Investment Rating - The report maintains an investment rating of "Outperform" with a target price of 58.78 CNY for the next 12 months, compared to the current stock price of 48.38 CNY [1]. Core Insights - The company has demonstrated strong revenue growth, with a 44.9% year-over-year increase in revenue for the first nine months of 2024, reaching 10.91 billion CNY, and a 156.0% increase in net profit to 970 million CNY [2]. - In Q3 2024, the company achieved a revenue of 4.24 billion CNY, reflecting a 34.7% year-over-year growth, while net profit for the quarter was 370 million CNY, up 139.1% year-over-year [2][3]. - The company's gross margin in Q3 was 28.5%, an increase of 3.3 percentage points year-over-year, indicating improved pricing power and manufacturing efficiency [3][4]. - The company is expected to benefit from its diverse product lines, particularly in electric two-wheelers and all-terrain vehicles, which are showing rapid growth [5]. Financial Performance - The company’s revenue is projected to grow from 10.22 billion CNY in 2023 to 14.46 billion CNY in 2024, with net profit expected to rise from 598 million CNY to 1.23 billion CNY in the same period [8][11]. - The earnings per share (EPS) are forecasted to be 17.14 CNY in 2024, increasing to 29.69 CNY by 2026, reflecting strong growth potential [5][11]. - The report indicates a significant improvement in return on equity (ROE), projected to reach 23.1% by 2026, up from 11.0% in 2023 [11]. Market Position and Outlook - The company is positioned to capitalize on the growing service robot market, which could further enhance its market valuation [5]. - The report highlights a robust order backlog, with contract liabilities increasing by 93% year-over-year, suggesting optimistic revenue growth prospects [3][4].

九号公司（ [Table_StockNameRptType] 689009） 公司点评 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has maintained high growth in Q3 2024, with a revenue increase of 139.1% year-on-year, and a non-recurring net profit of 3.55 billion yuan, up 160.1% year-on-year [1] - The profit margin for two-wheeled vehicles remains high, and the growth of lawn mowers exceeded expectations during the off-season [1] - The company is expected to maintain its profit forecast, with projected net profits for 2024-2026 at 11.59 billion, 16.97 billion, and 24.49 billion yuan respectively [1] Summary by Sections Two-Wheeled Vehicles - Q3 2024 revenue reached 25.92 billion yuan (+57%), with sales of 940,000 units (+54%) and an average price of 2,765 yuan (+2%) [1] - The sales growth has slowed due to inventory control and delays in new product certifications, but profit margins are expected to remain high [1] Lawn Mowers - Q3 2024 revenue for lawn mowers was 1.45 billion yuan (+625%), showing strong growth even in the off-season [1] - The company has launched a third-generation lawn mower targeting large lawns and edge trimming, with pricing higher than the second generation, aiming to expand into commercial and U.S. markets [1] Retail Scooters - Q3 2024 revenue for retail scooters was 6.93 billion yuan (-0.7%), with sales of 360,000 units (-3%) and an average price of 1,919 yuan (+2%) [1] All-Terrain Vehicles - Q3 2024 revenue for all-terrain vehicles was 2.59 billion yuan (+35%), with sales of 5,900 units (+25%) and an average price of 44,093 yuan (+8%) [1] Financial Metrics - The gross margin has shown a year-on-year increase, with Q3 2024 gross margins up by 3.28 percentage points [2] - The net profit margin for Q3 2024 was 8.82%, reflecting a year-on-year increase of 3.8 percentage points [2] - Long-term profit elasticity is expected to remain high due to scale effects, product structure upgrades, and cost reductions in technology and supply chain [2] Financial Projections - Projected revenue for 2024 is 14.18 billion yuan, with a year-on-year growth of 38.7% [3] - Projected net profit for 2024 is 1.16 billion yuan, with a year-on-year growth of 93.8% [3] - The company is expected to maintain a high return on equity (ROE) of 17.3% in 2024, increasing to 22.6% by 2026 [3]

