Industry Overview - The lawn mower robot market has rapidly evolved, experiencing significant financing, entry, and exit of major players within just three years, with a market size of billions [2] - The global market for lawn mower robots is still in its infancy, with only about one million units sold compared to traditional lawn mowers [1][2] - Major companies like Ninebot, Ecovacs, and others have seen substantial increases in overseas sales, with Ninebot's Navimow generating nearly 600 million RMB in revenue in the first three quarters of 2024 [2] Challenges for Startups - Startups face significant challenges, including tight funding and the inability to achieve scale production, which deters investors due to lack of revenue visibility [4][5] - The average cost for a startup to reach a production scale is estimated to be around 100 million RMB, with initial stages requiring 30-40 million RMB for development and testing [6][7] - Recruitment is difficult for startups due to the industry's novelty and the limited pool of experienced talent, leading to challenges in building effective teams [5][7] Competitive Landscape - The industry is characterized by a fierce competition for funding, with hardware startups needing substantial capital to survive and grow [3][8] - Price wars are emerging, but quality and brand value are also critical factors influencing consumer choices, especially in overseas markets [10][11] - Major players are focusing on product quality and long-term planning rather than rushing to market, which reflects a more cautious investment approach [11] Technological Developments - The industry is exploring various technological solutions, with many companies opting for RTK (Real-Time Kinematic) positioning due to its maturity and accuracy in most scenarios [14][16] - However, some startups are focusing on visual solutions to reduce costs and improve adaptability in various environments, believing this approach can yield better long-term results [16][17] - Current visual solutions can effectively handle about 80% of tasks, utilizing multiple cameras for comprehensive coverage, which enhances performance in diverse conditions [18]

九号公司 2025041720250416 摘要 • 九号公司预计毛利率提升 1-2 个百分点，但国内市场毛利率长期可能在 25%左右触顶，利润率仍有改善空间，规模效应释放和 OTA 订阅增加将 提升盈利能力，电动两轮车净利润率有望提前至 2025 年达到 10%的目标。 • 割草机器人业务一季度终端需求强劲，目标为全年翻倍增长。公司将通过 在欧洲市场发力，并根据关税走向调整生产策略，选择关税低洼国家代工 生产，以应对美国市场的关税壁垒。 • 电动滑板车业务上半年预计超过 10%的增长目标，受益于市场整体增长和 地面材料业务超预期表现。公司对电动滑板车业务持乐观态度，至少上半 年表现良好。 • 九号公司在中高端电动车市场保持领先优势，并计划发布针对女性用户的 新车型，目标是将女性用户占比提升 10 个百分点。对中高端市场竞争充 满信心。 • 面对割草机器人行业竞争加剧，九号公司凭借 SEGWAY 品牌知名度和渠 道优势保持领先，已进入欧洲 2000 多家门店。公司将增加营销和研发投 入，维持净利润率或略微下降，但绝对数预计上涨。 Q&A 2025 年公司在电动两轮车业务方面的收入发展趋势和规模效应如何？ 20 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for 2024, indicating strong performance in the smart short-distance transportation sector, particularly in electric scooters and two-wheelers [1][5]. Financial Performance - In 2024, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 14.2 billion, 1.1 billion, and 1.1 billion yuan, respectively, representing year-on-year increases of +38.87%, +81.29%, and +157.24% [1]. - For Q4 2024, the figures were 3.3 billion, 100 million, and 100 million yuan, with year-on-year changes of +22.05%, -47.77%, and +91.67% [1]. - The gross profit margin for 2024 was 28.24%, with a decrease in Q4 to 23.45%, showing a year-on-year increase of +1.34% but a decline of -4.23% in Q4 [3][4]. Product Performance - Revenue from electric balance bikes and scooters, electric two-wheelers, robots, all-terrain vehicles, and accessories was 3.38 billion, 7.21 billion, 900 million, 980 million, and 1.73 billion yuan, with year-on-year changes of -3.07%, +70.38%, +254.76%, +39.77%, and +11.69% respectively [1][2]. - The sales volume for these products was 157,060, 259,890, 16,480, 2,380 units, with year-on-year changes of -7.02%, +76.61%, +323.46%, and +34.12% [2]. Regional Performance - Domestic and overseas revenues were 8.42 billion and 5.77 billion yuan, reflecting year-on-year growth of +55.62% and +20.03% [2]. - The gross profit margin for domestic and overseas markets was 23.07% and 35.77%, with year-on-year increases of +1.49% and +6.55% [3]. Cost and Expenses - The expense ratios for sales, management, R&D, and financial costs were 7.75%, 5.89%, 5.82%, and -0.77%, showing year-on-year changes of -2.26%, -0.72%, -0.21%, and +0.56% [3]. - In Q4 2024, these ratios were 2.93%, 7.52%, 8.45%, and -1.27%, with year-on-year changes of -9.76%, +0.84%, +2.97%, and -0.67% [3]. Dividend Policy - The company plans to distribute a total cash dividend of 800 million yuan, which accounts for 73.85% of the net profit attributable to shareholders [5]. Investment Outlook - The company is positioned as a leader in the global smart short-distance transportation sector, with strong product innovation capabilities and a focus on expanding its global sales network [5]. - Projected net profits for 2025-2027 are expected to be 1.634 billion, 2.248 billion, and 3.031 billion yuan, with corresponding PE ratios of 24.1, 17.5, and 13.0 times [5].

