九号公司（689009）：新国标后电摩增量明显，割草机延续高增

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 63.9 CNY per share based on a 20x PE for 2026 [6][11]. Core Insights - The company is expected to achieve significant revenue growth, with projected revenues of 21.6 billion CNY in 2025, 28.4 billion CNY in 2026, and 35.3 billion CNY in 2027, reflecting year-on-year growth rates of 52%, 32%, and 24% respectively [6][11]. - The net profit attributable to the parent company is forecasted to reach 1.7 billion CNY in 2025, 2.3 billion CNY in 2026, and 2.9 billion CNY in 2027, with growth rates of 61%, 32%, and 25% respectively [6][11]. - The company is benefiting from the new national standards for electric motorcycles, which are expected to drive significant growth in this segment, while the lawn mower business continues to show high growth potential [6][11]. Financial Projections - Revenue and profit forecasts indicate a strong upward trend, with revenues projected to grow from 10.2 billion CNY in 2023 to 35.3 billion CNY by 2027, and net profits increasing from 598 million CNY to 2.9 billion CNY over the same period [2][11]. - The EBITDA is expected to rise from 541 million CNY in 2023 to 3.8 billion CNY in 2027, indicating robust operational performance [2][11]. - The earnings per share (EPS) is projected to increase from 8.37 CNY in 2023 to 40.09 CNY in 2027, reflecting strong profitability growth [2][11]. Segment Analysis - Electric Two-Wheelers: Revenue is expected to grow significantly, with projections of 11.9 billion CNY in 2025 and 20.3 billion CNY in 2027, driven by rapid channel expansion [9][11]. - Self-Brand Scooters: Anticipated revenue growth from 2.5 billion CNY in 2024 to 3.9 billion CNY in 2027, supported by recovering European demand and new product cycles [9][11]. - Lawn Mowers: Expected to see substantial growth, with revenues projected to increase from 1.7 billion CNY in 2025 to 5.2 billion CNY in 2027, benefiting from increased market share due to anti-dumping measures [9][11]. - TOB Direct Sales: Revenue is forecasted to recover from a decline in 2024, with growth expected to stabilize in subsequent years [9][11].