Looks like there will be no smooth sailing for NIU at least until 2024. Taking in a new revenue estimate (volume x current revenue per scooter) for 2023, assuming an anual revenue growth rate of 25%, and assuming a slow net profit margin recovery from -3% in 2023 to 8% in 2026 (and a final price-to-book ratio of 2.2), my valuation forecasts a ~16% annual return. It's OK, but I won't be adding to this position until NIU is showing clear signs of beating these forecasts, or if the stock price revisits the all-time low of last year.$Niu Technologies(NIU)$
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