丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨九号公司-WD（689009.SH） [Table_Title] 营收延续高增，毛销差表现稳健 报告要点 [Table_Summary] 公司发布 2025 年三季报：2025 年前三季度合计来看公司营业收入同比增长 68.63%，归母净 利润同比增长 84.31%，扣非归母净利润同比增长 91.88%。单三季度来看公司实现营业收入 66.48 亿元，同比增长 56.82%；实现归母净利润 5.46 亿元，同比增长 45.86%；实现扣非归母 净利润 4.86 亿元，同比增长 37.00%。 分析师及联系人 [Table_Author] 陈亮 高超 SAC：S0490517070017 SAC：S0490516080001 SFC：BUW408 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 九号公司-WD（689009.SH） cjzqdt11111 [Table_Title2] 营收延续高增，毛销差表现稳健 [Table_Sum ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a significant increase in revenue and profit for Q1 2025, with total revenue reaching 5.112 billion yuan, a year-on-year growth of 99.52%. The net profit attributable to shareholders was 456 million yuan, up 236.22%, and the net profit after deducting non-recurring items was 436 million yuan, reflecting a growth of 207.51% [2][6]. Summary by Sections Business Performance - The company achieved a revenue of 5.112 billion yuan in Q1 2025, marking a 99.52% increase year-on-year. The electric two-wheeler segment saw revenue of 2.862 billion yuan, growing by 140.50%, while the retail scooter segment generated 395 million yuan, up 30.36% [13]. - The gross margin improved to 29.67%, an increase of 6.22 percentage points year-on-year, driven by scale effects. Operating profit reached 639 million yuan, a year-on-year increase of 269.69% [13]. Financial Projections - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 1.625 billion yuan, 2.297 billion yuan, and 3.291 billion yuan, respectively. The corresponding price-to-earnings ratios are projected to be 27.69, 19.60, and 13.68 times [13][17].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a revenue of 14.196 billion yuan in 2024, representing a year-on-year increase of 38.87%. The net profit attributable to shareholders reached 1.084 billion yuan, up 81.29% year-on-year, while the net profit excluding non-recurring items was 1.062 billion yuan, reflecting a significant increase of 157.24% year-on-year [5][10]. - In Q4 2024, the company reported a revenue of 3.290 billion yuan, a year-on-year increase of 22.05%. However, the net profit attributable to shareholders decreased by 47.77% to 114 million yuan, while the net profit excluding non-recurring items increased by 91.67% to 125 million yuan [5][10]. - The company plans to distribute a cash dividend of 800 million yuan (before tax), accounting for 73.85% of the annual net profit attributable to shareholders. Additionally, the company will repurchase and cancel shares worth 254 million yuan, bringing the total amount for cash dividends and share repurchases to 1.055 billion yuan, which is 97.31% of the annual net profit [5][10]. Summary by Sections Revenue and Profit Growth - The company reported a total revenue of 14.196 billion yuan for 2024, with a breakdown showing significant growth in various product lines, including electric two-wheelers (up 70.38% year-on-year) and robotic lawn mowers (up 284.38% year-on-year) [10]. - The overall gross margin for the year was 28.24%, an increase of 3.06 percentage points year-on-year, with specific product margins showing improvements [10]. Financial Performance - The company’s operating profit increased by 210.78% year-on-year, driven by improved operational efficiency and scale effects [10]. - The net profit margin for the year was 7.64%, up 1.79 percentage points year-on-year, indicating enhanced profitability [10]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 1.578 billion yuan, 2.217 billion yuan, and 3.183 billion yuan for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are forecasted to be 26.23, 18.67, and 13.00 times [10].