Summary of the Earnings Call Company Overview - The earnings call pertains to Company 9, which operates in the electric two-wheeler and related products industry. Key Financial Highlights - For the first three quarters of 2024, the company reported: - Revenue of 10.905 billion yuan, a year-on-year increase of 44.9% [1] - Net profit of 970 million yuan, a year-on-year increase of 155.95% [1] - Adjusted net profit of 937 million yuan, a year-on-year increase of 169.52% [1] - Operating cash flow of 3.349 billion yuan, a year-on-year increase of 49.98% [1] - Gross margin of 29.68%, an increase of 3.06 percentage points year-on-year [1] - For Q3 specifically: - Revenue of 4.239 billion yuan, a year-on-year increase of 34.75% [1] - Net profit of 374 million yuan, a year-on-year increase of 139.07% [1] - Adjusted net profit of 355 million yuan, a year-on-year increase of 60.08% [1] - Gross margin of 28.46%, an increase of 3.28 percentage points year-on-year [1] Product Performance - Sales breakdown for Q3: - Self-branded scooters: 361,200 units sold, generating revenue of 693 million yuan [1] - Electric two-wheelers: 937,600 units sold, with revenue of 2.592 billion yuan [2] - Full bicycles: 5,874 units sold, generating revenue of 259 million yuan [2] - Lawn mowers: Revenue of 145 million yuan [2] - Direct sales from assault products: Revenue of 208 million yuan [2] - Other revenues: 342 million yuan [2] Seasonal and Market Dynamics - Q3 net profit decline compared to Q2 attributed to: - Seasonal decline in lawn mower revenue, impacting net profit by over 100 million yuan [2] - Exchange losses due to RMB appreciation, approximately 20 million yuan [2] - Increased costs associated with the growth in two-wheeler revenue, around 60-70 million yuan [2] - Despite the seasonal decline, the company noted that the overall demand remains strong, with terminal activation volumes showing a year-on-year increase of over 100% in recent weeks [5][9]. Regulatory Changes and Product Development - New battery standards (GB 4295) will be implemented starting November, with the company prepared to meet these standards [5][19]. - The company has developed over ten new models to comply with upcoming regulations, indicating confidence in maintaining market share despite regulatory changes [20][35]. Future Outlook - The company aims to maintain its annual targets despite market fluctuations and regulatory changes, with a focus on sustainable growth [9][10]. - The introduction of new products, including the third-generation lawn mower targeting large areas, is expected to enhance revenue streams [6][12]. - The company anticipates a strong performance in Q4, driven by seasonal demand and new product launches [11][10]. Additional Insights - The company is optimistic about its ability to capture market share due to its proactive approach to product development and compliance with new regulations [20][19]. - The management emphasized the importance of maintaining a balance between growth and investment in new technologies and products, particularly in the lawn mower segment, which is still in its early stages [12][28]. Conclusion - Overall, Company 9 demonstrated strong financial performance in Q3, with significant growth in revenue and profit. The company is well-positioned to navigate upcoming regulatory changes and capitalize on market opportunities through innovative product offerings and strategic planning.

