Investment Rating - The report maintains a "Buy" rating for Ecovacs Robotics (603486 SH) [4] Core Views - Ecovacs Robotics is a dual leader in both robotic vacuum cleaners and floor washing machines with its brands "Ecovacs" and "Tineco" [4] - The company achieved revenue of 15 5 billion yuan in 2023 but faced pressure due to product layout missteps and intense price competition [4] - The company is actively adjusting its strategies and the expected inflection point is gradually emerging [4] Robotic Vacuum Cleaners - The robotic vacuum cleaner industry is shifting towards "micro-innovation + high cost-performance" as the key to competition [5] - Ecovacs launched the T30 Pro series in 2024 which has improved in multiple details and achieved a stable market share of around 10% in domestic online sales [5] - The company is also expanding its presence in international markets through its Yeedi sub-brand [5] Floor Washing Machines - The floor washing machine market in China had a penetration rate of only 3% in 2023 with a market size of 12 21 billion yuan [6] - Tineco has completed further price reductions in 2024 creating a significant gap with competitors like Dreame and Narwal [6] - Long-term the industry is likely to see consolidation through price wars with Tineco benefiting from its brand recognition and cost advantages [6] New Businesses and Cost Control - Ecovacs invested 300 million yuan in new businesses such as robotic lawn mowers and smart kitchen appliances in 2023 [7] - The company's sales expense ratio in Q1 2024 was close to a two-year low indicating more rational spending and potential profit release [7] Financial Projections - The report forecasts net profits of 1 221 1 498 and 1 869 billion yuan for 2024-2026 with corresponding P E ratios of 22 28 18 15 and 14 55 times [8] Market Performance - Ecovacs' overseas revenue accounted for 42% of total revenue in 2023 with continuous growth in both revenue and gross margin since 2019 [20] - The company's smart home appliances segment accounted for nearly 50% of total revenue in 2023 reflecting the success of its dual-brand strategy [20] Historical Development - Ecovacs has undergone three major transformations from OEM production to establishing its own brand and then to a dual-brand strategy [26] - The company has a strong presence in over 170 countries and regions with subsidiaries in Germany the US Japan and Singapore [18] Industry Trends - The global penetration rate of robotic vacuum cleaners is still low with significant growth potential especially in markets like the US and China [44] - The industry is focusing on "micro-innovation + high cost-performance" to better match consumer needs [50] Competitive Landscape - Ecovacs has a competitive edge in cost control and response efficiency due to its deep industrial chain layout and self-production capabilities [61] - The company has made significant progress in cost reduction and product optimization with the launch of the T30 Pro series [65]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨科沃斯（603486.SH） [Table_Title] 营收规模同比回落，盈利能力阶段承压 报告要点 [Table_Summary] 2024 年前三季度公司实现营业收入 102.26 亿元，同比下滑 2.90%，实现归母净利润 6.15 亿 元，同比增长 1.88%，实现扣非归母净利润 5.31 亿元，同比增长 1.69%；其中 2024Q3 公司 实现营业收入 32.50 亿元，同比下滑 4.06%，实现归母净利润 603.88 万元，同比下滑 69.21%， 实现扣非归母净利润-2656.22 万元，同比下滑 264.92%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 科沃斯（603486.SH） cjzqdt11111 2024-11-05 资料来源：Wind 相关研究 [Table_Title2] 营收规模同比回落，盈利能力阶段承压公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 公司披露 ...

Market Overview - The domestic market for robotic vacuum cleaners is highly concentrated, with the top 5 brands (Ecovacs, Roborock, Xiaomi, Narwal, and Dreame) accounting for 90% of the market share from January to April [1] - From January to August, the market share of the top 5 brands was Ecovacs (22.22%), Roborock (20.29%), Xiaomi (15.80%), Narwal (14.84%), and Dreame (11.23%) [2] - The domestic market penetration rate for robotic vacuum cleaners is only about 6%, indicating significant growth potential [4] DJI's Entry into the Market - DJI has been developing robotic vacuum cleaners for four years and is expected to launch its product by mid-2025, targeting the high-end market segment [1] - DJI's entry is seen as a potential disruptor due to its strong technological background in algorithm navigation systems, but industry experts believe it will take time for DJI to establish a stable product and gain market share [2] - DJI's entry could attract its existing fan base to the robotic vacuum cleaner category, potentially increasing overall market attention and size [3] Technological and Market Challenges - The core technologies in robotic vacuum cleaners include chips, modeling methods, laser navigation, cleaning capabilities, and obstacle avoidance [2] - DJI's technological advantages in navigation systems may not translate into significant advantages in other areas such as motors [2] - The high price point (typically around 2000-3000 RMB) and the requirement for larger living spaces (over 90 square meters) limit the widespread adoption of robotic vacuum cleaners in China [4] Domestic Market Trends - Domestic shipments of robotic vacuum cleaners have declined, with 441,000 units in 2022 and 458,000 units in 2023, compared to 654,000 units in 2020 [4] - The domestic market is highly competitive, with limited growth potential, leading companies to focus on overseas markets for expansion [4] Overseas Market Expansion - Ecovacs' overseas business grew by 20.1% in 2023, while Roborock's overseas revenue increased by 21.4% [5] - In Q1 2024, vacuum cleaner exports from China reached 9.16 billion RMB, a 28.5% increase, with export volume reaching 35.08 million units, up 20.9% [5] - In Q2 2024, Dreame's global shipments increased by 73.3%, Xiaomi by 16%, and Roborock by 8%, while iRobot and Ecovacs saw declines of 6% and 9.4%, respectively [5] Industry Perspectives - Industry experts believe that DJI's entry will have a limited short-term impact on established brands, as its consumer base is likely to be limited to existing DJI fans [2] - The entry of new players like DJI could increase overall market attention and help grow the industry, which is seen as a positive development by some industry leaders [3] - The industry faces challenges in increasing domestic penetration due to high prices and space requirements, making overseas markets a critical focus for future growth [4][5]

