Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1] Core Views - The company achieved a revenue of 14.2 billion yuan in 2024, representing a year-on-year growth of 39%, with a net profit of 1.08 billion yuan, up 81% year-on-year [4] - The electric two-wheeler segment saw significant growth, with revenue reaching 7.2 billion yuan, a 70% increase, and sales of 2.6 million units, up 77% [4] - The robotic segment, particularly the lawn mowers, experienced a remarkable revenue increase of 255%, with lawn mower sales reaching 860 million yuan, a 284% rise [4] - The company is expected to maintain high revenue growth due to new national standards for electric bicycles and increased subsidies [4] - The gross margin improved to 28.3%, a 1.34 percentage point increase year-on-year, driven by scale effects in the electric two-wheeler segment [4] - The company plans to distribute over 800 million yuan in cash dividends in 2025, with a dividend payout ratio of 74% [4] Financial Data Summary - Total revenue for 2024 is projected at 14.2 billion yuan, with a year-on-year growth of 39% [11] - The net profit for 2024 is expected to be 1.08 billion yuan, reflecting an 81% increase compared to the previous year [11] - The company’s gross margin is forecasted to reach 28.2% in 2024, with a net profit margin of 7.6% [11] - The return on equity (ROE) is projected to be 18.7% in 2024, increasing to 24.2% by 2025 [11] - The company’s total assets are expected to grow from 15.7 billion yuan in 2024 to 21.6 billion yuan in 2025 [10]

交银国际研究 财务模型更新 汽车 2025 年 4 月 15 日 九号公司 (689009 CH) 收盘价 目标价 潜在涨幅 人民币 57.70 人民币 67.73↑ +17.4% 两轮车和机器人业务表现亮眼， 高分红彰显发展信心；维持买入 2024 年九号公司收入 142.0 亿元，同比增38.9%；归母净利润 10.8 亿元，同比 增 81.3%，基本符合业绩预告。渠道优化和新国标落地后，我们预计公司两轮 车的市场份额有望进一步提升。我们看好公司的产品力，机器人和全地形车 有望驱动公司长期成长，维持买入评级。 盈利预测变动 | | | ———— 2025E ———— | | | ———— 2026E ———— | | | ———— 2027E ———— | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (人民币百万) | 新预测 | 前预测 | 变动 | 新预测 | 前预测 | 变动 | 新预测 | 前预测 | 变动 | | 营业收入 | 18,873 | 18,890 | 0% | 23,147 | 22,971 | ...

Core Insights - The report emphasizes the recovery of credit demand in March, indicating a potential stabilization in the economy, although the impact of exports has yet to be fully realized [5] - The report suggests that monetary easing remains essential for sustaining domestic demand, with interest rates expected to trend downward [5] - The semiconductor industry is poised for growth due to stricter origin rules, which may favor domestic chip manufacturers [7] Macroeconomic Overview - In Q1, exports increased by 5.8% year-on-year, with March showing a significant 12.4% rise, attributed to a low base effect and resilient external demand [3] - Imports, however, fell by 7% year-on-year, primarily due to declining commodity prices and weak domestic demand [3] - The overall tariff rate imposed by the U.S. on Chinese goods is approximately 105.6%, which could negatively impact China's exports by 8.5-10.7 percentage points [3] Fixed Income Analysis - The report notes a gradual recovery in the yield curve, with R007 dropping to 1.7%, the lowest since January 10, indicating a more accommodative stance from the central bank [5] - The report highlights that the spread between deposit certificates and funding costs has turned positive, suggesting further declines in deposit rates [5] Industry Insights Textile and Apparel - 361 Degrees reported a strong performance in Q1 2025, with adult apparel sales increasing by 10-15% and e-commerce sales growing by 35-40% [8] - The company is expected to maintain a robust growth trajectory, with projected net profits of 1.31 billion, 1.49 billion, and 1.66 billion yuan for 2025-2027 [8] Healthcare - Kaili Medical's revenue for 2024 was 2.014 billion yuan, down 5.02% year-on-year, with a significant drop in net profit due to industry restructuring and increased competition [9] - The company is focusing on high-end product development, with expectations of revenue growth of 20.7%, 19.6%, and 19.7% for 2025-2027 [10] Social Services - China Youth Travel Service is projected to achieve revenues of 10.6 billion, 11.3 billion, and 12 billion yuan from 2025 to 2027, benefiting from the recovery in outbound tourism [13] Consumer Electronics - Edifier reported a revenue increase of 9.27% year-on-year for 2024, with a focus on brand building and new product investments [14] - The company anticipates revenues of 3.40 billion, 3.96 billion, and 4.63 billion yuan for 2025-2027 [16] Home Appliances - Ninebot's two-wheeler business continues to grow, with a 76.6% increase in sales volume, while its robotics segment saw a 323.5% increase in sales [18] - The company expects net profits of 1.63 billion, 2.24 billion, and 2.89 billion yuan for 2025-2027, driven by growth in both segments [18]