Investment Rating - The report maintains a "Recommend" rating for Ninebot (689009) with a target price of 52 RMB [4][5] Core Views - Ninebot achieved a significant YoY growth in Q3 2024, with revenue reaching 4.24 billion RMB (+34.8% YoY) and net profit attributable to shareholders of 370 million RMB (+139.1% YoY) [1] - The company's gross margin improved to 28.5% in Q3 2024, up 3.3 percentage points YoY, driven by better profitability in its electric two-wheeler and all-terrain vehicle segments [3] - The electric two-wheeler business continues to be the core growth driver, contributing 2.59 billion RMB in revenue (+57% YoY), while the lawn mower robot segment saw explosive growth of 625% YoY [2][3] Business Performance - Electric two-wheelers: 2.59 billion RMB revenue (+57% YoY), becoming the primary growth driver [2] - Self-branded retail scooters: 690 million RMB revenue (-1% YoY) [2] - All-terrain vehicles: 260 million RMB revenue (+35% YoY) [2] - Lawn mower robots: 150 million RMB revenue (+625% YoY), showing rapid growth potential [2] - ToB direct sales channel: 210 million RMB revenue (-34% YoY) [2] Financial Performance - Net profit margin in Q3 2024 reached 8.8%, up 3.8 percentage points YoY [3] - Operating expenses ratio decreased by 0.9 percentage points YoY, with reductions in management and R&D expenses [3] - The company's 2024-2026 net profit forecasts are adjusted to 1.17/1.63/2.20 billion RMB, with corresponding P/E ratios of 28/20/15x [4] Growth Prospects - The electric two-wheeler business is entering a performance realization phase, targeting the mid-to-high-end market with a focus on intelligent and trendy products [3] - All-terrain vehicles and lawn mower robots represent the company's long-term growth curve, with rapid expansion expected to continue [3] - The company's DCF valuation suggests a target price of 52 RMB per CDR, with a 25x P/E ratio for 2025 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown robust revenue growth with a year-on-year increase of 44.90% in the first three quarters of 2024, achieving a total revenue of 10.905 billion yuan [3] - The net profit attributable to shareholders reached 970 million yuan, reflecting a significant year-on-year growth of 155.95% [3] - The company is expected to maintain strong performance in the coming years, with projected revenues of 13.947 billion yuan, 18.558 billion yuan, and 21.956 billion yuan for 2024, 2025, and 2026 respectively, representing growth rates of 36.44%, 33.06%, and 18.31% [3][6] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 4.239 billion yuan, up 34.75% year-on-year, and a net profit of 374 million yuan, which is a 139.07% increase year-on-year [3] - The gross margin for Q3 2024 was 28.46%, an increase of 3.27 percentage points year-on-year, while the net profit margin was 8.82%, up 3.85 percentage points year-on-year [3] Business Segments - The electric two-wheeler segment generated revenue of 2.592 billion yuan in Q3 2024, a year-on-year increase of 56.9%, with sales of 937,600 units, up 53.7% [3] - The all-terrain vehicle segment achieved revenue of 259 million yuan, a 34.9% increase year-on-year, while the robotic lawn mower segment saw a remarkable revenue increase of 625.0%, reaching 145 million yuan [3] Valuation Metrics - The projected PE ratios for the company are 29.01, 20.96, and 16.42 for 2024, 2025, and 2026 respectively [6][8] - The expected return on equity (ROE) is forecasted to increase from 11% in 2023 to 23% by 2026 [8]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown continuous high growth in Q3 2024, with improved profitability and sustained growth momentum expected in the future [2]. Summary by Sections 1. Event - The company's performance met expectations, achieving a revenue of 10.905 billion yuan in the first three quarters of 2024, a year-on-year increase of 44.9%. The net profit attributable to shareholders was 970 million yuan, up 155.95% year-on-year [11]. 2. Revenue: Multi-Business Resonance, Continued High Growth - In Q3 2024, the company achieved a revenue of 4.239 billion yuan, a year-on-year increase of 34.75%. Key revenue drivers included: - Self-branded scooter sales of 361,200 units, generating 693 million yuan (approximately flat year-on-year) - Electric two-wheeler sales of 937,600 units, generating 2.592 billion yuan (up 57% year-on-year) - All-terrain vehicle sales of 5,874 units, generating 259 million yuan (up 35% year-on-year) - Robotic lawnmower revenue of 145 million yuan (up 625% year-on-year) [12]. 3. Profit: Scale Effect Released, Profit Margin Improved - The gross margin for Q3 2024 was 28.46%, an increase of 3.28 percentage points year-on-year. The improvement was attributed to: - Rapid volume growth across categories leading to scale effects - Increased proportion of high-margin electric two-wheelers - Higher contribution from robotic and all-terrain vehicles [13]. 4. Assets and Cash Flow: Accelerated Turnover, Record Contract Liabilities - As of Q3 2024, the company had cash and trading financial assets totaling 7.578 billion yuan, a year-on-year increase of 41.08%. The turnover days for inventory, accounts receivable, and accounts payable were 43.32, 24.24, and 75.59 days, respectively, showing improvements [14]. - Contract liabilities reached a record high of 762 million yuan, indicating strong dealer payment enthusiasm [14]. 5. Investment Recommendations - The company is expected to maintain high growth, with EPS forecasts for 2024-2026 at 16.74, 22.58, and 29.33 yuan, representing growth rates of +100.6%, +34.9%, and +29.9%, respectively. The target price is set at 58.60 yuan, corresponding to a valuation multiple of 25.9 times for 2025 [15].