Investment Rating - The investment rating for the company is "Outperform the Market" [7][25]. Core Viewpoints - The company is expected to experience rapid growth in revenue and net profit in 2024, with projected revenue of 14.2 billion yuan, a year-on-year increase of 38.9%, and a net profit of 1.08 billion yuan, a year-on-year increase of 81.3% [1][9]. - The improvement in profit margins is attributed to the scale effects from the rapid growth of electric two-wheelers, lawn mowers, and all-terrain vehicles, leading to enhanced profitability [2][14]. - The company is focusing on expanding its product matrix and enhancing its market position in the smart electric two-wheeler sector, with plans to launch multiple new products in 2024 [3][19]. - The introduction of new products in the lawn mower and all-terrain vehicle segments is expected to open up new growth opportunities for the company [4][21]. Revenue and Profit Growth - The company anticipates significant revenue growth driven by the launch of new products, with electric two-wheelers projected to generate 7.211 billion yuan in revenue, a 70.4% increase year-on-year [9]. - The net profit growth rate is expected to outpace revenue growth due to improved sales volume and cost efficiencies [9][14]. Margin Improvement - The gross margin for electric two-wheelers is projected to be 21.1%, an increase of 2.1 percentage points year-on-year, while the overall gross margin for the company is expected to reach 28.2%, up 1.3 percentage points [2][14]. - The net profit margin is forecasted to improve to 7.7%, reflecting a year-on-year increase of 1.8 percentage points [2][14]. Product and Market Expansion - The company is enhancing its product offerings in the electric two-wheeler market with the introduction of several new models, aiming to solidify its market leadership [3][19]. - The launch of the Navimow X3 intelligent lawn mower is expected to significantly enhance the company's market presence in the lawn care segment [20]. - The all-terrain vehicle segment is also being expanded with new models that cater to various applications, which are anticipated to become new growth drivers [4][21]. Financial Forecast and Valuation - The profit forecast has been revised upward, with expected net profits of 1.647 billion yuan, 2.150 billion yuan, and 2.625 billion yuan for the years 2025, 2026, and 2027 respectively [5][25]. - The earnings per share are projected to be 2.30 yuan, 3.00 yuan, and 3.66 yuan for the same years, with corresponding price-to-earnings ratios of 24, 18, and 15 [5][25].

