证券代码：689009 证券简称：九号公司 公告编号：2025-007 九号有限公司 关于 2024 年度利润分配方案的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本年度公司以现金为对价，采用集中竞价方式回购股份并注销的回购（以 下简称"回购并注销"）金额 254,382,085.18 元（不含印花税、交易佣金等交 易费用），现金分红和回购并注销金额合计 1,055,007,159.05 元，占本年度归 属于上市公司股东净利润的比例 97.31%。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引 第 7 号——回购股份》等相关规定，上市公司回购专用账户中的股份，不享有 利润分配的权利。因此，公司本次利润分配实施差异化分红，公司回购专用证 券账户中的存托凭证将不参与公司本次利润分配。 每份分配比例：每10份派发现金红利11.31元（含税），不送红股，不进 行资本公积转增股本。 本次利润分配以实施权益分派股权登记日登记的存托凭证总数扣减公司 回购专用证券账户中的存托凭证份数为基数，具体 ...

Industry Rating - The automotive industry is rated as "Leading" [1] Core Insights - The automotive market showed signs of recovery in March, with retail sales of passenger vehicles increasing by 14.4% year-on-year, reaching 1.94 million units [4] - The penetration rate of new energy vehicles (NEVs) rose to 51.1% in March, with retail sales of NEVs recording 991,000 units, a year-on-year increase of 36.4% [4] - The report highlights the positive impact of trade shows and vehicle replacement policies on sales performance in April [4] Summary by Sections Investment Ratings Overview - Companies such as BYD, Great Wall Motors, and Geely are rated as "Buy" with target prices significantly above current prices, indicating strong potential for growth [2][11] - The average price-to-earnings ratio for the covered companies is projected to be 14.5 for FY25E [2] Market Performance - In March, domestic brands outperformed the overall market, with retail sales of 1.22 million units, a year-on-year increase of 31% [4] - The report notes that the share of domestic brands in the retail market increased by 7.7 percentage points to 62.7% [4] New Energy Vehicle Insights - The report indicates that the export performance of NEVs is strong, with 143,000 units exported in March, accounting for 36.6% of total exports [4] - Domestic brands accounted for 87% of total vehicle exports, with a year-on-year increase of 1% [4] Future Outlook - The upcoming Shanghai Auto Show from April 23 to May 2 is expected to further stimulate automotive consumption, alongside local consumption promotion policies [4] - The report suggests focusing on quality stocks in the passenger vehicle sector, particularly BYD and XPeng Motors, due to their strong market positions and growth potential [4]

Industry Investment Rating - The automotive industry is rated as "Leading" [1] Core Insights - The automotive market showed signs of recovery in March, with retail sales of passenger vehicles increasing by 14.4% year-on-year, reaching 1.94 million units [4] - The penetration rate of new energy vehicles (NEVs) rose to 51.1% in March, with retail sales of NEVs recording 991,000 units, a year-on-year increase of 36.4% [4] - The report highlights the positive impact of trade shows and vehicle replacement policies on sales performance in April [4] Summary by Relevant Sections Sales Performance - In March, the retail sales of passenger vehicles in China reached 1.94 million units, marking a year-on-year increase of 14.4% and a month-on-month increase of 40.2% [4] - Domestic brands performed better than the overall market, with retail sales of 1.22 million units, a year-on-year increase of 31% [4] New Energy Vehicles - NEVs accounted for 51.1% of total retail sales in March, with sales of 991,000 units, reflecting a significant increase [4] - The cumulative retail sales of NEVs from January to March reached 2.42 million units, up 36.4% year-on-year [4] Export Trends - Total passenger vehicle exports in March were 391,000 units, with a year-on-year decrease of 8% but a month-on-month increase of 10% [4] - Exports of NEVs showed strong performance, with 143,000 units exported in March, representing 36.6% of total exports [4] Investment Recommendations - The report suggests focusing on quality stocks in the passenger vehicle sector, particularly BYD (1211 HK) and XPeng Motors (9868 HK), due to their strong growth potential [4]

Industry Investment Rating - The automotive industry is rated as "Leading" with expectations of attractive performance relative to benchmark indices over the next 12 months [1][6]. Core Insights - The implementation of tariffs has no significant impact on Chinese automotive companies, while Korean, Japanese, and German manufacturers are more affected. In 2024, China's exports to the US are projected to be only 116,000 vehicles, primarily from General Motors, Ford, and Tesla, with no significant presence of Chinese brands in the US market [4][5]. - The tariffs on automotive parts are expected to drive localization and regionalization of supply chains for Chinese manufacturers. In 2024, the value of automotive parts exported from China to the US is estimated at 99.77 billion RMB, accounting for approximately 13.5% of total exports [4][5]. - Chinese automotive companies are accelerating their global layout and capacity building, focusing on regions along the Belt and Road Initiative, Southeast Asia, and Europe for localization and supply chain regionalization [4][5]. Summary by Relevant Sections Valuation Overview - A detailed valuation table lists various companies with their stock codes, ratings, target prices, closing prices, earnings per share, price-to-earnings ratios, and dividend yields. Notable companies include CATL (300750 CH) with a target price of 314.11 and BYD (1211 HK) with a target price of 503.25, both rated as "Buy" [2][5]. Industry Trends - The automotive industry has shown a performance trend with fluctuations, indicating a potential for growth against the Hang Seng Index [3]. - The report highlights the significant impact of tariffs on the cost structure of imported vehicles, particularly affecting brands like Hyundai and Toyota, which may lead to increased local production in the US [4][5].

