Industry Rating - The report maintains an "Outperform" rating for the electric equipment industry, specifically for robotic lawn mowers [1]. Core Insights - The robotic lawn mower market is experiencing significant growth, with a projected sales increase of 28% in 2023 and 2024, leading to an estimated global sales volume of approximately 180 million units by 2024, with a penetration rate of less than 10% [2][11]. - The economic advantages of robotic lawn mowers are notable, as their total cost of ownership becomes lower than that of electric and gasoline mowers after two years of use [3][31]. - The competitive landscape is evolving, with major players like Husqvarna and Worx holding about 90% of the market share, but new entrants like Ninebot are rapidly increasing their sales [2][18]. Summary by Sections Industry Space & Competitive Landscape - North America and Europe are the primary markets for lawn mowers, with traditional mower shipments around 25 million units in 2021 and robotic mower sales of 1.1 million units in 2022 [2][11]. - The average lawn area in Europe is 300-400 square meters, while in the U.S. it is 600-1000 square meters, affecting the suitability of robotic mowers in these regions [2][17]. - The market is currently dominated by Husqvarna, Gardena, and Worx, which collectively hold a 90% market share [18]. Economic Viability - The initial purchase cost of robotic mowers is higher than that of electric and gasoline mowers, but their operational costs are lower over time [3][29]. - For a 500 square meter lawn, the purchase price of a robotic mower is approximately 1,000 euros, while electric and gasoline mowers cost 200 euros plus 50 euros for cables and 300 euros plus 20 euros for fuel, respectively [29][31]. - The total cost in the first year for robotic mowers ranges from 1,155 to 1,190 euros, compared to 835-840 euros for electric mowers and 940 euros for gasoline mowers [31]. Technological Advancements - The integration of lithium battery technology and AI is driving innovation in robotic mowers, enhancing their efficiency and functionality [3][33]. - The report highlights the importance of advanced positioning technologies like RTK and VSLAM for improving navigation and obstacle avoidance in robotic mowers [4][39][46]. - Ninebot's EFLS system combines satellite positioning with multiple sensor signals for precise navigation, addressing key challenges in lawn care [5][51]. Product Comparison - Ninebot's robotic mowers are competitively priced starting at 999 euros in Europe, offering a cost advantage over Husqvarna's products, which start at 2,148 euros [6][60]. - The report notes that Ninebot's products are designed for boundary-less mowing, which enhances user experience compared to traditional wired models [78]. Winning Companies - Companies that successfully integrate hardware and software, understand the lawn care industry, and have cost advantages in their technology are likely to succeed [7]. - The report recommends focusing on companies that lead in AI chip development and those with strong brand and distribution channels [7].

Investment Rating - The report maintains a "Strong Buy" rating for Anhui Heli (600761), expecting it to outperform the benchmark index by over 20% in the next six months [2][17]. Core Views - The company reported a revenue of 17.33 billion yuan in 2024, a year-on-year increase of 0.99%, and a net profit attributable to shareholders of 1.32 billion yuan, up 0.18% year-on-year. However, the net profit excluding non-recurring items decreased by 5.84% [2]. - The report highlights the impact of rising costs on profits but remains optimistic about the company's diversified layout and international expansion efforts [2][3]. Financial Performance Summary - In 2024, the company achieved a gross margin of 23.25%, an increase of 1.62 percentage points year-on-year, despite a challenging domestic market [7]. - The total sales volume of complete machines reached 340,200 units, a year-on-year increase of 16.53%, with electric products accounting for over 65% of sales [7]. - The company’s overseas revenue reached 6.93 billion yuan, a year-on-year increase of 13.3%, with foreign revenue accounting for 40% of total revenue [7]. Market Position and Strategy - The company is focusing on smart logistics and has made significant investments in this area, including the establishment of a smart logistics industrial park and partnerships with technology firms like Huawei [7]. - The report notes that the domestic demand for internal combustion forklifts is weak, but the company is accelerating its overseas expansion and product differentiation [7]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 19.29 billion yuan, 21.67 billion yuan, and 24.27 billion yuan, respectively, with expected year-on-year growth rates of 11.3%, 12.3%, and 12.0% [8]. - The net profit attributable to shareholders is projected to be 1.45 billion yuan, 1.64 billion yuan, and 1.86 billion yuan for the same years, with growth rates of 9.9%, 12.9%, and 13.6% [8].