风险提示：政策推进节奏不及预期，行业价格战，国内及海外需求疲软，新 品发布及销售不及预期，库存水平过高，关税、汇率及运费波动。 证券研究报告 | 2025年04月17日 九号公司-WD（689009.SH） 优于大市 2024 年利润高增长，电动两轮车、割草机等业务有望快速放量 2024 年营业收入及净利润快速增长。九号公司 2024 年营业收入 142.0 亿 元，同比增长 38.9%，2016-2024 年复合增速 36.9%；2024 年净利润 10.8 亿元，同比增长 81.3%，2020-2024 年复合增速 96.3%，受益于电动两轮 车、割草机、全地形车等较快放量，营收及利润高增长，净利润增速高 于收入增速，主要是销量提升产生规模效应，利润率改善。 2024 年利润率改善，费用率下降。2024 年电动两轮车、全地形车、机器 人业务快速放量产生规模效应，电动两轮车毛利率 21.1%，同比增长 2.1 个百分点，机器人毛利率 51.1%，同比增长 2.1 个百分点，2024 年公司 综合毛利率 28.2%，同比增长 1.3 个百分点，净利率 7.7%，同比增长 1.8 个百分点。新业务放量促进销售、 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a revenue of 14.196 billion yuan in 2024, representing a year-on-year increase of 38.87%. The net profit attributable to shareholders reached 1.084 billion yuan, up 81.29% year-on-year, while the net profit excluding non-recurring items was 1.062 billion yuan, reflecting a significant increase of 157.24% year-on-year [5][10]. - In Q4 2024, the company reported a revenue of 3.290 billion yuan, a year-on-year increase of 22.05%. However, the net profit attributable to shareholders decreased by 47.77% to 114 million yuan, while the net profit excluding non-recurring items increased by 91.67% to 125 million yuan [5][10]. - The company plans to distribute a cash dividend of 800 million yuan (before tax), accounting for 73.85% of the annual net profit attributable to shareholders. Additionally, the company will repurchase and cancel shares worth 254 million yuan, bringing the total amount for cash dividends and share repurchases to 1.055 billion yuan, which is 97.31% of the annual net profit [5][10]. Summary by Sections Revenue and Profit Growth - The company reported a total revenue of 14.196 billion yuan for 2024, with a breakdown showing significant growth in various product lines, including electric two-wheelers (up 70.38% year-on-year) and robotic lawn mowers (up 284.38% year-on-year) [10]. - The overall gross margin for the year was 28.24%, an increase of 3.06 percentage points year-on-year, with specific product margins showing improvements [10]. Financial Performance - The company’s operating profit increased by 210.78% year-on-year, driven by improved operational efficiency and scale effects [10]. - The net profit margin for the year was 7.64%, up 1.79 percentage points year-on-year, indicating enhanced profitability [10]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 1.578 billion yuan, 2.217 billion yuan, and 3.183 billion yuan for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are forecasted to be 26.23, 18.67, and 13.00 times [10].

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 32.471 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 1.238 billion yuan [1] - A total of 214 stocks saw net inflows, while 364 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 85 stocks rose, while 499 stocks fell [1] - The top three stocks with the highest net inflow of funds were: - Cambrian (寒武纪) with a net inflow of 349.26 million yuan - Haiguang Information (海光信息) with 162.06 million yuan - Naxinwei (纳芯微) with 44.24 million yuan [1] Continuous Fund Flow Analysis - There are 50 stocks that have seen continuous net inflows for more than three trading days, with the highest being Zhongzi Technology (中自科技) and Anji Technology (安集科技), both with six consecutive days of inflow [1] - Conversely, 103 stocks have experienced continuous outflows, with Tianhe Energy (天合光能) leading at 15 consecutive days of outflow [1] Key Stocks with Fund Inflows - The following stocks had significant net inflows: - Cambrian (寒武纪): 349.26 million yuan, 5.98% inflow rate, 4.21% increase - Haiguang Information (海光信息): 162.06 million yuan, 4.83% inflow rate, 2.73% increase - Naxinwei (纳芯微): 44.24 million yuan, 3.81% inflow rate, 1.71% increase [1] Key Stocks with Fund Outflows - The stocks with the highest net outflows included: - Jinpan Technology (金盘科技): 183 million yuan, 4.55% decrease - Nine Company (九号公司): 119 million yuan - Lankai Technology (澜起科技): 119 million yuan [1]

好的 那各位投资者下午好欢迎大家来收听我们华安家电对于整个各草机器人板块这一块的一个最新的一个观点那我们近期也是发布了一个关于这个无边界各草机器人这一块的一个报告 那也是结合我们对于一个新品的一个监测包括行业的一个监测我们也发现从去年开始到今年整个无边界的这个各草机器人这一块正处在一个加速去替代有边界并且国牌纷纷涌入去做大蛋糕的这么一个阶段那我们也试图从整个二五年各家的一个推进情况来看看像行业这一块的一个升级的一个态势包括竞争的一个走向 那从二五年的一个新品来看首先是这个原有的这个国牌第一梯队的几家公司包括像9号科威斯 追觅以及库玛在二五年的这个CES展上都基于原有的这个产品进行了一个新的一个迭代那9号公司推出了这个X3系列 实际一步的向上去拓宽了一个价格带 首先是对于这个RTK的这个导航技术公司进行了一个升级,那去补充了这个Viu里程记来进一步改善RTK信号弱的一个问题,并且将摄像头的数量从1提升到了3,那此外公司 最新的这个系列能应对更大面积和更复杂的一个草坪,那通过这个升级超级快充技术,升级刀片以及升级爬坡能力,最高可以覆盖高达这个一万平的一个草坪,那也有利于公司进一步去拓展美国以及商用的这个市场。 此 ...

