九号公司（689009）：营收高增长，经营性利润大幅提升

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a revenue of 14.196 billion yuan in 2024, representing a year-on-year increase of 38.87%. The net profit attributable to shareholders reached 1.084 billion yuan, up 81.29% year-on-year, while the net profit excluding non-recurring items was 1.062 billion yuan, reflecting a significant increase of 157.24% year-on-year [5][10]. - In Q4 2024, the company reported a revenue of 3.290 billion yuan, a year-on-year increase of 22.05%. However, the net profit attributable to shareholders decreased by 47.77% to 114 million yuan, while the net profit excluding non-recurring items increased by 91.67% to 125 million yuan [5][10]. - The company plans to distribute a cash dividend of 800 million yuan (before tax), accounting for 73.85% of the annual net profit attributable to shareholders. Additionally, the company will repurchase and cancel shares worth 254 million yuan, bringing the total amount for cash dividends and share repurchases to 1.055 billion yuan, which is 97.31% of the annual net profit [5][10]. Summary by Sections Revenue and Profit Growth - The company reported a total revenue of 14.196 billion yuan for 2024, with a breakdown showing significant growth in various product lines, including electric two-wheelers (up 70.38% year-on-year) and robotic lawn mowers (up 284.38% year-on-year) [10]. - The overall gross margin for the year was 28.24%, an increase of 3.06 percentage points year-on-year, with specific product margins showing improvements [10]. Financial Performance - The company’s operating profit increased by 210.78% year-on-year, driven by improved operational efficiency and scale effects [10]. - The net profit margin for the year was 7.64%, up 1.79 percentage points year-on-year, indicating enhanced profitability [10]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 1.578 billion yuan, 2.217 billion yuan, and 3.183 billion yuan for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are forecasted to be 26.23, 18.67, and 13.00 times [10].