycle Safety Technical Specification" (GB 17761-2024) was officially implemented, which is the new national standard for the two-wheeler industry. This official draft continues the focus on two-wheeler safety from the consultation draft released in September 2024, by increasing safety requirements for plastic parts control and battery safety. At the same time, this document further promotes the practicality of the standard, relaxes the weight limits for two-wheeled vehicles, and optimizes positioning requirements; the transition period for manufacturers will end on September 1, 2025, and the transition date for sales will end before December 1, 2025. CITIC SEC's research report believes that the industry policy direction is clear, with the specific details of the new national standard coming out, the top-level design has been completed, and leading companies will accelerate market share expansion with their advantages in compliance and product iteration capabilities. Leading electric bicycle stocks in Hong Kong: YADEA (01585): YADEA's management has given a relatively optimistic outlook for 2025, expecting shipments to increase by 20%-40% from 13 million in 2024 to 16-18 million; in terms of profitability, the target is a net profit of 170 RMB per vehicle, compared to 100 RMB in 2024 and 160 RMB in 2023. Additionally, with the new national standard set to be released and many provinces and cities extending trade-in subsidies and simplifying application processes in 2025, YADEA expects industry sales to reach 55-60 million in 2025, a 10%-20% year-on-year increase.