Summary of Conference Call on Home Appliance Industry Industry Overview - The conference call primarily discusses the home appliance industry in the context of recent government policies aimed at boosting consumer spending in 2025 [2][3][12]. Key Points and Arguments 1. **Government Policies**: The Chinese government has introduced measures to stabilize the stock and real estate markets, increase minimum wage standards, and allocate 300 billion yuan for long-term mergers and acquisitions to support home appliance subsidies [2][4]. 2. **Support for Home Appliance Sector**: The home appliance industry will receive 300 billion yuan in special government bonds in 2025, doubling the amount from 2024, with the addition of four new product categories [2][4]. 3. **Market Performance**: The home appliance sector showed strong performance in January and February 2025, with air conditioning installation growth rates of 6%-8%, surpassing the normal growth of 3%-5% [5][7]. 4. **Sales Improvement**: March 2025 saw significant month-on-month sales improvements, aided by effective two-wheeler subsidies, with average subsidies ranging from 600 to 800 yuan [5][6]. 5. **Price Increases**: There has been a noticeable increase in the price range for standard products, with prices rising by approximately 10%-20% [6][12]. 6. **Performance of Leading Companies**: Major white goods companies like Midea are expected to achieve double-digit growth in Q1 2025, indicating positive consumer sentiment and stable end-consumer demand [7][9]. 7. **Valuation Insights**: Midea has the highest certainty in performance, while Gree Electric and Hisense have significant potential for valuation recovery, with Gree's valuation currently below 7 times earnings [9][11]. 8. **Investment Recommendations**: The call suggests actively investing in leading white goods companies due to their strong performance and recovery potential, particularly Midea, Gree, and Hisense [9][12]. 9. **Two-Wheeler Market Growth**: Leading two-wheeler companies like Yadea and Aima are projected to grow by 25%-30% in 2025, benefiting from new policies and market conditions [10][15]. 10. **Consumer Confidence**: The introduction of consumer promotion policies is expected to restore consumer confidence, positively impacting spending and market dynamics [12][16]. Other Important Insights - **Long-term Growth Potential**: The home appliance and two-wheeler industries are seen as relatively mature, with stable market structures and continuous performance growth expected [11][12]. - **Focus on Innovation**: Companies like Anker Innovations are highlighted for their strong global presence and AI product development, indicating a trend towards technological advancement in the industry [13][14]. - **Market Trends**: The call emphasizes the importance of monitoring consumer sentiment and market conditions, as these factors will significantly influence investment strategies in the home appliance sector [12][16]. This summary encapsulates the key insights and recommendations from the conference call regarding the home appliance industry and its investment landscape for 2025.

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected return exceeding 15% compared to the CSI 300 index [2][11]. Core Insights - The electric two-wheeler industry is experiencing improvements in both supply and demand, with a significant increase in the company's store count and revenue despite an overall industry decline [7][8]. - The company is expected to achieve revenues of 141.40 billion yuan in 2024, with a year-on-year growth of 38.63%, and a net profit of 10.53 billion yuan, reflecting an 81.90% increase [7][8]. - The introduction of new smart systems and innovative products is enhancing the company's competitive edge in the market [7][8]. Financial Projections - Revenue projections for the company are as follows: 141.40 billion yuan in 2024, 173.21 billion yuan in 2025, and 204.77 billion yuan in 2026 [6][8]. - The expected net profits are projected to be 10.53 billion yuan in 2024, 14.11 billion yuan in 2025, and 17.99 billion yuan in 2026 [6][8]. - Earnings per share (EPS) are forecasted to be 1.47 yuan in 2024, 1.97 yuan in 2025, and 2.51 yuan in 2026 [6][8]. Market Dynamics - The electric two-wheeler market is set to benefit from government policies promoting trade-in programs and increased subsidies, which are expected to stimulate consumer demand [7][8]. - The company is expanding its product lines, including robotic lawn mowers and all-terrain vehicles, which are anticipated to contribute to revenue growth [7][8]. Valuation - The report suggests a reasonable price range for the company's stock between 68.95 and 78.80 yuan based on a projected P/E ratio of 35-40 times for 2025 [8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected return exceeding 15% compared to the CSI 300 index [2][11]. Core Insights - The electric two-wheeler industry is experiencing improvements in both supply and demand, driven by new regulations and government incentives [7]. - The company has shown robust growth in its electric two-wheeler business, with a significant increase in store numbers and revenue despite a general industry decline [7]. - The company is expanding its product offerings in robotic lawn mowers and all-terrain vehicles, which are expected to contribute to future growth [8]. Financial Projections - The company’s projected revenue for 2024 is 141.40 billion yuan, with a year-on-year growth of 38.63%, and a net profit of 10.53 billion yuan, reflecting an 81.90% increase [7]. - Forecasted revenues for 2025 and 2026 are 173.21 billion yuan and 204.77 billion yuan, respectively, with corresponding net profits of 14.11 billion yuan and 17.99 billion yuan [8]. - Earnings per share (EPS) are expected to rise from 1.47 yuan in 2024 to 2.51 yuan in 2026 [8]. Market Performance - The company's stock has shown significant growth over the past year, with a 95.67% increase over 12 months [4]. - The current stock price is 59.38 yuan, with a 52-week price range of 27.33 to 62.03 yuan [2].

