证券研究报告·公司研究简报·小家电 科沃斯（603486） 拓宽产品矩阵&海外市场发力，龙头底部反 2024 年 05月 07日 转可期 证券分析师 周尔双 买入（首次） 执业证书：S0600515110002 021-60199784 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zhouersh@dwzq.com.cn 营业总收入（百万元） 15,325 15,502 17,822 20,312 22,850 股价走势 同比（%） 17.11 1.16 14.97 13.97 12.49 科沃斯 沪深300 归母净利润（百万元） 1,698.44 612.08 1,131.52 1,431.82 1,704.20 同比（%） (15.51) (63.96) 84.87 26.54 19.02 1 75 %% -1% EPS-最新摊薄（元/股） 2.95 1.06 1.96 2.48 2.96 -9% -17% -25% P/E（现价&最新摊薄） 17.21 47.75 25.83 20.41 17.15 -33% -41% [ [TT aab ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6] Core Views - The company reported a revenue of 15.502 billion yuan in 2023, a year-on-year increase of 1.16%, but the net profit attributable to shareholders was 612 million yuan, a decrease of 63.96% year-on-year. In Q4 2023, revenue was 4.971 billion yuan, down 4.42% year-on-year, with a net profit of 8 million yuan, down 98.54% year-on-year. In Q1 2024, revenue was 3.474 billion yuan, up 7.35% year-on-year, with a net profit of 298 million yuan, down 8.71% year-on-year [5][6] - The company's brand, Ecovacs, faced growth pressure, while the brand, Tineco, continued to grow, actively expanding overseas channels. Revenue from the Ecovacs brand was 7.681 billion yuan, down 1.49% year-on-year, while Tineco's revenue was 7.271 billion yuan, up 5.24% year-on-year. Domestic revenue decreased by 11.43% year-on-year, while overseas revenue increased by 25.76% year-on-year, with overseas revenue accounting for 42% of total revenue in 2023, up from 34% in 2022 [5][6] - The competitive landscape in the industry is intensifying, leading to increased upfront investments in new product categories, resulting in a decline in gross margin and an increase in expense ratios. The gross margin for 2023 was 47.50%, down 4.11 percentage points year-on-year, while the net profit margin decreased by 7.13 percentage points to 3.95%. However, there was an improvement in Q1 2024, with a net profit margin of 8.57% [5][6] Financial Summary - The company is expected to achieve a net profit of 1.416 billion yuan in 2024, with a projected price-to-earnings (P/E) ratio of 20-25 times, corresponding to a reasonable value range of 49.2-61.5 yuan per share [6][10] - Revenue is projected to grow to 17.665 billion yuan in 2024, with a year-on-year growth rate of 14.0%, and further growth is expected in subsequent years [7][10] - The gross margin is expected to improve to 49.2% in 2024 and stabilize around 49.4% in the following years [10][11]

关于《科沃斯机器人股份有限公司 股票交易异常波动问询函》的回复 科沃斯机器人股份有限公司: 苏州创领智慧投资管理有限公司(以下简称"本公司")及本人已收到关于 《科沃斯机器人股份有限公司股票交易异常波动问询函》,经自查,就相关事项 回复如下: 本公司及本人作为科沃斯机器人股份有限公司（以下简称"上市公司"）的 控股股东、实际控制人,截至目前,除已在指定媒体上公开披露的信息外,不存 在影响上市公司股票交易异常波动的重大事项,不存在其他应披露而未披露的重 大信息,包括但不限于筹划涉及公司的重大资产重组、股份发行、重大交易类事 项、业务重组、股份回购、股权激励、破产重整、重大业务合作、引进战略投资 者等重大事项。 特此函复。 1 (本页无正文,为《关于科沃斯机器人股份有限公司股票交易异常波动问询函的回复》 的签署页) 实际控制人: (钱东奇) 实际控制人: (David Cheng Qian) 创领智慧投资管理有限公司 r H 上月 rory 年 1 ...

证券代码：603486 证券简称：科沃斯 公告编号：2024-034 转债代码：113633 转债简称：科沃转债 科沃斯机器人股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●科沃斯机器人股份有限公司（以下简称"公司"）股票于2024年4月29日、 2024年4月30日、2024年5月6日连续3个交易日内收盘价格涨幅偏离值累计超过20%， 根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动情形。 组、股份回购、股权激励、破产重整、重大业务合作、引进战略投资者等重大事 项。 （三）媒体报道、市场传闻、热点概念情况 ●经公司自查，并书面征询公司控股股东、实际控制人，截至本公告披露日， 不存在应披露而未披露的重大事项或重大信息。 ●公司生产经营未发生重大变化，敬请广大投资者注意市场交易风险，理性决 策，审慎投资。 一、股票交易异常波动的具体情况 公司股票于2024年4月29日、2024年4月30日、2024年5月6日连续3个交易日内 收盘价格涨幅偏离值累计超过20%，根 ...

