Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Viewpoints - The company is a leader in smart short-distance transportation and service robots, with a strong focus on innovation and intelligent technology [21][22] - The electric two-wheeler segment is expected to see significant growth, driven by the upgrade of old vehicles and new national standards that favor leading brands [2][4] - The global market for robotic lawn mowers is projected to grow significantly, with a compound annual growth rate of 20% from 2022 to 2027 [3] - The all-terrain vehicle market is also expected to expand, with a projected market size of $15 billion by 2028 [3] Summary by Sections Company Overview - The company started with electric balance and scooter products, leveraging Xiaomi's sales channels for rapid expansion, and has since diversified its product lines [21][22] - The revenue distribution in 2024 is projected to be 23.8% from electric balance and scooters, 50.8% from electric two-wheelers, 6.3% from robots, and 6.9% from all-terrain vehicles [4][22] Electric Two-Wheelers - The company focuses on software and intelligent features in its electric two-wheelers, continuously upgrading its smart systems [2] - The high-end electric two-wheeler market is expected to expand, with the company positioned to capture a significant share [2] Robotic Lawn Mowers - The company is adopting a boundary-free approach to lawn mowers, which is expected to enhance market penetration and sales [3] - The company has a competitive edge in the high-end market with its X3 series, which offers superior performance and charging capabilities [3] All-Terrain Vehicles - The all-terrain vehicle market is projected to grow, and the company is introducing a hybrid model to differentiate its offerings [3] - The company aims to improve its market share in the all-terrain vehicle segment, which currently stands at less than 5% [3] Financial Projections - The company expects significant revenue growth, with projected revenues of 19.34 billion, 24.14 billion, and 30.49 billion yuan for 2025, 2026, and 2027 respectively [5] - The net profit forecast for 2025, 2026, and 2027 is 1.70 billion, 2.35 billion, and 3.14 billion yuan respectively, reflecting strong growth potential [5]
九号公司（689009）：智能短交通及服务类机器人领军企业，多元新业务持续成长