九号有限公司 2021 年限制性股票激励计划预留授予部分 第一个归属期第一批次归属结果暨存托凭证上市公告 本公司董事会及全体董事保证本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： 本次存托凭证上市类型为股权激励存托凭证；存托凭证认购方式为网下，上 市存托凭证数量为 67,624 份。 本次归属股票对应存托凭证数量：6,762.4 股基础股票，按照 1 股/10 份存托 凭证的比例进行转换后，本次存托凭证上市流通总数为 67,624 份。 本次存托凭证上市流通日期为 2024 年 11 月 5 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司有关业务规则的规定，九号有限公司（以下简称"公司"）于近 日收到中国证券登记结算有限责任公司上海分公司出具的《证券变更登记证明》， 公司完成了 2021 年限制性股票激励计划预留授予部分第一个归属期第一批次归属 的存托凭证登记工作。现将有关情况公告如下： 证券代码：689009 证券简称：九号公司 公告编号：2024-094 一、本次限制性股票对应存托凭证 ...

九号有限公司 简式权益变动报告书 上市公司名称:九号有限公司 股票上市地点:上海证券交易所 股票简称:九号公司 股票代码:689009 信息披露义务人 1: Future Industry Investment(Cayman) Co., Limited 注册地址:Sertus Chambers,Governors Square,Suite #5-204,23 Lime Tree Bay Avenue, P.O.Box 2547, Grand Cayman, KY 1-1104, Cayman Islands 通讯地址:北京市西城区阜成门北大街2号20层 信息披露义务人 2: Bumblebee Investment(Cayman) Co., Limited 注册地址:Sertus Chambers,Governors Square,Suite #5-204,23 Lime Tree Bay Avenue, P.O.Box 2547, Grand Cayman, KY1-1104, Cayman Islands 通讯地址:北京市西城区阜成门北大街2号20层 信息披露义务人 3: Megacity Industr ...

证券代码：689009 证券简称：九号公司 公告编号：2024-093 九号有限公司 关于存托凭证持有人权益变动的提示性公告 九号有限公司（以下简称"公司"）于近日收到公司存托凭证持有人 Future Industry、Bumblebee、Megacity 出具的《简式权益变动报告书》，现将本次权 益变动情况公告如下： 一、本次权益变动基本情况 （一）信息披露义务人的基本信息 1、信息披露义务人 1 的基本信息 | 企业名称 | Future Industry Investment（Cayman）Co.,Limited | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 注册地址 | Sertus Chambers,Governors Square,Suite #5-204，23 L ime Tree Bay Avenue,P.0.Box 2547,Grand Cayman,KY1-1 | | | | | | | | 104,Cayman Islands. | | | | | | | 法定代表人/ 主要负责人 | 傅晓 | | | | | | | ...

