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研報掘金丨國信證券:維持九號公司“優於大市”評級,多元新業務持續成長
格隆匯 07-03 16:00

國信證券研報指出,九號公司爲智能短交通及服務類機器人領軍企業,具備創新及智能化基因。公司智能化技術壁壘深厚,管理團隊擁有較強智能化背景、技術中臺能夠實現底層技術複用、積累智能化核心技術,獲得市場認可。2025年以舊換新政策提升行業景氣度;新國標有望促進頭部企業份額提升,長期看電動兩輪車行業進入門檻有望提高,頭部品牌持續加強高端產品佈局,引導消費者付出更高溢價,高端電動兩輪車市場空間有望擴容。考慮到電動兩輪車業務高成長,全地形車、割草機器人等新興業務逐步起量,有望帶來較大收入及利潤增長彈性,上調盈利預測給予25年29-30x PE,對應合理估值68.6-71.0元,相較當下具16%-20%空間,維持“優於大市”評級。

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