Incident: The company released full-cycle sales data for 2024 618. The omni-channel sales of two-wheel electric+short transportation exceeded 1.63 billion yuan, an increase of 67% over the previous year. Among them, omni-channel sales of No. 9 electric two-wheelers reached 1.55 billion yuan, an increase of 75% year on year; sales volume exceeded 345,000 units, an increase of 84% year on year.
Omnichannel sales reached another record high, and sales volume and sales of electric two-wheelers increased significantly. In the current 618 full cycle, omni-channel sales of two-wheel electric+short transportation reached 1.63 billion yuan, an increase of 67% over the previous year. The omni-channel sales of electric motorcycles reached 1.55 billion yuan, up 75% year on year, and sales reached 345,000 units, up 84% year on year. Among them, online sales exceeded 1,104 billion yuan, up 61% year on year, online sales exceeded 243,000 units, up 71% year on year, and covered the top 1 sales volume of stores on the Tmall, JD, and Douyin platforms (electric two-wheeler category), with impressive sales performance. Short-term transportation omnichannel sales exceeded 80.59 million yuan, of which online sales exceeded 49.36 million yuan, covering the top 1 sales of the Tmall, JD, and Douyin platforms (Tmall electric balance scooters & electric scooters, JD motion scooters, Douyin electric scooters & electric balance scooters) brand sales.
The high-end electric vehicle market is showing strong performance, with top sales in multiple price segments. During the 618 period, the company's high-end electric vehicle sales ranked first in the price ranges above 4,000 yuan and above 20,000 yuan respectively, leading the way in high-end products and intelligence.
Many products are at the top of various lists, and the brand's influence continues to grow. Company 9's various products ranked first in multiple platform lists: the No. 9 electric F90M ranked first in JD's list of electric bikes over 5,000 yuan; the No. 9 electric M95C ranked first in the Tmall electric motorcycle hot sales list and Douyin Dapan electric motorcycle ranking; the No. 9 electric F90 ranked first in the Tmall electric bike hot sales list; and the No. 9 electric N70C ranked first in the Douyin big plate electric bike list. Furthermore, in the Douyin electric scooter bestseller list, Company 9 occupied 5 of the top 10 seats.
Investment advice: As a global leader in the field of intelligent short transportation, the company is far ahead in the high-end two-wheeler market, while continuing to expand into the middle and high-end markets. Driven by the “trade-in” policy, it is expected that demand for replacement will be further stimulated, and it is expected to maintain a high growth trend in the future. We expect the company's revenue in 2024-2026 to be 134.83/174.55/ 21.273 billion yuan respectively, up 31.91%/29.46%/21.87% year on year, and realized net profit to mother will be 8.02/11.20/1,406 billion yuan, up 34.14%/39.59%/25.59% year on year, corresponding EPS of 11.20/15.64/19.64 yuan, respectively, and current stock price corresponding to PE is 37.24/26.68/21.24 times, respectively. Maintain a “Recommended” rating.
Risk warning: increased market competition, fluctuations in raw material costs, exchange rate fluctuations, etc.