家用电器/小家电 科沃斯（603486.SH） 2025 年 10 月 28 日 投资评级：买入（维持） | 日期 | 2025/10/27 | | --- | --- | | 当前股价(元) | 93.85 | | 一年最高最低(元) | 111.69/42.30 | | 总市值(亿元) | 543.42 | | 流通市值(亿元) | 536.71 | | 总股本(亿股) | 5.79 | | 流通股本(亿股) | 5.72 | | 近 3 个月换手率(%) | 75.35 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-10 2025-02 2025-06 科沃斯 沪深300 相关研究报告 科沃斯品牌国内外高增，活水洗地产品占比快速提升 分品牌看，根据奥维数据，科沃斯品牌 2025Q3 内销销售额 7.6 亿元（+122.6%）， 市占率 29.7%（+9.3pct），其中活水洗地产品 2025M7/M8/M9 销量占比分别为 51%/64%/64%；2025Q3 美国亚马逊渠道销售额 3856 万美元（+304%），市占率 10.1%（+7.0pct），德国亚马逊渠道 ...

Core Insights - The company, Ecovacs, has reported explosive growth in its performance, with significant improvements in core profitability [1][4] - The substantial increase in net profit is primarily attributed to the growth in revenue from the company's home service robot business [2][4] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 12.877 billion yuan, representing a year-on-year increase of 25.93% - The net profit attributable to shareholders reached 1.418 billion yuan, marking a year-on-year growth of 130.55% [4] - The operating cash flow net amount was 1.963 billion yuan, showing a remarkable increase of 1780.6% [4] - As of the end of the third quarter, total assets amounted to 16.497 billion yuan, up 9.8% from the previous year [5] Business Strategy - The dual-brand strategy has proven effective, with the two proprietary brands generating a combined revenue of 8.466 billion yuan, accounting for 97.58% of total revenue in the first half of 2025 [2][3] - The company has established a near-monopoly position in the market, particularly in the floor cleaning robot segment, with a domestic online retail market share of 73.1% [3] Market Expansion - The overseas market has become a crucial growth engine, with international business revenue accounting for 40.8% of total revenue in the first half of 2025 [6] - New product categories such as window cleaning robots and lawn mowing robots are rapidly growing in overseas markets, with new category revenue increasing by 120.6% year-on-year [6] Research and Development - The company has consistently invested in research and development, with cumulative R&D expenses reaching 3.848 billion yuan over five and a half years [6] - As of mid-2025, the company held 2,545 patents, including 713 invention patents, and nearly 30% of its workforce is dedicated to R&D [6] Future Directions - The company has identified "embodied service robots" as the next strategic direction, with plans to launch related products within the next 1-2 years [7]

证券研究报告|公司点评报告 [Table_Date] 2025 年 10 月 27 日 [Table_Title] 收入延续高增，盈利同比显著修复 [Table_Title2] 科沃斯(603486) [Table_Summary] 事件概述 公司发布 25 年三季报： 前三季度：公司实现营业收入 128.8 亿元（同比+25.9%，下 同），归母净利润 14.2 亿元（+130.6%），扣非归母净利润 12.8 亿元（+142.0%）。 我们维持 25-27 年公司收入预测为 201.07/230.37/265.15 亿 元，同比分别+21.55%/+14.57%/+15.10%。对应归母净利润 分别为 19.88/24.18/29.31 亿 元 ， 同 比 分 别 +146.67%/+21.61%/+21.23% 。相应 EPS 分 别 为 3.46/4.20/5.10 元，以 25 年 10 月 27 日收盘价 93.85 元计 算，对应 PE 分别为 27.15/22.33/18.42 倍，维持"增持"评 级。 评级及分析师信息 | [Table_Rank] 评级： | 增持 | | --- | -- ...

