Investment Rating - The report gives Ninebot a "Buy" rating with a target price of 57.89 yuan/CDR, based on a 2025 PE valuation of 25x [4] Core Views - Ninebot is a global leader in smart short-distance transportation, with a diversified product portfolio including balance bikes, scooters, two-wheelers, all-terrain vehicles, and robotic lawn mowers [2] - The company's competitive advantage lies in its deep R&D expertise in underlying technologies for short-distance transportation and its strong overseas brand and channel presence through the acquisition of Segway [2] - Ninebot's revenue reached 10.22 billion yuan in 2023, with a net profit of 598 million yuan, representing a year-on-year increase of 32.50% [2] - The company's two-wheeler business is rapidly growing, contributing 50.8% of total revenue in H1 2024, with a year-on-year growth of 114.8% [3] - New businesses such as all-terrain vehicles and robotic lawn mowers are expanding rapidly in overseas markets, with H1 2024 revenue shares of 7.6% and 6.7%, respectively [3] Business Overview Main Business: Two-Wheelers and Scooters - Ninebot's two-wheeler business focuses on the high-end market, leveraging advanced smart features and trendy designs to meet the social needs of young consumers [3] - The company's two-wheeler revenue reached 3.38 billion yuan in H1 2024, accounting for 50.8% of total revenue, with a year-on-year growth of 114.8% [3] - The balance bike and scooter business has recovered from the adjustment period, with self-branded retail sales reaching 1.079 million units in 2023 and contributing 1.031 billion yuan in H1 2024, a year-on-year increase of 21.4% [3] New Businesses: All-Terrain Vehicles and Robotic Lawn Mowers - Ninebot's all-terrain vehicles target the European and American markets, with 17,700 units sold in 2023 and a revenue share of 7.6% in H1 2024 [3] - The robotic lawn mower business is also focused on overseas markets, with products offering cost-effectiveness and smart features, contributing 6.7% of revenue in H1 2024 [3] Financial Projections and Valuation - The report forecasts a 116% year-on-year growth in net profit for 2024, followed by 28% and 23% growth in 2025 and 2026, respectively [4] - The current stock price implies a 2025 PE of 20.9x, and the report assigns a 25x PE valuation for 2025, resulting in a target price of 57.89 yuan/CDR [4] Competitive Advantages - Ninebot has accumulated deep expertise in underlying technologies such as robotics, vehicle platform development, and IoT/data capabilities [2] - The acquisition of Segway in 2015 provided the company with a strong overseas brand and channel presence, facilitating global market expansion [2] - The company's high R&D investment and extensive patent portfolio further strengthen its competitive position in the smart short-distance transportation industry [54]
九号公司：智能短交通龙头，新业务快速成长