Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company is expected to achieve a revenue of 141.7 billion yuan in 2024, representing a year-on-year growth of 38.63%, and a net profit attributable to shareholders of 10.9 billion yuan, which is an increase of 81.9% [7] - The company anticipates a significant improvement in the shipment volume of two-wheeled vehicles at the beginning of 2025, with channel expansion and new product launches progressing steadily [8] - The lawn mower robot segment continues to show high growth, with sales in the U.S. market increasing significantly [9] Financial Summary - Revenue projections for 2024-2026 are 141.71 billion yuan, 187.36 billion yuan, and 243.88 billion yuan respectively, with corresponding net profits of 10.88 billion yuan, 15.98 billion yuan, and 22.97 billion yuan [7][10] - The company's gross margin is expected to improve from 29.8% in 2024 to 32.0% in 2026, while the net profit margin is projected to increase from 7.7% to 9.4% over the same period [10][13] - The earnings per share (EPS) are forecasted to be 15.16 yuan, 22.28 yuan, and 32.03 yuan for 2024, 2025, and 2026 respectively [10][12]
九号公司：公司信息更新报告：2024Q4业绩处预告中枢偏上，2025年开年两轮车&割草机器人或延续亮眼表现-20250228