分析判断 收入端：尽管内销面临国补退坡，去年同期高基数的压力，但清洁电器仍保持较好增长。根据奥维云 网，25Q1/Q2/Q3 扫地机线上销售额同比增速分别为63%/36%/53%，洗地机线上销售额同比增速分别为 41%/41%/54%，Q3 扫地机及洗地机销售额增速环比Q2 均有提速。受益于滚筒系列产品热销， 25Q1/Q2/Q3 科沃斯品牌扫地机线上销售额同比增速分别为55%/51%/122%；添可品牌洗地机线上销售 额同比增速分别为10%/7%/35%，公司双品牌内销环比Q2 均有提速。海外方面受美国关税扰动，且割 草机Q3 为淡季，我们判断海外收入增速环比有所降速。 事件概述 公司发布25 年三季报： 前三季度：公司实现营业收入128.8 亿元（同比+25.9%，下同），归母净利润14.2 亿元（+130.6%）， 扣非归母净利润12.8 亿元（+142.0%）。 25Q3：公司实现营业收入42 亿元（+29.3%），归母净利润4.4亿元（+7160.9%），扣非归母净利润4.2 亿元（+1697.2%）。 我们维持25-27 年公司收入预测为201.07/230.37/265.15 亿元，同比分别+2 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002005 | ST德豪 | 2.43 | -2.80% | 16.19万 | liv 4009.45万 | | 688169 | 石头科技 | 185.01 | -0.75% | 3.25万 | 6.05亿 | | 603215 | 比依股份 | 20.29 | -0.59% | 4.73万 | 9691.15万 | | 920926 | 鸿智科技 | 19.53 | 0.10% | 9565.49 | 1866.64万 | | 002032 | 苏泊尔 | 47.12 | 0.26% | 2.04万 | 9594.18万 | | 300272 | 开能健康 | 6.65 | 0.45% | 10.02万 | 6640.52万 | | 688793 | 倍轻松 | 29.51 | 0.65% | 7015.39 | 2070.29万 | | 6610Z6 | 倍詰康 | 37.96 | 0.72% | 1.77万 | 6762.72万 | | ...

公司发布2025 年三季报，25Q1-Q3 实现营收128.8 亿元，同比+25.9%，归母净利润14.2 亿元，同比 +130.6%，其中25Q3 营收42.0 亿元，同比+29.3%，归母净利润4.4 亿元，同比+7160.9%。 收入维持良好增长，科沃斯品牌持续高增。25Q1-Q3 公司实现收入128.8 亿元，同比+25.9%，其中单Q3 收入42.0 亿元，同比+29.3%，营收仍然维持良好增长。分市场看，尽管国内市场存在国补效应边际递 减，清洁电器行业需求依旧强劲，根据奥维云网数据，25Q3 扫地机/洗地机线上销额同比分别 +52%/+55%，我们认为在滚筒系列产品带动下，科沃斯品牌收入增速有望高于行业，但由于洗地机行 业竞争加剧，预计添可品牌表现或低于行业。海外市场方面，公司正积极把滚筒系列产品推向海外，科 沃斯品牌外销亦有较好表现，但美国市场存在关税扰动导致添可品牌收入承压。 业绩增长靓丽，盈利改善明显。25Q1-Q3 公司归母净利润14.2 亿元，同比+130.6%，其中单Q3 归母净 利润4.4 亿元，同比+7160.9%，业绩增长较为靓丽，我们认为除去年同期低基数影响外，还与滚筒系列 占 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 110 yuan [2][8]. Core Insights - The company has demonstrated significant revenue growth, achieving 12.88 billion yuan in revenue for the first three quarters of 2025, a year-on-year increase of 25.9%. The net profit attributable to the parent company reached 1.42 billion yuan, up 130.6% year-on-year, with Q3 alone showing a remarkable net profit of 440 million yuan, reflecting a staggering increase of 7160.9% [2][8]. - The company's brand continues to grow robustly, with strong performance in the cleaning appliance sector, particularly in the domestic market, despite diminishing effects from national subsidies. The online sales of floor cleaning machines and washing machines in Q3 increased by 52% and 55% respectively [2][8]. - The company is actively expanding its product offerings, particularly in the overseas market, with a focus on rolling series products. However, the brand's performance in the U.S. market is under pressure due to tariff disturbances [2][8]. Financial Performance Summary - The company is projected to achieve total revenue of 19.71 billion yuan in 2025, with a year-on-year growth rate of 19.1%. The net profit attributable to the parent company is expected to reach 2 billion yuan, reflecting a growth rate of 148.1% [4][9]. - The earnings per share (EPS) forecast for 2025 is adjusted to 3.46 yuan, with corresponding price-to-earnings (P/E) ratios of 26, 23, and 20 for the years 2025, 2026, and 2027 respectively [4][9]. - The company's gross margin improved to 49.8% in Q3 2025, an increase of 7.7 percentage points year-on-year, driven by a better product mix and cost optimization [2][8]. Business Outlook - The company is expected to continue its positive operational trajectory, with innovative product iterations in the floor cleaning segment and new business lines like lawn mowers contributing to growth. The overseas revenue from new categories has shown a year-on-year increase of 120.6% in the first half of 2025 [2][8]. - The company is also exploring opportunities in embodied intelligence, which is anticipated to enhance profitability across various segments [2][8].

