Investment Rating - The report assigns a "Buy" rating for the company [2]. Core Insights - The company is experiencing a rapid growth phase in its main business areas of smart short-distance transportation and service robots, with a diverse product range including electric balance bikes, electric scooters, electric two-wheelers, all-terrain vehicles, service robots, and E-bikes [3][14]. - The electric two-wheeler segment is leading the mid-to-high-end market, characterized by a strong brand presence and innovative product offerings that appeal to younger consumers [4][21]. - The company has a significant growth trajectory, with projected net profits of 2.0 billion, 2.65 billion, and 3.52 billion yuan for 2025, 2026, and 2027 respectively, indicating a strong recovery and growth in revenue and profitability [6][10]. Summary by Sections Company Overview - The company has transitioned from a reliance on OEM business to establishing its own brand, with a notable increase in revenue and profit since 2024, driven by electric two-wheelers and service robots [14][18]. - The company has a concentrated ownership structure, ensuring control remains with the founders, which supports strategic decision-making [25][27]. Electric Two-Wheeler Market - The electric two-wheeler market in China is stabilizing, with the company positioned to capitalize on structural opportunities in the mid-to-high-end segment [4][11]. - The company has successfully built a strong brand identity and product ecosystem around its Ninebot app, enhancing user experience and community engagement [4][21]. Robotic Products - The company is well-positioned in the global robotic lawn mower market, leveraging technological advancements to differentiate its products from traditional competitors [5][21]. - The company has developed a robust technological foundation in robotics, enabling it to innovate and expand its product offerings effectively [5][21]. Other Product Segments - The company’s electric scooters and balance bikes are expected to maintain steady growth, while all-terrain vehicles and E-bikes show significant potential for expansion [6][21]. - The company is actively integrating smart technologies into its E-bike offerings, aiming to redefine the traditional market landscape [6][21]. Financial Projections - The company forecasts substantial revenue growth, with total revenue expected to reach 19.53 billion, 25.07 billion, and 31.11 billion yuan for 2025, 2026, and 2027 respectively, reflecting a strong upward trend [10][18]. - The projected profit margins and return on equity indicate a healthy financial outlook, with a net profit margin expected to improve significantly over the next few years [10][18].
九号公司（689009）：新消费属性凸显，平台型科技企业未来可期