Investment Rating - The investment rating for the company is "Outperform the Market" [7][25]. Core Viewpoints - The company is expected to experience rapid growth in revenue and net profit in 2024, with projected revenue of 14.2 billion yuan, a year-on-year increase of 38.9%, and a net profit of 1.08 billion yuan, a year-on-year increase of 81.3% [1][9]. - The improvement in profit margins is attributed to the scale effects from the rapid growth of electric two-wheelers, lawn mowers, and all-terrain vehicles, leading to enhanced profitability [2][14]. - The company is focusing on expanding its product matrix and enhancing its market position in the smart electric two-wheeler sector, with plans to launch multiple new products in 2024 [3][19]. - The introduction of new products in the lawn mower and all-terrain vehicle segments is expected to open up new growth opportunities for the company [4][21]. Revenue and Profit Growth - The company anticipates significant revenue growth driven by the launch of new products, with electric two-wheelers projected to generate 7.211 billion yuan in revenue, a 70.4% increase year-on-year [9]. - The net profit growth rate is expected to outpace revenue growth due to improved sales volume and cost efficiencies [9][14]. Margin Improvement - The gross margin for electric two-wheelers is projected to be 21.1%, an increase of 2.1 percentage points year-on-year, while the overall gross margin for the company is expected to reach 28.2%, up 1.3 percentage points [2][14]. - The net profit margin is forecasted to improve to 7.7%, reflecting a year-on-year increase of 1.8 percentage points [2][14]. Product and Market Expansion - The company is enhancing its product offerings in the electric two-wheeler market with the introduction of several new models, aiming to solidify its market leadership [3][19]. - The launch of the Navimow X3 intelligent lawn mower is expected to significantly enhance the company's market presence in the lawn care segment [20]. - The all-terrain vehicle segment is also being expanded with new models that cater to various applications, which are anticipated to become new growth drivers [4][21]. Financial Forecast and Valuation - The profit forecast has been revised upward, with expected net profits of 1.647 billion yuan, 2.150 billion yuan, and 2.625 billion yuan for the years 2025, 2026, and 2027 respectively [5][25]. - The earnings per share are projected to be 2.30 yuan, 3.00 yuan, and 3.66 yuan for the same years, with corresponding price-to-earnings ratios of 24, 18, and 15 [5][25].
九号公司-WD：2024年利润高增长，电动两轮车、割草机等业务有望快速放量-20250417