研報掘金丨國盛證券:維持九號公司“增持”評級,未來持續受益於兩輪車增長及機器人放量
國盛證券研報指出,九號公司(689009.SH)24年實現歸母淨利潤10.84億元,同比增長81.29%。其中,Q4歸母淨利潤爲1.14億元,同比增長-47.77%。公司兩輪車業務持續擴展,銷量實現259.9萬輛,同比+76.6%,截至2025 年2 月底門店數超7600家。公司產品矩陣不斷拓展以涵蓋更多細分市場,2024年推出MIX 家族、妙想家C 系列等多款新品。2024年公司機器人板塊快速增長,銷量同比增加323.5%至16.5萬臺,公司送物機器人入駐近萬家酒店、在近50國家使用,2024年公司新發布智能割草機X3系列,從多維度進行技術創新,持續賦能海外市場增長。公司在高端市場產品力領先,未來在渠道拓展、產品力持續賦能下公司規模及盈利能力有望持續提升。公司未來持續受益於兩輪車增長及機器人放量,維持“增持”評級。
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