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]
九号公司：公司信息更新报告：2024Q3业绩维持高增，两轮车利润率维持高位，割草机器人淡季超预期增长