Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The integration of AI technology and robotics is expected to drive growth across various business lines, with significant advancements in the company's core robotics and AI capabilities since its establishment in 2015 [7][8] - The company has introduced multiple new products, including the True Intelligent 3.0 system and the DeepSeek integration, which are anticipated to enhance the performance and functionality of its two-wheeled vehicles [8][45] - Financial forecasts indicate a strong growth trajectory, with projected revenues of 10.50 billion, 15.98 billion, and 22.97 billion yuan for 2024, 2025, and 2026 respectively, alongside corresponding EPS of 14.65, 22.30, and 32.05 yuan [7][10] Summary by Sections 1. Robotics and AI Technology - The company has developed a comprehensive suite of robotics technologies, including indoor and outdoor positioning, laser vision obstacle avoidance, and AI visual recognition [26][27] - Key technologies include UWB indoor positioning, RTK-GPS outdoor positioning, and various sensor fusion techniques that enhance navigation and obstacle detection capabilities [26][28] 2. Commercialization of Robotics and AI - The company has successfully commercialized its robotics technology across multiple product lines, including two-wheeled vehicles and lawn mowing robots, with significant improvements in product performance and customer satisfaction [8][29] - The second-generation lawn mowing robot has improved its obstacle recognition capabilities from over 20 to more than 150 types, showcasing the effectiveness of the company's AI upgrades [8][29] 3. Financial Performance and Projections - The company reported revenues of 10.12 billion yuan in 2022, with a modest increase to 10.22 billion yuan in 2023, and is projected to grow significantly in the coming years [10] - The net profit attributable to the parent company is expected to rise from 451 million yuan in 2022 to 2.30 billion yuan by 2026, reflecting a robust growth rate [10]
九号公司：公司信息更新报告：AI机器人+消费（2）：深度融合DeepSeek+底层机器人&AI技术积累有望赋能各业务线增长-20250217