Financial Performance - The company's operating revenue for Q3 2024 reached ¥4,238,960,755.73, representing a year-over-year increase of 34.75%[2] - Net profit attributable to shareholders was ¥374,006,153.03, marking a significant increase of 139.07% compared to the same period last year[2] - The net profit after deducting non-recurring gains and losses was ¥354,884,702.48, reflecting a 160.08% increase year-over-year[2] - The basic earnings per share (EPS) was ¥5.24, up 140.37% from the previous year[4] - Total operating revenue for the first three quarters of 2024 reached CNY 10,905,353,800.60, a significant increase of 45.8% compared to CNY 7,526,030,958.41 in the same period of 2023[15] - Operating profit for the first three quarters of 2024 was CNY 1,162,782,928.78, up from CNY 377,863,767.61 in the previous year, reflecting a growth of 207.5%[15] - The company reported a net profit of CNY 1,163,838,491.41 for the first three quarters of 2024, compared to CNY 447,495,540.83 in the same period last year, representing a growth of 160.0%[15] - The net profit for Q3 2024 was CNY 969,685,795.27, a significant increase of 156.5% compared to CNY 378,360,097.70 in Q3 2023[16] - The total comprehensive income for Q3 2024 reached CNY 975,153,480.07, up from CNY 360,926,859.40 in the same period last year, reflecting a growth of 170.5%[16] - The basic earnings per share for Q3 2024 was CNY 13.58, compared to CNY 5.29 in Q3 2023, representing an increase of 157.5%[16] Assets and Liabilities - Total assets increased by 31.17% year-over-year, reaching ¥14,231,190,400.74[4] - The company reported a total of 1.107 billion yuan in current assets as of September 30, 2024, compared to 770.6 million yuan at the end of 2023[12] - Total assets increased to CNY 14,231,190,400.74, compared to CNY 10,849,629,489.10 in the previous year, marking a growth of 31.9%[14] - Total liabilities rose to CNY 8,097,482,962.35, up from CNY 5,315,923,667.07, indicating a 52.5% increase year-over-year[14] - The company’s goodwill decreased slightly to CNY 134,253,451.55 from CNY 135,682,820.64, a decline of 1.1%[14] - Deferred tax assets increased to CNY 107,658,118.42 from CNY 67,493,324.07, marking a growth of 59.5%[14] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥3,349,229,512.72, showing a 49.98% increase compared to the previous year[7] - Cash flow from operating activities for the first three quarters of 2024 was CNY 3,349,229,512.72, an increase of 50.1% from CNY 2,233,048,433.65 in the same period of 2023[17] - Cash inflow from investment activities in the first three quarters of 2024 was CNY 8,664,562,771.06, compared to CNY 1,498,938,224.50 in 2023, marking a growth of 478.5%[17] - The net cash flow from investment activities for the first three quarters of 2024 was -CNY 3,018,358,350.34, compared to -CNY 342,258,240.87 in 2023, indicating a larger outflow[18] - The total cash and cash equivalents at the end of Q3 2024 were CNY 4,290,488,937.82, down from CNY 4,500,469,723.79 at the end of Q3 2023[18] - The company reported a cash inflow from sales and services of CNY 11,899,904,918.32 for the first three quarters of 2024, compared to CNY 8,408,245,901.42 in the same period of 2023, an increase of 41.5%[17] - The company’s total cash outflow from operating activities for the first three quarters of 2024 was CNY 10,062,433,570.90, compared to CNY 7,225,413,620.03 in 2023, reflecting a rise of 39.5%[17] Research and Development - Research and development (R&D) expenses totaled ¥198,595,884.50, accounting for 4.69% of operating revenue, a decrease of 0.85 percentage points from the previous year[4] - Research and development expenses for the first three quarters of 2024 were CNY 547,999,043.02, an increase from CNY 468,248,119.72 in the previous year, reflecting a growth of 17.0%[15] - The company’s R&D efforts are focused on new product development and technological advancements to drive future growth[10] Market and Sales - The company attributed the revenue growth to increased sales of electric two-wheelers, service robots, and all-terrain vehicles, along with improved market share[7] - The sales volume of self-branded retail scooters was 361,200 units, generating revenue of 693 million yuan[11] - The sales volume of electric two-wheelers was 937,600 units, with revenue of 2.592 billion yuan, primarily from the Chinese market[11] Future Plans - The company plans to expand its market presence and enhance product offerings in the upcoming quarters[10] Shareholding Structure - The company has no significant changes in the shareholding structure or participation in margin trading activities[10] Accounting Standards - The company did not apply new accounting standards or interpretations for the first time in 2024[19]

九号有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 证券代码：689009 证券简称：九号公司 公告编号：2024-092 会 议 问 题 征 集 ： 投 资 者 可 于 2024 年 11 月 19 日 前 访 问 网 址 https://eseb.cn/1iDXd0fTJdK 或使用微信扫描下方小程序码进行会前提问， 公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题 进行回答。 一、说明会类型 九号有限公司（以下简称"公司"）已于 2024 年 10 月 29 日在上海证券交 易所网站（www.sse.com.cn）披露了《九号有限公司 2024 年第三季度报告》。 为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司 定于 2024 年 11 月 19 日（星期二）14:00-15:00 在"价值在线"（www.ir- online.cn）召开 2024 年第三季度业绩说明会，与投资者进行沟通和交流，广 泛听取 ...

