Investment Rating - The report maintains a "Recommend" rating for Ninebot (689009) with a target price of 52 RMB [4][5] Core Views - Ninebot achieved a significant YoY growth in Q3 2024, with revenue reaching 4.24 billion RMB (+34.8% YoY) and net profit attributable to shareholders of 370 million RMB (+139.1% YoY) [1] - The company's gross margin improved to 28.5% in Q3 2024, up 3.3 percentage points YoY, driven by better profitability in its electric two-wheeler and all-terrain vehicle segments [3] - The electric two-wheeler business continues to be the core growth driver, contributing 2.59 billion RMB in revenue (+57% YoY), while the lawn mower robot segment saw explosive growth of 625% YoY [2][3] Business Performance - Electric two-wheelers: 2.59 billion RMB revenue (+57% YoY), becoming the primary growth driver [2] - Self-branded retail scooters: 690 million RMB revenue (-1% YoY) [2] - All-terrain vehicles: 260 million RMB revenue (+35% YoY) [2] - Lawn mower robots: 150 million RMB revenue (+625% YoY), showing rapid growth potential [2] - ToB direct sales channel: 210 million RMB revenue (-34% YoY) [2] Financial Performance - Net profit margin in Q3 2024 reached 8.8%, up 3.8 percentage points YoY [3] - Operating expenses ratio decreased by 0.9 percentage points YoY, with reductions in management and R&D expenses [3] - The company's 2024-2026 net profit forecasts are adjusted to 1.17/1.63/2.20 billion RMB, with corresponding P/E ratios of 28/20/15x [4] Growth Prospects - The electric two-wheeler business is entering a performance realization phase, targeting the mid-to-high-end market with a focus on intelligent and trendy products [3] - All-terrain vehicles and lawn mower robots represent the company's long-term growth curve, with rapid expansion expected to continue [3] - The company's DCF valuation suggests a target price of 52 RMB per CDR, with a 25x P/E ratio for 2025 [4]
九号公司：2024年三季报点评：24Q3业绩高增，盈利能力同比提升