Investment Rating - Investment rating: Buy (maintained) [3] Core Views - The report indicates that the company's revenue and profit exceeded market expectations, with Q1 2025 revenue at 5.112 billion (up 99.5% YoY) and net profit at 456 million (up 236.2% YoY) [10] - The growth is driven by two-wheeled vehicles and scooters, with significant contributions from new product launches and market expansion in Europe [8][10] - The company is expected to maintain high growth due to new product launches and store expansions, with a projected revenue of 19.6 billion, 25.5 billion, and 30.8 billion for 2025, 2026, and 2027 respectively, reflecting YoY growth of 38%, 30%, and 21% [9][12] Revenue and Profit Analysis - Q1 2025 revenue breakdown: Two-wheeled vehicles contributed 2.86 billion (up 141% YoY), with sales of 1 million units [10] - The report anticipates that the lawn mower segment will see a strong doubling in revenue due to accelerated channel expansion and new product launches [10] - The scooter segment generated 400 million in revenue (up 30% YoY) from consumer sales and 810 million (up 92% YoY) from business sales, driven by European market recovery [10] Financial Forecasts - The report revises profit forecasts upwards, projecting net profits of 1.8 billion, 2.5 billion, and 3.2 billion for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 25, 18, and 14 [9][12] - Key financial metrics for 2025E include a gross margin of 29.1% and a return on equity (ROE) of 25.5% [12]
九号公司（689009）：收入利润再超预期