九号公司：公司信息更新报告：2024H1业绩持续超预期，两轮车/全地形车/割草机器人在产品和渠道共振下收入高增且盈利提升

Investment Rating - Buy (maintained) [1] Core Views - 2024H1 revenue reached 6.666 billion yuan (+52.2% YoY), with net profit attributable to shareholders of 596 million yuan (+167.82% YoY) [2] - 2024Q2 revenue was 4.1 billion yuan (+51% YoY), with net profit attributable to shareholders of 460 million yuan (+124% YoY) [2] - The company's performance exceeded expectations, driven by strong growth in two-wheelers, all-terrain vehicles, and robotic lawn mowers [2] - The company's profitability is expected to continue improving due to product differentiation and channel optimization [2] Business Performance Two-Wheelers - 2024Q2 revenue: 2.193 billion yuan (+112% YoY), with sales volume of 780,000 units (+120% YoY) [3] - Average selling price: 2,800 yuan (-4% YoY) [3] - Number of stores exceeded 6,200, with store efficiency expected to improve [3] Retail Scooters - 2024Q2 revenue: 728 million yuan (+28% YoY), with sales volume of 370,000 units (+35% YoY) [3] - Average selling price: 1,987 yuan (-5% YoY) [3] All-Terrain Vehicles - 2024Q2 revenue: 292 million yuan (+71% YoY), with sales volume of 6,600 units (+40% YoY) [3] - Average selling price: 44,155 yuan (+22% YoY), driven by strong demand in the US market [3] Robotic Lawn Mowers - 2024Q2 revenue: 270 million yuan (+356% YoY), setting a new quarterly record [3] - The company's i-series products have a competitive advantage, with rapid expansion in European offline channels and leading market share on Amazon in the US, Germany, and France [3] Financial Performance - 2024Q2 gross margin: 30.43% (+3.13 pct YoY), driven by higher-margin robotic lawn mower business and improved two-wheeler margins [3] - 2024H1 gross margins by segment: two-wheelers (22.3%), scooters & balance vehicles (33.8%), all-terrain vehicles (26%), and robots (56.2%) [3] - 2024H1 net profit margin: 8.94% (+3.86 pct YoY), with 2024Q2 net profit margin at 11.2% (+3.66 pct YoY) [3] Future Outlook - Revenue and net profit are expected to grow significantly, with 2024-2026 revenue forecasts of 14.449 billion, 19.535 billion, and 25.907 billion yuan, respectively [4] - Net profit attributable to shareholders is projected to reach 1.159 billion, 1.697 billion, and 2.449 billion yuan for 2024-2026 [4] - EPS is expected to increase to 16.21, 23.74, and 34.25 yuan for 2024-2026, with P/E ratios of 25.6x, 17.5x, and 12.1x, respectively [4] Valuation and Ratios - Current P/E ratio: 25.6x (2024E), 17.5x (2025E), and 12.1x (2026E) [4] - P/B ratio: 4.5x (2024E), 3.6x (2025E), and 2.8x (2026E) [4] - ROE is expected to improve from 17.3% in 2024E to 22.6% in 2026E [4]