Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown significant growth in Q1 2025, with a year-on-year revenue increase of 99.52% to 5.112 billion yuan and a net profit increase of 236.22% to 456 million yuan [5][6] - The product lineup continues to expand, with new models launched targeting female users and upgrades to existing electric vehicles [6] - The company is expected to maintain strong revenue growth, with projected revenues of 19.502 billion yuan in 2025, 24.203 billion yuan in 2026, and 30.510 billion yuan in 2027, reflecting growth rates of 37.38%, 24.11%, and 26.06% respectively [6][8] Summary by Sections Recent Performance - In Q1 2025, the electric two-wheeler segment generated 2.862 billion yuan in revenue, up 140.5% year-on-year, with sales of 1.0038 million units, also up 140.8% [6] - The average selling price for electric two-wheelers was 2,851 yuan per unit, a slight decrease of 0.1% year-on-year [6] Profitability - The gross margin for Q1 2025 was 29.7%, an increase of 0.4 percentage points year-on-year [6] - The net profit margin for the company was 8.9%, up 3.6 percentage points year-on-year, indicating improved profitability due to reduced expense ratios [6] Product Development - The company has actively expanded its product categories, launching new electric scooters, all-terrain vehicles, and service robots [6] - A product launch event on May 8, 2025, introduced several new models, enhancing the company's product offerings [6] Financial Forecast - The company forecasts net profits of 1.786 billion yuan in 2025, 2.343 billion yuan in 2026, and 3.110 billion yuan in 2027, with growth rates of 64.77%, 31.17%, and 32.74% respectively [6][8] - The projected price-to-earnings ratios for the next three years are 25.09, 19.13, and 14.41 [6][8]

Core Viewpoint - The company reported significant growth in revenue and net profit for 2024, indicating strong performance in the smart short-distance transportation sector, particularly in electric scooters and two-wheelers [1][5]. Financial Performance - In 2024, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 14.2 billion, 1.1 billion, and 1.1 billion yuan, respectively, representing year-on-year increases of +38.87%, +81.29%, and +157.24% [1]. - For Q4 2024, the figures were 3.3 billion, 100 million, and 100 million yuan, with year-on-year changes of +22.05%, -47.77%, and +91.67% [1]. - The gross profit margin for 2024 was 28.24%, with a decrease in Q4 to 23.45%, showing a year-on-year increase of +1.34% but a decline of -4.23% in Q4 [3][4]. Product Performance - Revenue from electric balance bikes and scooters, electric two-wheelers, robots, all-terrain vehicles, and accessories was 3.38 billion, 7.21 billion, 900 million, 980 million, and 1.73 billion yuan, with year-on-year changes of -3.07%, +70.38%, +254.76%, +39.77%, and +11.69% respectively [1][2]. - The sales volume for these products was 157,060, 259,890, 16,480, 2,380 units, with year-on-year changes of -7.02%, +76.61%, +323.46%, and +34.12% [2]. Regional Performance - Domestic and overseas revenues were 8.42 billion and 5.77 billion yuan, reflecting year-on-year growth of +55.62% and +20.03% [2]. - The gross profit margin for domestic and overseas markets was 23.07% and 35.77%, with year-on-year increases of +1.49% and +6.55% [3]. Cost and Expenses - The expense ratios for sales, management, R&D, and financial costs were 7.75%, 5.89%, 5.82%, and -0.77%, showing year-on-year changes of -2.26%, -0.72%, -0.21%, and +0.56% [3]. - In Q4 2024, these ratios were 2.93%, 7.52%, 8.45%, and -1.27%, with year-on-year changes of -9.76%, +0.84%, +2.97%, and -0.67% [3]. Dividend Policy - The company plans to distribute a total cash dividend of 800 million yuan, which accounts for 73.85% of the net profit attributable to shareholders [5]. Investment Outlook - The company is positioned as a leader in the global smart short-distance transportation sector, with strong product innovation capabilities and a focus on expanding its global sales network [5]. - Projected net profits for 2025-2027 are expected to be 1.634 billion, 2.248 billion, and 3.031 billion yuan, with corresponding PE ratios of 24.1, 17.5, and 13.0 times [5].