Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenue of 14.2 billion yuan (up 39% year-on-year) and a net profit of 1.08 billion yuan (up 81%) [4] - The company has exceeded expectations in cash dividends for 2024, with a total cash dividend of 800 million yuan [4] - The growth in the two-wheeled vehicles and lawnmower robots segments is anticipated to continue, with an upward revision of profit forecasts for 2025-2027 [4] Financial Performance Summary - In 2024, the company achieved revenue of 142 billion yuan, with a net profit of 10.8 billion yuan and a non-recurring net profit of 10.6 billion yuan [4] - The fourth quarter of 2024 saw revenue of 32.9 billion yuan (up 22%) and a net profit of 1.14 billion yuan (down 48%) [4] - The company expects net profits for 2025-2027 to be 1.689 billion yuan, 2.392 billion yuan, and 3.269 billion yuan respectively, with corresponding EPS of 23.54, 33.35, and 45.57 yuan [4] Segment Performance - The revenue breakdown for Q4 2024 includes: - Two-wheeled vehicles: 12.4 billion yuan (up 23%), with sales of 460,000 units (up 44%) [5] - Retail scooters: 7.6 billion yuan (up 34%), with sales of 360,000 units (up 18%) [5] - Lawn mower robots: 2.67 billion yuan (up 178%), with annual revenue of 8.6 billion yuan (up 284%) [5] Profitability Metrics - The gross margin for 2024 was 28.2%, an increase of 3.1 percentage points year-on-year [6] - The net profit margin for Q4 2024 was 3.5%, a decrease of 4.7 percentage points [6] - The company’s operating profit is expected to triple when excluding share-based payment expenses and non-recurring impacts [4] Valuation Metrics - The projected P/E ratios for 2025-2027 are 24.2, 17.1, and 12.5 respectively [4] - The projected ROE for 2025-2027 is expected to be 21.3%, 23.2%, and 24.1% respectively [8]
九号公司：公司信息更新报告：2024年两轮车&割草机器人持续超预期增长，全年现金分红超预期-20250413