Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company is expected to achieve significant growth in its two-wheeler segment, with projected sales of 2.6 million and 2.39 million units for 2024 and the first half of 2025, respectively, representing year-on-year growth of 77% and 100% [1][27]. - The gross margin is anticipated to continue rising, reaching 21.1% and 23.7% for 2024 and the first half of 2025, placing the company in a leading position within the industry [1][31]. Summary by Sections Two-Wheeler Business - The company focuses on providing a full lifecycle user experience for its core target audience, with a strong emphasis on smart technology as a key differentiator in its product offerings [2][42]. - The company has established a robust brand presence, with a significant portion of its sales coming from younger consumers, who represent 66% of its customer base under 35 years old [2][47]. - The company has successfully optimized its product structure and achieved economies of scale, leading to a continuous increase in gross margins [1][31]. Research and Development System - The company's R&D system is characterized by a high degree of coupling among its organizational structure, mechanisms, and talent, which is crucial for maintaining competitive advantages [3][22]. - The dual-line R&D mechanism allows the company to balance short-term and long-term goals effectively, ensuring continuous innovation [3][22]. Future Outlook - The company plans to expand its store network significantly, with projections of 7,600 and 8,700 stores for 2024 and the first half of 2025, respectively, and aims to reach 9,500 stores by the end of 2025 [3][26]. - Continuous upgrades to its Over-The-Air (OTA) services will enhance user experience throughout the product lifecycle [3][26]. Profit Forecast and Valuation - The company is projected to achieve net profits of 2 billion, 2.7 billion, and 3.5 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 23, 18, and 14 [4][5].
九号公司（689009）：两轮车业务：围绕核心目标人群，提供全生命周期用户体验：——九号公司-WD（689009.SH）动态跟踪报告（一）