Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company has shown continuous high growth in performance, with a significant increase in revenue and net profit for the first three quarters of 2024 [1][3] - The two-wheeler segment has been a strong driver of growth, with substantial year-on-year increases in both revenue and sales volume [2] - The company has effectively controlled expenses, leading to improved profitability metrics [3] Financial Performance Summary - For Q1-Q3 2024, the company achieved total revenue of 10.905 billion, a year-on-year increase of 44.90%, and a net profit of 970 million, up 155.95% [1] - In Q3 2024 alone, the company reported revenue of 4.239 billion, a 34.75% increase year-on-year, and a net profit of 374 million, reflecting a 139.07% growth [1] - The two-wheeler segment generated revenue of 2.592 billion in Q3 2024, with a 56.9% year-on-year increase in sales volume [2] Profitability Metrics - The gross margin for Q1-Q3 2024 improved by 3.06 percentage points to 29.68%, while the net margin reached 8.89%, up 3.86 percentage points [3] - The company has effectively managed its expense ratios, with sales, management, R&D, and financial expense ratios showing favorable year-on-year changes [3] Earnings Forecast - The company is projected to achieve net profits of 1.31 billion, 1.78 billion, and 2.28 billion for 2024, 2025, and 2026 respectively, indicating year-on-year growth rates of 118.9%, 35.9%, and 27.9% [3][4]
九号公司：业绩持续高增，两轮车业务α强劲