Company 9 (689009)
Key investment points
Intelligent electric two wheeled vehicles benefited from the "new national standard" and continued to grow in large quantities
1) The "new national standard" drives the 100 million level increment, and the concentration increases into a trend: according to the data of the prospective industry institute, it is expected that the "new national standard" will strictly drive the replacement increment of electric vehicles by about 100 million, the technically unqualified products will be phased out, the competition pattern will be optimized, and the market concentration is expected to increase continuously; 2) Full product matrix & channel expansion of offline stores: No. 9 has formed a low, medium and high-end full product matrix, and will continue to vigorously expand offline stores in the future. We expect that the market share of No. 9 electric vehicle will increase to 2% in 2023, and the electric two wheeled vehicle business will cagr90% in the next three years.
Exceeding expectations: Blue Ocean mowing Siasun Robot&Automation Co.Ltd(300024) hopes to open the second growth curve, exceeding market expectations
1) The "blue ocean" market of intelligent lawn mowers has a broad space: according to statista data, the market scale of lawn mowers in 2020 is US $30.1 billion, and the penetration rate of mowing Siasun Robot&Automation Co.Ltd(300024) is only 4%, which is similar to that of early sweeping Siasun Robot&Automation Co.Ltd(300024) , so there is great room for improvement. 2) The company's products and technology have obvious first mover advantages: Aiming at the pain points of overseas courtyard lawn mowing, the company took the lead in launching the intelligent mowing Siasun Robot&Automation Co.Ltd(300024) without embedded line & autonomous navigation, which is efficient, convenient and cost-effective; 3) Superimposed with the potential energy of "Segway" brand, we expect that after being put into the market in 22 years, the rapid outbreak is expected to exceed the market expectation.
Core competitiveness: leading technology, dimensionality reduction and attack; Brand empowerment and rich channels
Leading technology and dimension reduction: relying on the precipitation of advanced technology in the field of balance vehicle / Siasun Robot&Automation Co.Ltd(300024) (300 Deka exclusive patents), the company continues to reduce dimension and expand innovation, such as short-term transportation, from balance vehicle to scooter, then to electric two wheeled vehicle and all terrain vehicle; Siasun Robot&Automation Co.Ltd(300024) the track distributes Siasun Robot&Automation Co.Ltd(300024) indoors, to outdoor distribution Siasun Robot&Automation Co.Ltd(300024) and then to intelligent mowing Siasun Robot&Automation Co.Ltd(300024) by relying on mobile Siasun Robot&Automation Co.Ltd(300024) chassis.
Brand empowerment and rich channels: 1) in brand promotion, China creates its own brand nmebot; Relying on the Segway brand, the ancestor of the balanced car brand, foreign countries have launched modification kits, luxury co branded models, children's series, etc. to firmly grasp the customer base of young users. 2) In terms of channel reach, it not only covers all channels on China's external lines (self operated platform / JD / tmall / Taobao / Suning / Xiaomi / Amazon, etc.), but also makes an all-round layout of offline channels with higher barriers (Xiaomi / exclusive stores / bestbuy / Costco).
Profit forecast and Valuation: rated as "overweight"
The company's intelligent short transportation industry is still in a period of rapid development, and there is a huge space for superimposing the service Siasun Robot&Automation Co.Ltd(300024) industry. It is estimated that from 2021 to 2023, the company's revenue will be RMB 9.444/13.029/16.192 billion, an increase of 57.33% / 37.96% / 24.27% at the same time, and the net profit attributable to the parent company will be RMB 567 / 857 / 1144 million, an increase of 671.32% / 51.26% / 33.45% at the same time. According to our positioning of No. 9 company as an intelligent short transportation technology brand and considering the sea dividend of Chinese consumer goods, we will give the rating of "overweight".
Catalyst: electric two wheeled vehicle shop acceleration, mowing Siasun Robot&Automation Co.Ltd(300024) listing
Risk statement
Repeated epidemic situation; Fluctuation of sea freight; The demand for downstream products was lower than expected.
