Summary of 9 Company Conference Call Industry and Company Overview - The conference call discusses 9 Company, which operates in the smart mobility sector, focusing on electric two-wheelers, lawn mowers, and cleaning machines. The company has seen significant growth in scale and customer numbers in 2024, with two-wheeler business becoming a core growth driver [2][4]. Core Insights and Arguments - Growth in Two-Wheeler Business: The two-wheeler segment has experienced rapid growth, with a target of over 4 million units for the year 2025, reflecting nearly double growth in Q1 2025 [2][7]. - Emerging Product Categories: New categories such as lawn mowers and cleaning machines are also growing quickly, contributing to overall revenue [2][4]. - Improved Profitability: The company has seen a significant improvement in gross margins and profitability due to reduced administrative impacts and enhanced operational efficiency [2][4]. - Automation and Technology: The management's expertise in automation and robotics has enabled the company to leverage a flat organizational structure, enhancing efficiency and allowing for the reuse of underlying technologies across different product lines [2][6]. - Market Penetration of Smart Lawn Mowers: The smart lawn mower market is in a rapid growth phase, with a current penetration rate of 1.9% expected to rise to 17% over the next five years, indicating a potential market expansion of 8 to 9 times [2][8]. - Leading Position in Lawn Mower Market: 9 Company is positioned as a leader in the lawn mower sector, with sales of approximately 150,000 units in 2024 and a target to double this in 2025 [2][9]. Additional Important Insights - Skateboard Business Performance: The skateboard segment has exceeded expectations, with strong product iterations and improved automation levels contributing to overall business growth [5][12]. - Eback Business Development: The eback business is accelerating, with a sales target of over 100 million expected in 2025, particularly in Europe and North America [11]. - Market Trends and Competitive Advantage: The overall market is showing stable volume growth with price increases. The company maintains a strong cost-performance advantage, allowing it to capture market share despite short-term tariff impacts [5][10]. - Valuation and Investment Opportunity: The company is currently valued at around 30 times earnings, which is considered relatively low, presenting a good entry point for investors [13]. Conclusion - 9 Company is well-positioned for future growth, driven by its strong product lines, technological advancements, and market strategies. The focus on automation and innovation, along with a robust growth trajectory in key segments, suggests a promising outlook for investors and stakeholders in the smart mobility industry [2][13].
九号公司20250809