Investment Rating - The report maintains a "Buy" rating for the company with a target price of 47.93 [1][176][177] Core Views - The company is positioned to benefit from the "old-for-new" policy and new safety standards, which are expected to drive the high-end electric two-wheeler market and robust growth in the lawn mower business [1][3][4] - The electric two-wheeler segment has become a new foundation for growth, with strong product capabilities and rapid expansion of offline stores supporting growth [1][3][12] - The lawn mower segment is anticipated to replicate the growth trajectory of robotic vacuum cleaners, with strong product and channel support driving significant growth [1][3][12] Summary by Sections Electric Two-Wheelers - The industry is catalyzed by the "old-for-new" policy and new safety standards, with product optimization and the development of instant retail enabling long-term growth [1][3][17] - The company has a strong product lineup focused on high-end, intelligent, and long-range capabilities, with offline stores rapidly expanding [1][3][12] - The market for electric two-wheelers is expected to grow significantly, with a projected CAGR of 7% from 2023 to 2028 [1][17] Lawn Mowers - The global demand for lawn maintenance is substantial, particularly in Europe and the US, where the market for lawn mowers is expected to expand significantly [1][3][107] - The company has successfully sold its smart lawn mowers in over 30 countries and has become a leading brand in the market [1][3][139] - The report estimates that the global lawn mower market could reach $4 billion by 2030, with a CAGR of 14.8% [1][122] Financial Projections - The company is expected to achieve significant revenue growth, with projected revenues of 14.02 billion, 18.93 billion, and 23.63 billion for 2024, 2025, and 2026 respectively [1][4][163] - The net profit is projected to reach 1.10 billion, 1.71 billion, and 2.26 billion for the same years [1][4][163] Market Positioning - The company is well-positioned in the high-end market, with a strong brand presence and product capabilities that align with industry trends [1][3][12] - The report highlights the company's competitive advantages in product performance, safety, and intelligent features, which are expected to drive market share growth [1][3][12] Research and Development - The company has a robust R&D capability, with a significant increase in R&D personnel and investment, supporting its innovation in smart transportation and service robots [1][3][59] - The collaboration with NVIDIA to develop autonomous mobile robots is expected to enhance the company's technological capabilities and market reach [1][3][151]
九号公司：以旧换新+新强标助推高端化利好两轮车品类，割草机器人业务增长强劲