Group 1 - The three major indices opened high, with the technology sector continuing its strong performance, particularly the Robot Index ETF (560770) which rose by 1.29% [1] - The Robot Index ETF (560770) has seen a net inflow of 654 million yuan since October, with a net subscription of 120 million yuan over the last three days, and its share has increased by over 111.4% since its listing on September 1, reaching a new high of over 2.07 billion yuan [1] - The demand for robots is robust, with significant contributions from the development and export of industrial and service robots to industrial upgrades [1] Group 2 - According to the latest research from Shenwan Hongyuan, the structural characteristics of A-shares in the five-year planning period will reflect the strongest direction in AI, robotics, and semiconductors by 2025, with a positive outlook for technology leaders in the fourth quarter of 2025 [2] - The Robot Index ETF (560770) tracks the CSI Robot Index, which includes major stocks such as Huichuan Technology, iFlytek, Roborock, Dahua Technology, and others [2] - The top three industries in the CSI Robot Index account for 83.22%, with mechanical equipment being the largest at 55.89%, followed by computers at 18.9% and home appliances at 8.43% [2]

事件：科沃斯公布2025 年三季报。公司前三季度实现收入128.8亿元，YoY+25.9%；实现归母净利润 14.2 亿元，YoY+130.6%。经折算，Q3 单季度实现收入42.0 亿元，YoY+29.3%；实现归母净利润4.4 亿 元，YoY+7160.9%。我们认为公司在加速创新产品落地的同时积极优化成本结构，提升研发、供应链和 制造的一体协同效率，营收和利润有望延续良好增长。 投资建议：科沃斯作为扫地机器人行业龙头，具有技术、渠道、供应链优势，不断优化产品、费用结 构。扫地机品类的普及率提升空间较大，行业景气持续修复。公司调整经营策略，盈利能力有望保持提 升趋势。我们预计科沃斯2025 年~2027 年的EPS 分别为3.74/4.35/5.12 元，维持买入-A 的投资评级，6 个月目标价为112.33 元，对应2025 年30 倍市盈率。 风险提示：海外贸易政策变化，行业竞争加剧。 Q3 盈利能力持续提升：Q3 公司毛利率同比+7.7pct，我们判断主要原因包括：1）公司凭借滚筒活水洗 地产品持续提升中高端市场份额；2）公司持续通过设计端方案优化与采购端供应链升级挖掘降本潜 力。Q3 公司归母净利 ...

Group 1: Financial Events and Policies - The 2025 Financial Street Forum Annual Meeting is taking place from October 27 to 30 in Beijing, with key speeches from the Governor of the People's Bank of China, the head of the Financial Regulatory Administration, and the Chairman of the China Securities Regulatory Commission [2][3] - The People's Bank of China will conduct a 900 billion yuan Medium-term Lending Facility (MLF) operation on October 27, with a one-year term [3][5] - The State Council's report on financial work emphasizes the need for a moderately loose monetary policy to support the real economy and create a favorable financial environment [3] Group 2: Company Earnings Reports - WuXi AppTec reported a net profit of 12.076 billion yuan for the first three quarters, a year-on-year increase of 84.84% [4] - Cambridge Technology's net profit for the first three quarters increased by 70.88% year-on-year [5] - Weicai Technology achieved a net profit of 202 million yuan for the first three quarters, marking a 226.41% year-on-year growth [5] - Guosheng Financial Holdings reported a net profit of 242 million yuan for the first three quarters, up 191.21% year-on-year [6] - Shen Shen Fang A's net profit surged by 2791.57% year-on-year for the first three quarters, reaching 14.5 million yuan [6] - Several companies, including Morning Light Biotechnology and Wen Tai Technology, reported significant year-on-year profit increases of 385.3% and 265.09%, respectively [6][12] Group 3: Company Losses and Declines - Jing Sheng Machinery reported a net profit decline of 69.56% for the first three quarters [9] - China Shenhua's net profit decreased by 10% year-on-year, amounting to 39.052 billion yuan [8] - Health Yuan and Ping An Bank experienced net profit declines of 1.83% and 3.5%, respectively, for the first three quarters [8]