Investment Rating - The report assigns a "Buy" rating for the company for the first time [2]. Core Views - The company is positioned as an innovative leader in the smart short transportation and service robot sectors, with a strong growth trajectory supported by technological advancements and a diverse product matrix [6][12]. - The company has demonstrated significant revenue growth, with a projected revenue of 14.171 billion yuan in 2024, representing a year-on-year increase of 38.63% [7][25]. - The company is expected to benefit from favorable policies and market trends, particularly in the electric two-wheeler segment, which is projected to see substantial demand due to new regulations and incentives [8][48]. Summary by Sections Company Overview - The company has evolved from a niche balance bike manufacturer to a major player in the smart short transportation market, achieving annual revenues in the hundreds of millions within a decade [6][21]. - It operates under two main brands: Ninebot and Segway, and was listed on the STAR Market in 2020 [6][21]. Financial Performance - In 2024, the company is expected to achieve a net profit of 1.088 billion yuan, a year-on-year increase of 81.90% [7][25]. - The compound annual growth rate (CAGR) for revenue from 2020 to 2024 is projected at 23.95% [7][25]. Market Dynamics - The domestic electric two-wheeler market is projected to grow significantly, with an expected market size increase from 17.2 billion USD in 2023 to 24.2 billion USD by 2028, reflecting a CAGR of 7.07% [37]. - The company is well-positioned to capitalize on the high-end market segment, with a market share of 51.7% in the price range above 7,000 yuan [55][60]. Product Development - The company has a diverse product lineup, including electric two-wheelers, balance bikes, and service robots, with a focus on high-end and intelligent features [24][55]. - The company has established a strong brand presence in the high-end electric two-wheeler market, with significant sales in the 4,000+ yuan price range [55][60]. Growth Opportunities - The company is expected to benefit from the increasing demand for electric two-wheelers, driven by new national standards and replacement policies [36][44]. - The overseas market for electric two-wheelers is projected to grow, with significant sales expected in Europe, ASEAN, India, and the United States [48][51].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company is expected to achieve a revenue of 141.7 billion yuan in 2024, representing a year-on-year growth of 38.63%, and a net profit attributable to shareholders of 10.9 billion yuan, which is an increase of 81.9% [7] - The company anticipates a significant improvement in the shipment volume of two-wheeled vehicles at the beginning of 2025, with channel expansion and new product launches progressing steadily [8] - The lawn mower robot segment continues to show high growth, with sales in the U.S. market increasing significantly [9] Financial Summary - Revenue projections for 2024-2026 are 141.71 billion yuan, 187.36 billion yuan, and 243.88 billion yuan respectively, with corresponding net profits of 10.88 billion yuan, 15.98 billion yuan, and 22.97 billion yuan [7][10] - The company's gross margin is expected to improve from 29.8% in 2024 to 32.0% in 2026, while the net profit margin is projected to increase from 7.7% to 9.4% over the same period [10][13] - The earnings per share (EPS) are forecasted to be 15.16 yuan, 22.28 yuan, and 32.03 yuan for 2024, 2025, and 2026 respectively [10][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company is expected to achieve a revenue of 141.7 billion yuan in 2024, representing a year-on-year growth of 38.63%, and a net profit attributable to the parent company of 10.9 billion yuan, which is an increase of 81.9% [7] - The company anticipates a significant improvement in the shipment volume of two-wheeled vehicles at the beginning of 2025, with channel expansion and new product launches progressing steadily [8] - The lawn mower robot segment continues to show high growth, with sales in the U.S. market increasing significantly [9] Financial Summary - Revenue for 2024 is projected at 141.71 billion yuan, with a year-on-year growth of 38.6% [10] - Net profit attributable to the parent company is expected to reach 10.88 billion yuan in 2024, with a growth rate of 81.9% [10] - The company’s gross margin is projected to improve from 29.8% in 2024 to 32.0% in 2026 [13] Product and Market Development - The company plans to launch the N3 series electric motorcycles in March, which will enhance its market position and appeal to a broader customer base, including women [8] - The lawn mower robot industry is experiencing high growth, with the company maintaining a leading position in product reputation and distribution channels [9]