Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company has launched the "True Smart 3.0" system, which focuses on upgrading product intelligence and emotional value, targeting new customer groups and providing full lifecycle services. This is expected to strengthen the company's position in the mid-to-high-end market while expanding its user base [4][5][6] - The projected net profit for the company from 2024 to 2026 is estimated to be 1.16 billion, 1.70 billion, and 2.45 billion yuan respectively, with corresponding EPS of 16.17, 23.68, and 34.18 yuan, indicating a strong growth trajectory [4][7] Summary by Sections 1. True Smart 3.0 Era: New Technology, New Services, New Customer Groups - The company has upgraded its product intelligence technology with the introduction of the ESP stability system, AI visual assistance, and Moledrive 2.0, enhancing user safety [17][18] - Emotional value has been enhanced through the launch of a personalized theme mall, emotional blind boxes, and a smart component interconnection ecosystem, improving user experience [23][26] - The marketing strategy is now focused on new customer groups, particularly women, with collaborations such as the Egg Party co-branded products [6][41] 2. Financial Summary and Valuation Indicators - The company's revenue is projected to grow from 10.22 billion yuan in 2023 to 24.14 billion yuan in 2026, with a year-on-year growth rate of 29.5% [7][46] - The gross margin is expected to increase from 26.9% in 2023 to 32.4% in 2026, indicating improved profitability [7][46] - The P/E ratio is projected to decrease from 58.5 in 2023 to 14.3 in 2026, suggesting that the stock may become more attractive as earnings grow [7][46]
九号公司：公司信息更新报告：2025年更新系列（1）：电动两轮车——智能化和情感价值全新升级，聚焦新客群以及全生命周期服务