Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company achieved record-high operating performance in H1 2024, with significant scale effects becoming evident [4] - Revenue for H1 2024 reached 6.666 billion yuan, a year-on-year increase of 52.20%, while net profit attributable to the parent company was 596 million yuan, up 167.82% year-on-year [4] - In Q2 2024, the company achieved a net profit margin of 11.2%, indicating a substantial improvement in profitability [4] - The gross margin for H1 2024 was 30.45%, an increase of 2.80 percentage points year-on-year, while the expense ratio decreased by 1.44 percentage points [4] Product Performance - Retail sales of self-branded scooters reached 518,100 units, generating revenue of 1.031 billion yuan, a year-on-year increase of 21% [5] - Electric two-wheelers sold 1.2 million units (1.1984 million in China), with revenue of 3.383 billion yuan, up 115% year-on-year [5] - All-terrain vehicle sales reached 12,100 units, generating revenue of 507 million yuan, a year-on-year increase of 79% [5] - Revenue from robotic lawn mowers was 449 million yuan, up 316% year-on-year [5] Financial Forecasts - The report raises the company's net profit forecast for 2024-2025 to 1.21 billion yuan and 1.73 billion yuan, representing year-on-year growth of 102% and 43%, respectively [5] - The company's revenue is expected to grow by 52.2% in 2024, 28.1% in 2025, and 17.7% in 2026 [6] - The gross margin is projected to increase from 30.0% in 2024 to 33.0% in 2026 [6] Valuation - The company's 2024 PE ratio is estimated at 26.8x, with a PS ratio of 2.1x [5] - The reasonable value range for each CDR is estimated at 50.66-59.10 yuan, corresponding to a 2024 PS ratio of 2.3-2.7x [5] Industry Comparison - The average PE ratio for comparable companies is 14.62x, with an average PS ratio of 1.15x [7] - The company's valuation is higher than the industry average, reflecting its strong growth prospects [7]
九号公司：公司半年报点评：经营业绩新高，规模化效应渐显