研报掘金丨开源证券：维持九号公司“买入”评级，渠道+产品稳定性筑牢竞争优势

Group 1 - The core viewpoint of the report is that Ninebot's channel and product stability solidify its competitive advantage, with an improved anti-dumping situation benefiting the industry, maintaining a "Buy" rating [1] Group 2 - In terms of industry potential, it is believed that as the price of robotic lawn mowers decreases and technology costs improve, the market could exceed 4 million units per year in the long term, as they may replace some grass-cutting machines and enter commercial sectors [1] Group 3 - Regarding competition, based on consumer feedback and tracking of offline channels, the company's product stability and offline channel layout are currently far superior to its Chinese peers, with this advantage expected to persist until 2026 [1] - The anti-dumping investigation is seen as a positive factor for improving the industry landscape [1]