2025 年 04 月 14 日 公司点评 买入/维持 九号公司(689009) 目标价: 昨收盘:56.90 九号公司：2024Q4 扣非净利润增速亮眼，机器人业务表现靓丽 ◼ 走势比较 (20%) 10% 40% 70% 100% 130% 24/4/15 24/6/26 24/9/6 24/11/17 25/1/28 25/4/10 九号公司 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 0.72/0.55 | | --- | --- | | 总市值/流通(亿元) | 40.81/31.28 | | 12 个月内最高/最低价 | 68.32/27.71 | | (元) | | 相关研究报告 <<九号公司：以旧换新+新强标助推 高端化利好两轮车品类，割草机器人 业务增长强劲>>--2024-12-19 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 证券分析师：赵梦菲 E-MAIL：zhaomf@tpyzq.com 分析师登记编号：S1190525040001 研究助理：金桐羽 电话：021-58502206 E-MAIL：jin ...

2025 年 04 月 14 日 公司点评 买入/维持 九号公司(689009) 目标价: 昨收盘:56.90 九号公司：2024Q4 扣非净利润增速亮眼，机器人业务表现靓丽 ◼ 走势比较 (20%) 10% 40% 70% 100% 130% 24/4/15 24/6/26 24/9/6 24/11/17 25/1/28 25/4/10 九号公司 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 0.72/0.55 | | --- | --- | | 总市值/流通(亿元) | 40.81/31.28 | | 12 个月内最高/最低价 | 68.32/27.71 | | (元) | | 相关研究报告 <<九号公司：以旧换新+新强标助推 高端化利好两轮车品类，割草机器人 业务增长强劲>>--2024-12-19 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 证券分析师：赵梦菲 E-MAIL：zhaomf@tpyzq.com 分析师登记编号：S1190525040001 研究助理：金桐羽 电话：021-58502206 E-MAIL：jin ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 14 年 月 日 政策拉动行业置换提速，公司智能化领先行业。2024 年商务部等部门发 布以旧换新政策、2025 年政策持续，拉动行业置换需求，新国标政策驱动 行业向高端化、智能化发展。公司在高端市场产品力领先，未来在渠道拓 展、产品力持续赋能下公司规模及盈利能力有望持续提升。 盈利预测与投资建议。公司未来持续受益于两轮车增长及机器人放量，我 们预计公司 2025-2027 年实现归母净利润 16.3/22.4/28.9 亿元，同比增 长 50.1%/37.5%/29.0%，维持"增持"评级。 风险提示：原材料价格波动、汇率波动风险、市场需求不及预期。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 10,222 | 14,196 | 18,313 | 22,708 | 27,249 | | 增长率 yoy（%） | 1.0 | 38.9 | 29.0 | 24.0 | 20.0 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenue of 14.2 billion yuan (up 39% year-on-year) and a net profit of 1.08 billion yuan (up 81%) [4] - The company has exceeded expectations in cash dividends for 2024, with a total cash dividend of 800 million yuan [4] - The growth in the two-wheeled vehicles and lawnmower robots segments is anticipated to continue, with an upward revision of profit forecasts for 2025-2027 [4] Financial Performance Summary - In 2024, the company achieved revenue of 142 billion yuan, with a net profit of 10.8 billion yuan and a non-recurring net profit of 10.6 billion yuan [4] - The fourth quarter of 2024 saw revenue of 32.9 billion yuan (up 22%) and a net profit of 1.14 billion yuan (down 48%) [4] - The company expects net profits for 2025-2027 to be 1.689 billion yuan, 2.392 billion yuan, and 3.269 billion yuan respectively, with corresponding EPS of 23.54, 33.35, and 45.57 yuan [4] Segment Performance - The revenue breakdown for Q4 2024 includes: - Two-wheeled vehicles: 12.4 billion yuan (up 23%), with sales of 460,000 units (up 44%) [5] - Retail scooters: 7.6 billion yuan (up 34%), with sales of 360,000 units (up 18%) [5] - Lawn mower robots: 2.67 billion yuan (up 178%), with annual revenue of 8.6 billion yuan (up 284%) [5] Profitability Metrics - The gross margin for 2024 was 28.2%, an increase of 3.1 percentage points year-on-year [6] - The net profit margin for Q4 2024 was 3.5%, a decrease of 4.7 percentage points [6] - The company’s operating profit is expected to triple when excluding share-based payment expenses and non-recurring impacts [4] Valuation Metrics - The projected P/E ratios for 2025-2027 are 24.2, 17.1, and 12.5 respectively [4] - The projected ROE for 2025-2027 is expected to be 21.3%, 23.2%, and 24.1% respectively [8]

