Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported strong performance in Q1 2025, achieving total revenue of 5.112 billion yuan, a year-on-year increase of 99.52%, and a net profit attributable to shareholders of 456 million yuan, up 236.22% year-on-year [1]. - The electric two-wheeler segment showed significant growth, with revenue reaching 2.862 billion yuan, a 140.5% increase year-on-year, and sales of 1.0038 million units, also up 140.8% year-on-year [1]. - The company benefits from government policies promoting trade-in programs, which have stimulated demand in the industry, and it is positioned to lead in high-end and intelligent product offerings [2]. Financial Performance - The company's gross margin for Q1 2025 was 29.67%, a slight decrease of 0.81 percentage points year-on-year [2]. - The net profit margin improved to 8.92%, an increase of 3.63 percentage points year-on-year [2]. - Revenue projections for 2025-2027 indicate continued growth, with expected net profits of 1.82 billion yuan in 2025, 2.52 billion yuan in 2026, and 3.26 billion yuan in 2027, reflecting year-on-year growth rates of 67.5%, 38.7%, and 29.2% respectively [3]. Business Segments - The electric two-wheeler segment is the largest contributor, with revenue of 2.862 billion yuan and a sales volume of 1.0038 million units [1]. - The TOB (business-to-business) segment generated 810 million yuan, a year-on-year increase of 91.9% [1]. - The company’s self-branded scooters achieved revenue of 395 million yuan, with a sales volume of 206,700 units, marking a 30.4% increase in revenue year-on-year [1].
九号公司（689009）：业绩增长强劲，两轮车持续放量