Investment Rating - The investment rating for the company is "Buy" (maintained) [1][59]. Core Views - The report emphasizes that the Navimow product line leads in stability and reputation, with a relatively well-established offline channel system. The company is expected to maintain its competitive advantage as it continues to invest in channels and after-sales service [6][59]. - The report anticipates that the robotic lawnmower market will enter a second phase of competition, evolving from "usable" to "well-functioning and stable" products. The industry penetration rate is expected to rise rapidly, but brand differentiation will gradually become apparent [6][57]. Summary by Sections 1. Product Competition - The Navimow robotic lawnmower has undergone two iterations, improving obstacle recognition capabilities significantly. The second-generation product can identify over 150 obstacles, outperforming competitors in navigation and obstacle avoidance [6][17]. - The introduction of the X3 model at CES focuses on enhancing RTK stability and mowing efficiency, making it more suitable for the U.S. market. Key upgrades include improved mowing speed and the addition of edge mowing components [19][21]. 2. Channel Development - Navimow is leading in the expansion of traditional and modern channels in Europe, with a significant presence in key markets like Germany, France, and Italy. The company is also establishing a comprehensive after-sales service platform for the X3 model, which is expected to help penetrate the U.S. market [7][55]. - The report notes that while many startups are focusing on online sales, established brands like Navimow are making strides in offline channel development, which is crucial for customer retention and brand reputation [7][46]. 3. Financial Forecasts - The company’s projected net profits for 2024-2026 are 11.49 billion, 16.47 billion, and 24.53 billion yuan, respectively. The corresponding EPS is expected to be 16.03, 22.98, and 34.22 yuan, with current P/E ratios of 32.8, 22.9, and 15.3 times [9][60]. - The report highlights that the company has growth potential and significant room for profit margin improvement compared to peers, reinforcing its growth prospects [59][61].
九号公司：公司深度报告：2025年更新系列（2）：割草机器人——Navimow产品稳定性和口碑领先，线下渠道体系相对完善