Summary of the Conference Call on Robotic Lawn Mowers Industry Overview - The focus of the conference call was on the robotic lawn mower industry, highlighting significant developments and market dynamics in 2023 and beyond [1][2]. Key Points and Arguments 1. **Market Acceleration**: - The financing for robotic lawn mowers has accelerated significantly in 2023, with notable investments such as $250 million for Bosch and over $2 million for Hanyang Technology in March [2]. - This indicates a rapid penetration of the industry and suggests a competitive landscape that is moving towards a phase of elimination [2]. 2. **Technological Advancements**: - The report discusses various technological paths for cost reduction, including RTK combined with vision, RTK with laser, and RTK with UWB [2]. - The industry is witnessing a stabilization of technology routes, leading to accelerated cost reductions and rapid product integration [2]. 3. **Economic Substitutability**: - The transition from traditional gas-powered mowers to electric mowers and now to robotic mowers reflects a broader trend of automation and labor substitution [3]. - The global market for robotic lawn mowers is estimated to be over $30 billion, with the mower segment nearing $20 billion. Current sales of robotic mowers are only about 1 million units, indicating a penetration rate of approximately 5% [3]. 4. **Market Potential**: - The report likens the current state of robotic lawn mowers to that of robotic vacuum cleaners in 2016, suggesting a pivotal moment for the industry [4]. - Key markets for growth are identified as Europe and the United States, with the potential for significant sales increases in the coming years [3][4]. 5. **Competitive Landscape**: - The leading player in the domestic market is identified as Ninebot, which sold approximately 100,000 units last year and is expected to double its sales to 300,000 units by 2025 [6]. - Other notable companies include Kosi, which sold around 40,000 to 50,000 units last year, and emerging players like Stone and various tool companies that are beginning to enter the market [7]. 6. **Sales Channels**: - The importance of sales channels is emphasized, with online sales accounting for only 20-25% of the market. The offline market remains highly competitive [5]. - The long product lifecycle of lawn mowers necessitates strong after-sales support and installation services [5]. 7. **Future Projections**: - The market for robotic lawn mowers is projected to grow significantly, with estimates suggesting sales could reach 1 million units by 2024 [10]. - The report anticipates a compound annual growth rate (CAGR) of over 50% for the robotic lawn mower segment, with potential sales reaching 4 million units by 2030 [21]. 8. **Cost Reduction**: - The report highlights a potential 30% reduction in costs for robotic lawn mowers, driven by advancements in technology and increased competition [21]. - The average price for these products is expected to fall into the $1,000 to $1,500 range, making them more accessible to consumers [21]. Other Important Insights - The report notes that the U.S. market is expected to dominate the robotic lawn mower segment in the long term, with a projected market share of 60% compared to Europe’s 30% [12]. - The competitive landscape is evolving, with new entrants rapidly gaining market share and traditional players needing to adapt to maintain relevance [24]. - The report concludes with investment recommendations, emphasizing the importance of monitoring key players in the industry, particularly those with established technology and market presence [33]. This summary encapsulates the critical insights and projections regarding the robotic lawn mower industry as discussed in the conference call.

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 15 日 [Table_Title] 电动两轮车等新品多点开花，业绩实现高速增 长 [Table_Title2] 九号公司-WD(689009) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 689009 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 68.32/27.71 | | 目标价格： | | 总市值(亿) | 41.39 | | 最新收盘价： | 57.7 | 自由流通市值(亿) | 31.72 | | | | 自由流通股数(百万) | 54.98 | [Table_Summary] 事件概述 公司发布 2024 年业绩。 ► 两轮车、全地形车、割草机快速放量，营收实现高速增长 2024 年公司实现营业收入 141.96 亿元，同比+38.87%，其中 Q4 实现营收 32.90 亿元，同比 +22.05%，延续较快增长势头，基本符合市场预期。分产品来看：1）电动平衡车和电动滑板车实 现收入 33.80 亿元，同比-3.07 ...