SIASUN(SZ:300024) Zheng Quan Ri Bao Zhi Sheng·2025-08-31 10:37Core Insights - The overseas smart lawn mower market is experiencing steady growth in demand, with leading companies like Ninebot, Ecovacs, and Greenoak capitalizing on this opportunity to enhance their performance [1][4]. Company Performance - Ninebot achieved a revenue of 11.74 billion yuan, a year-on-year increase of 76.14%, and a net profit of 1.242 billion yuan, up 108.5%, with smart lawn mowers being a key growth driver [1]. - Ecovacs reported a revenue of 8.676 billion yuan and a net profit of 979 million yuan, reflecting year-on-year growth of 24.37% and 60.84%, respectively, with lawn mower sales contributing significantly [2]. - Greenoak's revenue for the first half of 2025 reached 2.977 billion yuan, with a net profit of 133 million yuan, marking a 9.50% increase year-on-year, and a 68.92% growth in lawn mower sales revenue [2]. Market Dynamics - The global market for private gardens is estimated at 250 million, with 60% suitable for lawn mowing equipment, primarily concentrated in Europe and North America, creating a market potential of approximately 120 million gardens [3]. - The traditional lawn mower replacement cycle is 8 to 10 years, with an annual demand for 15 to 20 million units, indicating a significant opportunity for smart lawn mowers to capture market share [3]. - The market share of boundary and boundary-less lawn mowers is projected to shift from 7:3 in 2024 to 4:6 in 2025, highlighting the growing acceptance of advanced technology in this sector [3]. Industry Opportunities and Challenges - The global smart lawn mower market is expected to grow from approximately 1.5 billion USD in 2024 to 3.9 billion USD by 2029, indicating substantial growth potential [4]. - Leading companies are increasing R&D and global expansion efforts, with innovations in high-precision motor control and AI integration being highlighted [4]. - Despite the growth opportunities, challenges such as technological iteration pressure and intensifying market competition are present, with potential price wars looming [5][6].