Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [3]. Core Insights - The company has demonstrated significant growth in revenue and net profit, with Q2 2024 revenue and net profit increasing by 50.98% and 124.48% year-on-year, respectively [2][3]. - The company's product portfolio is strong, with traditional scooter business recovering steadily and electric two-wheelers maintaining high growth. New products such as all-terrain vehicles and robotic lawn mowers are expected to contribute to future growth [3]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 14205 million yuan, representing a 39% year-on-year growth. Net profit is expected to reach 1158 million yuan, reflecting a 94% increase [2][3]. - The gross margin for Q2 2024 was reported at 30.43%, an increase of 3.13 percentage points year-on-year, while the net margin improved to 11.21%, up by 3.67 percentage points [1][2]. - The company’s revenue for the first half of 2024 was 6666 million yuan, with a year-on-year growth of 52.2% [2][3]. Product Performance Summary - In Q2 2024, the electric two-wheeler segment generated revenue of 2193 million yuan, with a year-on-year growth of 112.4% and sales volume reaching 780,000 units [3]. - The all-terrain vehicle segment achieved revenue of 292 million yuan in Q2 2024, marking a 70% increase year-on-year, while the robotic lawn mower segment saw a remarkable revenue growth of 356% [3].
九号公司：24Q2业绩超预期，两轮车及新业务延续高增