Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.67-1.85 billion yuan for 2025, representing a year-on-year growth of 54.0%-70.6% [1] - The electric two-wheeler market share has increased by 1.8 percentage points year-on-year, ranking the company fourth in the industry [2] - The company plans to actively respond to the EU anti-dumping investigation by focusing on high-end markets and enhancing its overseas supply chain [4] Financial Performance - The company’s total revenue is projected to grow from 10.22 billion yuan in 2023 to 34.11 billion yuan in 2027, with a compound annual growth rate (CAGR) of 26.4% [6] - The net profit attributable to shareholders is expected to increase from 598 million yuan in 2023 to 2.96 billion yuan in 2027, reflecting a CAGR of 26.7% [6] - The gross margin is anticipated to improve from 25.2% in 2023 to 31.4% in 2027 [6] Product Development - The company showcased multiple new products at CES 2026, including a range of service robots and E-Bikes, indicating a strong focus on innovation and product diversification [3] - The service robot business, primarily driven by lawn mowers, is expected to achieve rapid growth in 2025, with a strong performance anticipated in Q4 [3] Market Dynamics - The company’s electric two-wheeler sales are expected to decline in Q4 2025 due to the transition to new national standards, but orders are anticipated to be driven by electric motorcycles [2] - The company is focusing on diversifying its product matrix, which includes scooters and all-terrain vehicles, to mitigate risks associated with market fluctuations [2]
九号公司（689009）：业绩短期承压，两轮车结构转型，割草机器人有望延续高增