九号公司（689009）：归母净利润同比+62.17%，全球化与技术创新双轮驱动增长

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In 2025, the company's net profit attributable to shareholders increased by 62.17% year-on-year, driven by growth in both the two-wheeler and robotics businesses [2][5] - The company achieved total revenue of 21.28 billion yuan in 2025, representing a year-on-year growth of 49.89% [2] - The fourth quarter saw a revenue of 2.88 billion yuan, a decline of 12.22% year-on-year, with a net profit loss of 0.29 billion yuan, down 125.36% year-on-year [2] Revenue Breakdown - Domestic market revenue reached 13.35 billion yuan, up 58.48% year-on-year, accounting for 62.74% of total revenue [3] - Overseas market revenue was 7.93 billion yuan, up 37.35% year-on-year, making up 37.26% of total revenue [3] - Revenue from electric two-wheelers, all-terrain vehicles, electric balance bikes & scooters, and service robots & accessories grew by 64.45%, 16.63%, 28.05%, and 104.26% respectively [3] Profitability and Cost Control - The company achieved a gross profit margin of 29.63% in 2025, an increase of 1.39 percentage points year-on-year, and a net profit margin of 8.28%, up 0.63 percentage points year-on-year [4] - The fourth quarter gross profit margin was 27.99%, with a net profit margin of 0.44%, reflecting a decline due to increased promotional activities during major sales events [4] - The company's expense ratio for 2025 was 19.40%, up 0.7 percentage points year-on-year, with sales, management, R&D, and financial expense ratios showing varied changes [4] Business Growth and Global Competitiveness - The electric two-wheeler business demonstrated strong growth, with revenue exceeding 10 billion yuan, supported by technological advancements and market expansion [5] - The robotics segment, particularly the Navimow product, saw revenue double in 2025, marking a significant growth point for the company [5] - The company is leveraging its supply chain advantages and technological capabilities to enhance its competitive position in both the two-wheeler and robotics markets [5] Financial Forecasts - The company’s net profit forecasts for 2026 and 2027 have been adjusted to 2.3 billion yuan and 3 billion yuan respectively, with an expected net profit of 3.7 billion yuan in 2028 [5] - The current market valuation corresponds to P/E ratios of 14, 11, and 9 for the years 2026, 2027, and 2028 respectively [5]