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 [Table_Summary] 投资建议：公司 2024Q3 业绩低于预期，主要受收支错配影响。我 们下调 2024~2026 年盈利预测，预计 2024~2026 年 EPS 为 2.08/2.75/3.05 元（原值为 2.48/2.97/3.42 元，分别-16%/-7%/-11%）， 增速为+93.2%/+32.2%/+11.0%，参考同行业可比公司，给予公司 2025 年 23×PE，上调目标价至 63.2 元（目标价上调主要来自可比 公司估值提升），维持"增持"评级。 业绩低于预期，主要受收支错配影响。公司 24 前三季度实现营业收 入 102.26 亿元，同比-2.9%，归母净利润 6.15 亿元，同比+1.88%， 扣非归母净利润 5.31 亿元，同比+1.69%；其中 2024Q3 实现营业收 入 32.5 亿元，同比-4.06%，归母净利润 0.06 亿元，同比-69.21%， 扣非归母净利润-0.27 亿元，同比-264.92%。 收入确认存在错期，Q4 值得期待：我们预计扫地机和洗地机各占公 司收入约 50%，其中扫地机预 ...

干源证券 公 司 研 究 科沃斯（603486.SH） 2024 年 11 月 01 日 家用电器/小家电 2024Q3 收入错期、费用前置下业绩有所承压，看好 以旧换新拉动改善 投资评级：买入（维持） ——公司信息更新报告 | --- | --- | --- | --- | --- | |-------------------------|-------------|---------------------------------------|-----------------------------------------------------------------------------------------|---------------------------------------| | 日期 | 2024/10/31 | 吕明（分析师） | 周嘉乐（分析师） | 陈怡仲（联系人） | | 当前股价 ( 元 ) | 52.25 | lvming@kysec.cn | zhoujiale@kysec.cn | chenyizhong@kysec.cn | | 一年最高最低 ( 元 ) | 6 ...

Investment Rating - Buy rating maintained for Ecovacs (603486 SH) [1] Core Views - Domestic sales remain weak in Q3 2024 with Ecovacs brand revenue down 13% YoY (domestic -25% overseas 0%) while Tineco brand revenue grew 12% YoY (domestic +20% overseas +6%) [1] - Q3 2024 gross margin at 47% (+1pct YoY -4pct QoQ) net margin at 0 2% [1] - Profitability weakened QoQ in Q3 2024 due to front-loaded marketing expenses for Double 11 and overseas inventory clearance [1] - Domestic market outlook depends on product pricing and potential subsidy extension which could restart penetration growth [1] - Overseas competition intensifying with new entrants like Yunji and Dreame increasing marketing spend [1] Financial Performance Income Statement - 2024E revenue forecast at 16 38 billion yuan (+6% YoY) with net profit of 1 216 billion yuan (+99% YoY) [1] - 2025E revenue forecast at 18 504 billion yuan (+13% YoY) with net profit of 1 521 billion yuan (+25% YoY) [1] - 2026E revenue forecast at 20 954 billion yuan (+13% YoY) with net profit of 1 806 billion yuan (+19% YoY) [1] - 2024E gross margin expected at 50 7% with net margin at 7 4% [2] Balance Sheet - 2024E total assets forecast at 12 99 billion yuan [2] - 2024E total liabilities forecast at 5 932 billion yuan with debt-to-equity ratio of 19 6% [2] - 2024E current ratio expected at 2 1 with quick ratio at 1 5 [2] Cash Flow - 2024E operating cash flow forecast at 1 358 billion yuan [2] - 2024E capital expenditure forecast at -592 million yuan [2] Valuation - 2024E P/E at 24 5x P/B at 4 2x [1] - 2024E EV/EBITDA at 84x [2] Industry Analysis - Domestic robotic vacuum cleaner market penetration growth stalled awaiting potential subsidy extension [1] - Overseas market competition intensifying with Chinese brands expanding globally [1] - Industry innovation currently in a plateau phase providing opportunities for latecomers [1]

