Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][17] Core Views - The company is expected to maintain long-term high growth despite short-term performance disruptions due to non-recurring expenses and share-based payment costs [6] - The company forecasts a significant increase in net profit for 2024, with an expected range of 1.05 to 1.12 billion yuan, representing a year-on-year growth of 59% to 87% [6] - The company has introduced the "True Smart 3.0" technology system, enhancing product safety and personalization, which is anticipated to strengthen its position in the mid-to-high-end market [6] - The company is focusing on expanding its user base and improving channel efficiency, with an expected increase in two-wheeler shipments in early 2025 compared to the previous peak season [6] Financial Summary - The company’s revenue is projected to grow from 10.22 billion yuan in 2023 to 18.54 billion yuan in 2025, reflecting a year-on-year growth of 32.2% [8] - The net profit attributable to the parent company is expected to rise from 598 million yuan in 2023 to 1.60 billion yuan in 2025, indicating a growth rate of 52.1% [8] - The gross margin is forecasted to improve from 26.9% in 2023 to 30.9% in 2025, while the net margin is expected to increase from 5.9% to 8.6% during the same period [8][13] - The company’s earnings per share (EPS) is projected to grow from 8.34 yuan in 2023 to 22.30 yuan in 2025 [8] Product and Market Position - The company’s lawn mower products are recognized for their stability and performance, with a strong reputation in the market [7] - The company is expanding its offline channels and after-sales service, which is expected to enhance customer loyalty [7] - The introduction of the new X3 product is aimed at penetrating the light commercial and U.S. markets, laying a foundation for long-term growth [7]
九号公司：公司信息更新报告：2024Q4业绩阶段受股份支付费用和非经等扰动，长期高业绩成长性不变