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, with a significant increase in the company's store count and revenue despite an overall industry decline [7][8]. - The company is expected to achieve revenues of 141.40 billion yuan in 2024, with a year-on-year growth of 38.63%, and a net profit of 10.53 billion yuan, reflecting an 81.90% increase [7][8]. - The introduction of new smart systems and innovative products is enhancing the company's competitive edge in the market [7][8]. Financial Projections - Revenue projections for the company are as follows: 141.40 billion yuan in 2024, 173.21 billion yuan in 2025, and 204.77 billion yuan in 2026 [6][8]. - The expected net profits are projected to be 10.53 billion yuan in 2024, 14.11 billion yuan in 2025, and 17.99 billion yuan in 2026 [6][8]. - Earnings per share (EPS) are forecasted to be 1.47 yuan in 2024, 1.97 yuan in 2025, and 2.51 yuan in 2026 [6][8]. Market Dynamics - The electric two-wheeler market is set to benefit from government policies promoting trade-in programs and increased subsidies, which are expected to stimulate consumer demand [7][8]. - The company is expanding its product lines, including robotic lawn mowers and all-terrain vehicles, which are anticipated to contribute to revenue growth [7][8]. Valuation - The report suggests a reasonable price range for the company's stock between 68.95 and 78.80 yuan based on a projected P/E ratio of 35-40 times for 2025 [8].
九号公司（689009）：电动两轮车供需改善，新兴业务有望持续放量