Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" with a target price of 80 CNY per share [2][8]. Core Views - The company continues to experience high growth in the electric two-wheeler segment, with H1 2025 revenue reaching 11.74 billion CNY, a year-on-year increase of 76.1%, and net profit attributable to the parent company at 1.24 billion CNY, up 108.5% year-on-year [2][8]. - The performance in Q2 2025 also exceeded expectations, with revenue of 6.63 billion CNY, a 61.5% increase year-on-year, and net profit of 790 million CNY, a 70.8% increase year-on-year [2][8]. - The electric two-wheeler business is entering a phase of performance realization, supported by rapid channel expansion and a strong product lineup targeting young consumers [8]. Financial Summary - Total revenue projections for 2025 are estimated at 20.02 billion CNY, with a year-on-year growth rate of 41.0% [4]. - Net profit attributable to the parent company is projected to reach 2.05 billion CNY in 2025, reflecting a year-on-year growth of 89.1% [4]. - Earnings per share (EPS) are forecasted to be 28.50 CNY for 2025, with a price-to-earnings (P/E) ratio of 21 [4][8]. - The company’s gross margin improved to 31.0% in Q2 2025, with a net profit margin of 11.8%, both showing year-on-year increases [8]. Business Performance - The electric two-wheeler segment generated revenue of 3.96 billion CNY in Q2 2025, marking an 80.6% increase year-on-year, driven by store expansion and high-end product sales [8]. - The self-branded retail scooter segment achieved revenue of 930 million CNY, a 27.6% increase year-on-year, supported by industry growth and strong product competitiveness [8]. - The company’s flagship lawn mower product line has received positive recognition in overseas markets, indicating potential for future growth [8].
九号公司（689009）：电动两轮延续高增，业绩表现超越预期