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"edu_l1_label": "EDU_O"}, {"txt": "过往表现不应作为日后的表现依据。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 23700000, "bbox": [[0.171, 0.731, 0.416, 0.74]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 16, "global_sentence_id": 834, "edu_l1_label": "EDU_O"}, {"txt": "在不同时期，本公司可发出与本报告所载资料、意见或推测不一致的报告。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 23700000, "bbox": [[0.416, 0.731, 0.872, 0.74], [0.119, 0.749, 0.154, 0.758]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 16, "global_sentence_id": 835, "edu_l1_label": "EDU_O"}, {"txt": "本公司不保证本报告所含信息保持在最新状态。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 23700000, "bbox": [[0.154, 0.749, 0.476, 0.758]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 16, "global_sentence_id": 836, "edu_l1_label": "EDU_O"}, {"txt": "同时，本公司对本报告所含信息可在不发出通知的情形下做出修改，投资者应当自行关注相应的更新或修改。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 23700000, "bbox": [[0.476, 0.749, 0.873, 0.758], [0.12, 0.767, 0.442, 0.776]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 16, "global_sentence_id": 837, "edu_l1_label": "EDU_O"}, {"txt": "本报告中的内容和意见仅供参考，并不构成客户私人咨询建议。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 23700000, "bbox": [[0.12, 0.79, 0.538, 0.799]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 17, "global_sentence_id": 838, "edu_l1_label": "EDU_O"}, {"txt": "在任何情况下，本公司、本公司员工或关联机构不承诺投资者一定获利，不与投资者分享投资收益，也不对任何人因使用本报告中的任何内容所引致的任何损失负责，投资者据此做出的任何投资决策与本公司、本公司员工或关联机构无关。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 23700000, "bbox": [[0.538, 0.79, 0.872, 0.799], [0.12, 0.809, 0.856, 0.817], [0.119, 0.825, 0.624, 0.836]]}]}, 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# 科赋消费，智能化＋机器人双驱动
## 1 科技为基、产品为核，智能短交龙头业务多点开花
### 1.1 投资逻辑：产品创新引领智能化革命，资本赋能创新基因商业化
### 1.2 平衡车和滑板车稳健，两轮车、机器人打造多元增长极
#### 收入基本盘从平衡车＆滑板车转变为两轮车，新拓业务逐步成为增长引擎。
#### 国内市场表现稳健，海外业务高歌猛进，内外销占比趋于均衡。
#### 渠道调整接近尾声，自主品牌业务快速增长。
## 2 两轮车：卡位智能化、高端化赛道，新国标及国补刺激需求释放
### 2.1 国内市场：新国标$+$国补政策释放焕新需求，行业集中度持续提升
#### 千亿级市场空间广阔，多重利好因素催化下，行业增长动力充足。
#### 行业洗牌加速出清，竞争格局持续优化。
### 2.2 海外市场：蓝海市场空间广阔，国内龙头加速布局
#### 海外市场增长空间广阔，市场竞争较分散。
#### 国产电动两轮车加速出海，寻求新增量。
### 2.3 公司：产品矩阵丰富，高端智能品牌形象深入人心
#### 九号公司两轮车产品矩阵丰富。
#### 高端化品牌形象深入人心，具备一定的品牌溢价。
#### 我们认为公司在高端化市场具备优势：
#### 公司电动两轮车智能化、安全性领跑行业。
## 3 平衡车＆滑板车：B端业务调整完成，自主品牌助力增长恢复
### 3.1 行业：欧美智能短交需求旺盛，国内静待路权开放
#### 全球智能短交产品需求方兴未艾，优势凸显。
#### 1）电动平衡车：
#### 2）电动滑板车：
### 3.2 公司：平衡车＆滑板车起家，转型自主有望恢复增长
#### 平衡车＆滑板车为早期业务基本盘，渠道调整结束、自主品牌助力增长恢复。
#### 滑板车产品矩阵丰富，持续巩固行业龙头地位。
## 4 机器人：智能化趋势显著，蓝海市场前景广阔
### 4.1 割草机器人：欧美为主要消费市场，持续走向智能化
#### 割草机器人市场在人口老龄化、生活方式改变和环保意识增强等因素的驱动下，呈现出快速发展的态势。
#### 竞争格局高度集中，富世华$+$宝时得市场份额占九成。
#### 底层智能技术积累产品优势，有望解决传统产品痛点。
### 4.2 其他服务机器人：配送机器人
#### 处于蓝海市场，需求具备确定性。
#### 公司业务逐步扩展，产品线持续扩充。
## 5 全地形车：国际龙头占据主导，九号制造进军海外市场
### 5.1 行业：欧美市场需求稳健，国际龙头具有先发优势
#### 欧美地区为全地形车主流市场，国内市场具备增长潜力。
#### 终端消费以欧美市场为主，市场高度集中，头部企业为欧美老牌厂商。
### 5.2 公司：九号制造走向海外，新品助力市场份额提升
## 6 盈利预测与投资建议
### 6.1 盈利预测
#### 1）电动两轮车：
#### 2）平衡车＆滑板车：
#### 3）机器人：
#### 4）其他产品：
### 6.2 投资建议
## 7 风险提示：
### （1）需求不及预期风险：以旧换新等补贴可能对产品销售增长提振效果不显著，导致公司产品销售增长不及预期。
### （2）新品销售不及预期风险：短交行业竞争激烈，若公司产品推新的速度和时机没有把握好，可能会导致公司业绩增长不及预期。
### （4）汇率波动风险：公司出口业务主要以美元等外币结算，汇率波动可能对公司毛利率和汇兑损益产生影响。
### （5）监管政策风险：