证券研究报告 非金融公司|公司点评|科沃斯（603486） 2024 三季报点评： 经营短期波动，收入与盈利改善可期 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月31日 证券研究报告 |报告要点 科沃斯三季度营收表现符合预期，但费用投入加大影响公司当季盈利表现；随着公司多价位 新品上市、加强海外市场布局，叠加国内政策催化，我们认为公司四季度收入与盈利改善可 期。我们看好公司后续表现，维持公司"买入"评级。 |分析师及联系人 管泉森 孙珊 莫云皓 SAC：S0590523100007 SAC：S0590523110003 SAC：S0590523120001 请务必阅读报告末页的重要声明 1 / 6 非金融公司|公司点评 glzqdatemark2 2024年10月31日 科沃斯(603486) 2024 三季报点评： 经营短期波动，收入与盈利改善可期 | --- | --- | |----------------------------|-----------------| | | | | 行 业： | 家用电器/小家电 | | 投资评级： | 买入（维持） | | 当前价格： ...

上 市 公 司 证 券 研 究 报 告 家用电器 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 30 日 | | 收盘价（元） | 51.89 | | 一年内最高/最低（元） | 62.85/27.76 | | 市净率 | 4.3 | | 息率（分红/股价） | 0.58 | | 流通 A 股市值（百万元） | 29,536 | | 上证指数 / 深证成指 | 3,266.24/10,530.85 | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 12.04 | | 资产负债率 % | 47.53 | | 总股本/流通 A 股（百万） | 569/569 | | 流通 B 股 /H 股（百万） | -/- ...

2024 年 10 月 31 日 科沃斯 (603486. SH) 园公司快报 受费用前置及海外去库影响,Q3 盈利承压 目事件:科沃斯公布 2024年三季报。公司 2024年 1~9 月实现收 入 102.3 亿元,YoY-2.9%;实现归母净利润 6.2 亿元,YoY+1.9%。 经折算, 2024Q3 单季度公司实现收入 32.5 亿元, YoY-4.1%; 实 现归母净利润 0.1 亿元,YoY-69.2%。受双十一大促提前以及海外 慢动销产品去化影响,公司 Q3 盈利能力有所承压。在国内以旧换 新补贴以及海外库存优化的背景下,预计公司后续经营有望改善。 目Q3 收入增速环比略有改善:公司 Q3 单季皮收入增速相比 Q2+6. 3pct。分品牌来看,科沃斯品牌Q3 收入有所承压,因为:1) 科沃斯国内新品9月处于预售阶段,预计新品对于公司收入的拉 动将在Q4 体现;2)公司Q3去化海外慢动销产品,对海外收入产 生一定的负面影响。添可品牌 Q3 收入增速环比 Q2有所改善,我 们认为主要因为上年同期添可国内业务基数较低。展望后续,我 们认为公司 Q4 内销受益以旧换新补贴,增速有望明显提升。根据 奥维云 ...

公司报告 | 季报点评 Q3 预计费用前置+海外去库，四季度以旧换新或拉动显著 事件：公司 2024 年前三季度实现营业收入 102.26 亿元，同比-2.9%，归母 净利润 6.15 亿元，同比+1.88%；其中 2024Q3 实现营业收入 32.5 亿元，同 比-4.06%，归母净利润 0.06 亿元，同比-69.21%。 内销错期确认收入对整体收入略有影响，四季度以旧换新拉动显著 收入端，整体收入增速同比略下滑，主要由于公司新品销量相比去年主要 交付于四季度，带来的收入确认错期所致。根据奥维线上数据显示，24W41 (24/10/7-10/13)科沃斯扫地机销额同比+416%，24W42 (24/10/14-10/20) 扫地机销额同比+1840%，虽然有一定销售错期的影响，但扫地机销售增速 表现已属亮眼。公司在 Q3 已开始积极备货双十一，叠加国内以旧换新政 策落地，期待内销在 Q4 有更好的表现。 海外去化老机库存影响利润水平 2024 年前三季度公司毛利率为 48.39%，同比+0.4pct，净利率为 6.01%，同 比+0.28pct；其中 2024Q3 毛利率为 46.82%，同比+0.9pc ...