证券代码：689009 证券简称：九号公司 九号有限公司 | | 10、海外经销商拓展情况？滑板车的区域分布与展 | | --- | --- | | | 望？ | | | 答：欧洲地区的销售占海外总体销售的比重超过 | | | 50%，且增速较快，明年除了滑板车新品将在欧洲地区推 | | | 出外，还会有 产品的出货计划，割草机器人的核 E-Bike | | | 心市场也在欧洲，预计明年欧洲地区在公司整体业务中的 | | | 占比将持续扩大，会进一步提升公司在欧洲市场的影响力 | | | 和市场份额。 | | | 11、滑板车业务第四季度展望？ | | | 答：预计第四季度面向 C 端的销售同比将有所增加。 | | | 参会名单：珠海景瑞私募、珠海横琴乘风私募、中银国际 | | | 证券、中信证券、中信建投证券、中信保诚基金、中泰证 | | | 券、中盛晨嘉财管(深圳)、中欧基金国际、中航证券、中 | | | 国银河证券、中国国际金融股份、中庚基金、浙商证券、 | | | 招商证券、长信基金、长江证券、长城证券、长城基金、 | | | 长安基金、张家港高竹私募、云富投资集团、粤佛私募（武 | | | 汉）、远 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company has shown continuous high growth in performance, with a significant increase in revenue and net profit for the first three quarters of 2024 [1][3] - The two-wheeler segment has been a strong driver of growth, with substantial year-on-year increases in both revenue and sales volume [2] - The company has effectively controlled expenses, leading to improved profitability metrics [3] Financial Performance Summary - For Q1-Q3 2024, the company achieved total revenue of 10.905 billion, a year-on-year increase of 44.90%, and a net profit of 970 million, up 155.95% [1] - In Q3 2024 alone, the company reported revenue of 4.239 billion, a 34.75% increase year-on-year, and a net profit of 374 million, reflecting a 139.07% growth [1] - The two-wheeler segment generated revenue of 2.592 billion in Q3 2024, with a 56.9% year-on-year increase in sales volume [2] Profitability Metrics - The gross margin for Q1-Q3 2024 improved by 3.06 percentage points to 29.68%, while the net margin reached 8.89%, up 3.86 percentage points [3] - The company has effectively managed its expense ratios, with sales, management, R&D, and financial expense ratios showing favorable year-on-year changes [3] Earnings Forecast - The company is projected to achieve net profits of 1.31 billion, 1.78 billion, and 2.28 billion for 2024, 2025, and 2026 respectively, indicating year-on-year growth rates of 118.9%, 35.9%, and 27.9% [3][4]

Investment Rating - The report maintains an investment rating of "Outperform" with a target price of 58.78 CNY for the next 12 months, compared to the current stock price of 48.38 CNY [1]. Core Insights - The company has demonstrated strong revenue growth, with a 44.9% year-over-year increase in revenue for the first nine months of 2024, reaching 10.91 billion CNY, and a 156.0% increase in net profit to 970 million CNY [2]. - In Q3 2024, the company achieved a revenue of 4.24 billion CNY, reflecting a 34.7% year-over-year growth, while net profit for the quarter was 370 million CNY, up 139.1% year-over-year [2][3]. - The company's gross margin in Q3 was 28.5%, an increase of 3.3 percentage points year-over-year, indicating improved pricing power and manufacturing efficiency [3][4]. - The company is expected to benefit from its diverse product lines, particularly in electric two-wheelers and all-terrain vehicles, which are showing rapid growth [5]. Financial Performance - The company’s revenue is projected to grow from 10.22 billion CNY in 2023 to 14.46 billion CNY in 2024, with net profit expected to rise from 598 million CNY to 1.23 billion CNY in the same period [8][11]. - The earnings per share (EPS) are forecasted to be 17.14 CNY in 2024, increasing to 29.69 CNY by 2026, reflecting strong growth potential [5][11]. - The report indicates a significant improvement in return on equity (ROE), projected to reach 23.1% by 2026, up from 11.0% in 2023 [11]. Market Position and Outlook - The company is positioned to capitalize on the growing service robot market, which could further enhance its market valuation [5]. - The report highlights a robust order backlog, with contract liabilities increasing by 93% year-over-year, suggesting optimistic revenue growth prospects [3][4].