国泰君安证券股份有限公司 关于九号有限公司 使用闲置募集资金进行现金管理的核查意见 国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐机构"）作为 九号有限公司（以下简称"九号公司"或"公司"）公开发行存托凭证并在科创 板上市及进行持续督导的保荐机构根据《上海证券交易所科创板股票上市规则》 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上 海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等法律法规和 规范性文件的要求，对九号公司拟使用部分闲置募集资金进行现金管理的事项进 行了核查，核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意九号有限公司公开发行存托凭证注册 的批复》（证监许可[2020]2308 号）批复，公司公开发行存托凭证 70,409,170 份， 发行价格 18.94 元/份 CDR，募集资金总额为人民币 1,333,549,679.80 元，扣除发 行费用后公司募集资金净额为人民币 1,240,855,997.22 元。德勤华永会计师事务 所（特殊普通合伙）对公司本次发行存托凭证的资金到位情况进行了审验，并于 2020 年 10 ...

证券代码：689009 证券简称：九号公司 公告编号：2024-091 关于使用闲置募集资金进行现金管理的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 九号有限公司 九号有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开第二届董事 会第二十七次会议，审议通过了《关于使用闲置募集资金进行现金管理的议 案》，同意公司及下属子公司使用额度不超过人民币 1.2 亿元（含本数）的暂 时闲置募集资金，在确保不影响募集资金投资项目进度、不影响公司正常生产 经营及确保资金安全的情况下进行现金管理，使用期限自公司董事会审议通过 之日起 12 个月内有效，在不超过上述额度及投资期限内，可循环滚动使用。董 事会授权董事长或董事长授权人员行使该项决策权及签署相关法律文件，具体 事项由公司财务部负责组织实施。独立董事专门会议发表了明确同意的审核意 见，保荐机构国泰君安证券股份有限公司对本事项出具了明确的核查意见。 一、募集资金的基本情况 经中国证券监督管理委员会《关于同意九号有限公司公开发行存托凭证注 册的批复》（证监许可〔 ...

证券代码：689009 证券简称：九号公司 公告编号：2024-090 九号有限公司 九号有限公司（以下简称"公司"）第二届董事会第二十七次会议于 2024 年 10 月 28 日召开。本次会议应到董事 6 人，实到董事 6 人。本次董事会会议 的召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 二、董事会会议审议情况 1、审议通过《2024 年第三季度报告》 公司按照相关法律、行政法规和中国证监会的规定，编制了《九号有限公 司 2024 年第三季度报告》，对公司 2024 年第三季度的财务状况和经营成果进 行了分析，报告内容真实、准确、完整地反映了公司 2024 年第三季度的经营成 果和财务状况，不存在任何虚假记载、误导性陈述或者重大遗漏。具体内容详 见公司同日披露于上海证券交易所网站（www.sse.com.cn）的相关公告及文件。 本议案已经公司董事会审计委员会审议通过。 表决结果：同意 6 票；反对 0 票；弃权 0 票；回避 0 票 2、审议通过《关于使用闲置募集资金进行现金管理的议案》 第二届董事会第二十七次会议决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导 ...

根据《上市公司独立董事管理办法》《上海证券交易所科创板股票上市规则》 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》以及《公 司章程》等相关规定，九号有限公司（以下简称"公司"）第二届董事会独立董 事专门会议第六次会议于 2024 年 10 月 28 日召开。本次会议应到独立董事 3 人， 实到独立董事 3 人。本次会议的召开符合有关法律、行政法规、部门规章、规范 性文件和公司章程的规定。 二、董事会独立董事专门会议审议情况 九号有限公司 第二届董事会独立董事专门会议第六次会议决议 一、董事会独立董事专门会议召开情况 1、审议通过《关于使用闲置募集资金进行现金管理的议案》 经审议，独立董事认为：公司及下属子公司本次使用暂时闲置募集资金不超 过人民币 1.2 亿元（含本数）进行现金管理，内容及审议程序符合《上市公司监 管指引第 2 号—上市公司募集资金管理和使用的监管要求》等相关法律法规、规 章及其他规范性文件和公司《募集资金管理办法》的规定，且本次使用部分闲置 募集资金进行现金管理没有与募集资金投资项目的内容相抵触，不影响募集资金 投资项目的正常实施，不存在变相改变募集资金投向和损害公司、 ...

本次权益变动属于被动稀释和存托凭证持有人 Future Industry Investm ent（Cayman）Co.,Limited（以下简称："Future Industry"）、Bumblebee I nvestment（Cayman）Co.,Limited（以下简称："Bumblebee"）、Megacity In dustrial（Cayman）Co.,Limited（以下简称："Megacity"）履行此前已披露 的减持计划所致，不触及要约收购。 因持有 Future Industry 100%股权的先进制造产业投资基金（有限合伙）、 持有 Bumblebee 100%股权的中移创新产业基金（深圳）合伙企业（有限合伙）与 持有 Megacity 100%股权的京津冀产业协同发展投资基金（有限合伙）的执行事 务合伙人委派代表当前为同一人，根据相关法律法规，Future Industry、 Bumblebee、Megacity 被认定为一致行动人。本次权益变动后，存托凭证持有人 Future Industry、Bumblebee、Megacity 合计持有公司存托凭证由 43,605,280 份减少至 ...