Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected return exceeding 15% compared to the CSI 300 index [2][11]. Core Insights - The electric two-wheeler industry is experiencing improvements in both supply and demand, driven by new regulations and government incentives [7]. - The company has shown robust growth in its electric two-wheeler business, with a significant increase in store numbers and revenue despite a general industry decline [7]. - The company is expanding its product offerings in robotic lawn mowers and all-terrain vehicles, which are expected to contribute to future growth [8]. Financial Projections - The company’s projected revenue for 2024 is 141.40 billion yuan, with a year-on-year growth of 38.63%, and a net profit of 10.53 billion yuan, reflecting an 81.90% increase [7]. - Forecasted revenues for 2025 and 2026 are 173.21 billion yuan and 204.77 billion yuan, respectively, with corresponding net profits of 14.11 billion yuan and 17.99 billion yuan [8]. - Earnings per share (EPS) are expected to rise from 1.47 yuan in 2024 to 2.51 yuan in 2026 [8]. Market Performance - The company's stock has shown significant growth over the past year, with a 95.67% increase over 12 months [4]. - The current stock price is 59.38 yuan, with a 52-week price range of 27.33 to 62.03 yuan [2].
九号公司：电动两轮车供需改善，新兴业务有望持续放量-20250317