九号公司（689009.SH） 2024 年两轮车&割草机器人持续超预期增长，全年现 汽车/摩托车及其他 2025 年 04 月 13 日 金分红超预期 投资评级：买入（维持） 日期 2025/4/11 当前股价(元) 56.90 一年最高最低(元) 68.32/27.60 总市值(亿元) 40.81 流通市值(亿元) 31.28 总股本(亿股) 0.72 流通股本(亿股) 0.55 近 3 个月换手率(%) 1,068.23 信 息 更 新 报 告 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-04 2024-08 2024-12 九号公司 沪深300 相关研究报告 《2024Q4 业绩处预告中枢偏上，2025 年开年两轮车&割草机器人或延续亮 眼 表 现 — 公 司 信 息 更 新 报 告 》 -2025.2.28 《AI 机器人+消费（2）：深度融合 DeepSeek+底层机器人&AI 技术积累 有望赋能各业务线增长—公司信息更 新报告》-2025.2.17 《2024Q4 业绩阶段受股份支付费用 和非经等扰动，长期高业绩成长性不 变—公司信息更新报告》-20 ...

免疫诊断方向，已基本完成覆盖高中低通量的仪器布局，包括三款全自动化学发光免疫分析仪 （Caris200、Wan200+、Wan100）以及配套115项试剂，满足临床检验各种应用场景的核心需求，公司 国产自研的一款高速化学发光免疫分析仪Wan600开发已经进入行政审批阶段，将进一步提升检测效率 和准确性。生化诊断方向，公司推出一款高通量全自动生化分析仪WanBC2800。 西部矿业2024年净利润同比增长5% -- 重点要闻– 万泰生物2024年净利润1.06亿元 万泰生物(603392.SH)发布2024年年报，致力于为我国临床医疗体系提供优质、全面的体外诊断解决方 案。2024年营业收入为22.45亿元，相较上年同比减少-59.25%；归属于上市公司股东的净利润1.06亿 元，同比减少91.49%；归属于上市公司股东的扣除非经常性损益的净利润-1.86亿元，同比减少 117.29%。 | | | | 甲 W: 儿 | 1114: Acch | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上年 同期增减 | 2022年 | | | ...

证券代码：689009 证券简称：九号公司 公告编号：2025-026 九号有限公司 关于 2022 年限制性股票激励计划第二次预留 授予部分第二个归属期归属条件成就的公告 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 本次拟归属的限制性股票对应存托凭证数量：12,076 股限制性股票对应 的 120,760 份存托凭证； 归属股票来源：九号有限公司（以下简称"公司"）向存托人发行 A 类 普通股，再由存托人向激励对象定向签发公司存托凭证和/或从二级市场回购的 存托凭证。 一、本次股权激励计划批准及实施情况 （一）本次限制性股票激励计划的主要内容 激励对象归属获授的各批次限制性股票对应存托凭证前，须满足 12 个月 以上的任职期限。 7、业绩考核要求 1）公司层面业绩考核要求 1、股权激励方式：第二类限制性股票对应的存托凭证。 2、授予数量：本激励计划预留授予 7.7880 万股限制性股票对应 77.8800 万份存托凭证（按照 1 股/10 份存托凭证的比例进行转换），占授予时公司存 托凭证总份数的 0.1 ...