Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown continuous high growth in Q3 2024, with improved profitability and sustained growth momentum expected in the future [2]. Summary by Sections 1. Event - The company's performance met expectations, achieving a revenue of 10.905 billion yuan in the first three quarters of 2024, a year-on-year increase of 44.9%. The net profit attributable to shareholders was 970 million yuan, up 155.95% year-on-year [11]. 2. Revenue: Multi-Business Resonance, Continued High Growth - In Q3 2024, the company achieved a revenue of 4.239 billion yuan, a year-on-year increase of 34.75%. Key revenue drivers included: - Self-branded scooter sales of 361,200 units, generating 693 million yuan (approximately flat year-on-year) - Electric two-wheeler sales of 937,600 units, generating 2.592 billion yuan (up 57% year-on-year) - All-terrain vehicle sales of 5,874 units, generating 259 million yuan (up 35% year-on-year) - Robotic lawnmower revenue of 145 million yuan (up 625% year-on-year) [12]. 3. Profit: Scale Effect Released, Profit Margin Improved - The gross margin for Q3 2024 was 28.46%, an increase of 3.28 percentage points year-on-year. The improvement was attributed to: - Rapid volume growth across categories leading to scale effects - Increased proportion of high-margin electric two-wheelers - Higher contribution from robotic and all-terrain vehicles [13]. 4. Assets and Cash Flow: Accelerated Turnover, Record Contract Liabilities - As of Q3 2024, the company had cash and trading financial assets totaling 7.578 billion yuan, a year-on-year increase of 41.08%. The turnover days for inventory, accounts receivable, and accounts payable were 43.32, 24.24, and 75.59 days, respectively, showing improvements [14]. - Contract liabilities reached a record high of 762 million yuan, indicating strong dealer payment enthusiasm [14]. 5. Investment Recommendations - The company is expected to maintain high growth, with EPS forecasts for 2024-2026 at 16.74, 22.58, and 29.33 yuan, representing growth rates of +100.6%, +34.9%, and +29.9%, respectively. The target price is set at 58.60 yuan, corresponding to a valuation multiple of 25.9 times for 2025 [15].
九号公司2024Q3业绩点评：业绩持续高增，盈利能力改善