Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown robust revenue growth with a year-on-year increase of 44.90% in the first three quarters of 2024, achieving a total revenue of 10.905 billion yuan [3] - The net profit attributable to shareholders reached 970 million yuan, reflecting a significant year-on-year growth of 155.95% [3] - The company is expected to maintain strong performance in the coming years, with projected revenues of 13.947 billion yuan, 18.558 billion yuan, and 21.956 billion yuan for 2024, 2025, and 2026 respectively, representing growth rates of 36.44%, 33.06%, and 18.31% [3][6] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 4.239 billion yuan, up 34.75% year-on-year, and a net profit of 374 million yuan, which is a 139.07% increase year-on-year [3] - The gross margin for Q3 2024 was 28.46%, an increase of 3.27 percentage points year-on-year, while the net profit margin was 8.82%, up 3.85 percentage points year-on-year [3] Business Segments - The electric two-wheeler segment generated revenue of 2.592 billion yuan in Q3 2024, a year-on-year increase of 56.9%, with sales of 937,600 units, up 53.7% [3] - The all-terrain vehicle segment achieved revenue of 259 million yuan, a 34.9% increase year-on-year, while the robotic lawn mower segment saw a remarkable revenue increase of 625.0%, reaching 145 million yuan [3] Valuation Metrics - The projected PE ratios for the company are 29.01, 20.96, and 16.42 for 2024, 2025, and 2026 respectively [6][8] - The expected return on equity (ROE) is forecasted to increase from 11% in 2023 to 23% by 2026 [8]
九号公司：2024年三季报点评：Q3电动两轮车同比高增，业绩逐步释放