Investment Rating - The report assigns a "Buy" rating for the company for the first time [2]. Core Views - The company is positioned as an innovative leader in the smart short transportation and service robot sectors, with a strong growth trajectory supported by technological advancements and a diverse product matrix [6][12]. - The company has demonstrated significant revenue growth, with a projected revenue of 14.171 billion yuan in 2024, representing a year-on-year increase of 38.63% [7][25]. - The company is expected to benefit from favorable policies and market trends, particularly in the electric two-wheeler segment, which is projected to see substantial demand due to new regulations and incentives [8][48]. Summary by Sections Company Overview - The company has evolved from a niche balance bike manufacturer to a major player in the smart short transportation market, achieving annual revenues in the hundreds of millions within a decade [6][21]. - It operates under two main brands: Ninebot and Segway, and was listed on the STAR Market in 2020 [6][21]. Financial Performance - In 2024, the company is expected to achieve a net profit of 1.088 billion yuan, a year-on-year increase of 81.90% [7][25]. - The compound annual growth rate (CAGR) for revenue from 2020 to 2024 is projected at 23.95% [7][25]. Market Dynamics - The domestic electric two-wheeler market is projected to grow significantly, with an expected market size increase from 17.2 billion USD in 2023 to 24.2 billion USD by 2028, reflecting a CAGR of 7.07% [37]. - The company is well-positioned to capitalize on the high-end market segment, with a market share of 51.7% in the price range above 7,000 yuan [55][60]. Product Development - The company has a diverse product lineup, including electric two-wheelers, balance bikes, and service robots, with a focus on high-end and intelligent features [24][55]. - The company has established a strong brand presence in the high-end electric two-wheeler market, with significant sales in the 4,000+ yuan price range [55][60]. Growth Opportunities - The company is expected to benefit from the increasing demand for electric two-wheelers, driven by new national standards and replacement policies [36][44]. - The overseas market for electric two-wheelers is projected to grow, with significant sales expected in Europe, ASEAN, India, and the United States [48][51].
九号公司：科赋消费，智能化+机器人双驱动-20250306