Core Viewpoint - The recent stock price correction of Ninebot Company is primarily due to market concerns over sluggish sales growth in the electric two-wheeler industry and the EU's anti-dumping investigation into electric lawn mowers [1] Group 1: Market Outlook - The company's current market capitalization corresponds to a 2026E P/E ratio of 15.8x, indicating limited downside risk and promising growth prospects from diversified business operations [1] - It is expected that policy support in 2026 will mitigate the downside risk for electric two-wheeler sales [1] Group 2: Competitive Position - The company maintains a relative lead in the smart two-wheeler sector, supported by contributions from new channels and products, as well as the electric motorcycle category [1] - The company's electric two-wheeler sales are anticipated to continue demonstrating alpha performance in 2026 [1] Group 3: Technological and Market Expansion - The company is actively building core technological capabilities and has rich operational experience in overseas markets, which may become a second growth curve [1] - Emerging business areas, such as lawn mowing robots, are gaining traction, and the company is exploring incremental opportunities in the E-bike segment [1] Group 4: Organizational Dynamics - The company's diversified business layout is entering a harvest phase, and its organizational structure is releasing innovative momentum [1] - The company maintains an "outperform industry" rating with a target price of 81 yuan [1]
研报掘金丨中金：维持九号公司“跑赢行业”评级，目标价81元