Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [9][191]. Core Insights - The company is positioned as a leading player in the smart mobility sector, leveraging a platform-based organizational structure to achieve effective reuse of underlying technologies. The company has seen a significant upward inflection in growth momentum, with a notable increase in revenue and profit margins [2][4][7]. Summary by Sections Growth Inflection Point - The company defines itself as a "smart mobility capability" provider, focusing on short-distance transportation and service robots. In the first three quarters of 2024, the company reported a 45% year-on-year increase in revenue and a 170% increase in net profit attributable to the parent company, indicating a strong acceleration in growth [4][23]. Underlying Capabilities - The core management team has a strong background in robotics, enabling the company to build a flat platform organization that empowers various business lines. The company effectively reuses its core technologies across different sectors, avoiding direct competition with established players by focusing on "true intelligence" in its products [5][34]. Scale Expansion - The company has made significant strides in its two-wheeler segment, with a rapid increase in sales driven by superior smart technology. The lawn mower and all-terrain vehicle segments are also expected to grow rapidly due to product leadership and steady channel expansion [6][77]. Investment Recommendations - The company is expected to maintain high-quality, high-potential growth, with projected net profits of 1.062 billion, 1.540 billion, and 2.209 billion yuan for 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios are estimated at 34.69, 23.92, and 16.67 times [7][191]. Market Performance - The company has established a strong brand presence among younger consumers, with a significant portion of its sales coming from the 18-35 age group. The company has also expanded its offline retail presence to over 6,500 stores, with plans to reach around 10,000 stores [105][112]. New Growth Drivers - The company is entering the E-bike market, leveraging its existing technology and brand resources. The E-bike sector is projected to grow significantly, with a compound annual growth rate of 15.6% expected from 2023 to 2030 [172][178].
九号公司：平台赋能，裂变成长