Company 9 (689009)
Pioneer in the field of intelligent short-term transportation, electric two wheeled vehicle, Siasun Robot&Automation Co.Ltd(300024) future is expected, maintaining the "buy" rating
Since its establishment, No. 9 company has been deeply engaged in the field of intelligent scooters and balance vehicles for a long time. In the early stage, it achieved rapid development with the help of "Xiaomi". So far, it has become a leading enterprise in global intelligent short transportation. Since 2019, the company has made efforts in the Siasun Robot&Automation Co.Ltd(300024) field of electric two wheeled vehicles and services, aiming to create a secondary growth curve with electric two wheeled vehicles and Siasun Robot&Automation Co.Ltd(300024) field as the core. We believe that under the new national standard and the trend of "de artificial" lawn, the electric two wheeled vehicle and mowing Siasun Robot&Automation Co.Ltd(300024) growth can be expected, and the company is expected to achieve rapid development by virtue of product advantages and channel expansion. We estimate that the net profit attributable to the parent company from 2021 to 2023 will be RMB 415 / 762 / 1322 million, corresponding to EPS of RMB 5.86/10.77/18.68, and the corresponding PE of the current stock price will be 74.6/40.6/23.4 times respectively. The "buy" rating will be given for the first time.
Benefiting from the opening of the right of way in the European market and the mature development of product channels, we are optimistic about the steady growth of the main business of electric scooters
At present, the driving force of industry growth mainly comes from the wave of overseas shared travel and the incremental space brought by the liberalization of the right of way in the scooter market. Relying on its own product advantages and Xiaomi channel, the company has taken the lead in seizing most of the share of overseas market, and its leading position is stable. With the development of intelligent sharing scooter T60 and other products at the product end, as well as the development and maturity of channel end B and independent brands, we expect the company to achieve multi-channel and multi category development in the future.
Benefiting from the "new national standard" and "de artificial lawn", the company may start the second growth curve
(1) electric two wheeled vehicle: driven by the "new national standard", the domestic market may resume rapid growth. The company's products have formed a low, medium and high price band coverage, with both cost performance and intelligence. We expect to benefit from the expansion of offline stores and industry dividends in the future to achieve rapid growth. In addition, Southeast Asia and other markets have broad alternative space, and the company may quickly seize the market by virtue of its brand power. (2) Mowing Siasun Robot&Automation Co.Ltd(300024) : from the perspective of permeability, there is great room for improvement. Aiming at the pain points of low coverage of traditional lawn mowers and high cost of wire embedding, the company took the lead in launching intelligent lawn mowers without wire embedding, which is expected to lead the development of the industry and superimpose the advantages of Segway brand. We expect to usher in rapid development in 2022.
Core technologies build patent barriers, and general technologies promote continuous iterative innovation of products
Under the business philosophy of focusing on R & D and patents, the company has sufficient overseas patent layout, and has obtained nearly 300 exclusive authorized patents from Deka company. We believe that it has formed a patent barrier for latecomers. In addition, the company has a number of general technologies, which can realize continuous product update and iteration through technology reuse, and its core competitive advantage is expected to continue.
Risk warning: the sales volume of electric two wheeled vehicles is lower than expected; The scooter policy is tightened; Rising prices of raw materials, etc.
