公司信息更新报告：2024Q1业绩超预期，两轮车&全地形车&割草机器人持续高增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][20][11] Core Views - The company reported a strong performance in Q1 2024, with revenue reaching 2.562 billion yuan, a year-on-year increase of 54.18%, and a net profit attributable to shareholders of 136 million yuan, up 675.34% [20][19] - The growth was driven by high demand in the two-wheeler, all-terrain vehicle, and robotic lawn mower segments, with the ToB channel also showing signs of recovery [20][19] - The report anticipates continued growth in revenue and profit for 2024-2026, with net profit projections of 810 million yuan, 1.204 billion yuan, and 1.721 billion yuan respectively [20][19] Summary by Sections Revenue and Sales Performance - Two-wheeler revenue in Q1 2024 was 1.19 billion yuan (+119%), with sales of 420,000 units (+126%) and an average price of 2,854 yuan (-3%) [3] - Retail electric scooters generated revenue of 303 million yuan (+8%), with sales of 150,000 units (+21%) and an average price of 1,997 yuan (-11%) [3] - All-terrain vehicles achieved revenue of 215 million yuan (+90%), with sales of 5,500 units (+94%) and an average price of 39,184 yuan (-2%) [3] - Robotic lawn mowers saw revenue of 180 million yuan (+267%), with sales of 33,100 units and an average price of 5,438 yuan [3] - The ToB segment reported revenue of 422 million yuan (+6.6%), indicating a recovery after a year of adjustments [3] Profitability Metrics - The company's gross margin for Q1 2024 was 30.48% (+2.26 percentage points), attributed to improved margins in electric two-wheelers, all-terrain vehicles, and robotic lawn mowers [4] - The net profit margin for Q1 2024 was 5.29% (+4.24 percentage points), with a non-recurring net profit margin of 5.53% (+5.48 percentage points) [4] Financial Projections - The company expects significant revenue growth, with projected revenues of 13.588 billion yuan in 2024, 18.257 billion yuan in 2025, and 24.091 billion yuan in 2026 [5] - The projected net profit for 2024 is 810 million yuan, increasing to 1.204 billion yuan in 2025 and 1.721 billion yuan in 2026 [5] - The report indicates an improvement in profitability ratios, with an expected return on equity (ROE) of 12.7% in 2024, rising to 15.9% in 2025 and 18.5% in 2026 [5]