Investment Rating - The report maintains a "Buy" rating for Ecovacs Robotics (603486 SH) [2] Core Views - Ecovacs has reached an inflection point in profitability, with operations gradually improving [2] - Overseas sales continue to grow rapidly, while domestic sales show marginal improvement [5] - The company has strengthened its product lineup in the 3000 RMB price segment, driving sales growth [5] - R&D investment has increased, although net profit margins remain under pressure [5] - The report forecasts significant growth in net profit for 2024-2026, with PE ratios of 20/17/14 respectively [5] Financial Performance Revenue and Profit - 2023 revenue: 15 5 billion RMB (YoY +1%) [4] - 2023 net profit: 612 million RMB (YoY -63 96%) [7] - 2024 Q1 revenue: 3 5 billion RMB (YoY +7%) [4] - 2024 Q1 net profit: 300 million RMB (YoY -9%) [4] Segment Performance - Ecovacs brand revenue: 7 7 billion RMB (YoY -1%) [5] - Tineco brand revenue: 7 3 billion RMB (YoY +5%) [5] - Overseas revenue growth: Ecovacs +20%, Tineco +41% [5] Key Metrics - 2023 gross margin: 47 5% (YoY -4 1pct) [5] - 2023 net profit margin: 4 0% (YoY -7 1pct) [5] - 2024 Q1 net profit margin: 8 6% (YoY -1 5pct) [5] - 2023 cash dividend payout ratio: 28% [4] Product and Market Analysis - Ecovacs' all-in-one robot vacuum revenue share reached 79 9% (YoY +29pct) [5] - Tineco's Floor One series shipped 3 227 million units (YoY +25%) [5] - Domestic online sales in 2024 Q1: Ecovacs -2%, Tineco +22% [5] - Domestic offline sales in 2024 Q1: Ecovacs +26%, Tineco +22% [5] Financial Projections Revenue - 2024E: 17 559 billion RMB (YoY +13 27%) [7] - 2025E: 19 694 billion RMB (YoY +12 16%) [7] - 2026E: 22 036 billion RMB (YoY +11 89%) [7] Net Profit - 2024E: 1 425 billion RMB (YoY +132 88%) [7] - 2025E: 1 694 billion RMB (YoY +18 84%) [7] - 2026E: 1 977 billion RMB (YoY +16 69%) [7] Valuation - 2024E PE: 20x [5] - 2025E PE: 17x [5] - 2026E PE: 14x [5] Operational Highlights - The T30 series has filled the 3000 RMB price segment, driving sales growth [5] - Emerging businesses (lawn mowers and food processors) have significantly reduced losses [5] - The company maintains its leading position in both domestic and international markets [5]

Investment Rating - The investment rating for the company is "Buy" [1][4][10] Core Views - The company has shown a significant improvement in its operations in Q1 2024, with a revenue increase of 7.4% quarter-on-quarter, and a notable recovery in net profit margins compared to the second half of 2023 [1] - The company aims to strengthen its overseas development and reduce product costs, with a focus on expanding its product matrix for different price segments [1] - The company plans to distribute a cash dividend of 3 yuan for every 10 shares [1] Financial Performance Summary - In 2023, the company achieved a revenue of 15.50 billion yuan, a year-on-year increase of 1.2%, while the net profit decreased by 64% to 610 million yuan [2][11] - The company's Q1 2024 revenue was 3.47 billion yuan, with a net profit of 300 million yuan, reflecting an 8.7% decrease year-on-year but a recovery from previous quarters [1][2] - The gross profit margin for 2023 was 47.5%, down 4.1 percentage points year-on-year, with a slight recovery to 47.2% in Q1 2024 [1][11] Market Trends - The global vacuum cleaner market grew by 0.8% in 2023, reaching a size of 6.6 billion USD, while the retail sales of vacuum cleaners in China increased by 5.1% to 138 billion yuan [1] - The company's overseas revenue grew by 20% in 2023, with a significant increase of 41% in the European region [1] - The floor washing machine segment remains strong, with the company's overseas revenue for this segment increasing by 40% [1] Future Outlook - The company has adjusted its profit forecasts, expecting net profits of 1.22 billion yuan, 1.54 billion yuan, and 1.87 billion yuan for 2024, 2025, and 2026 respectively, indicating a year-on-year growth of 99%, 26%, and 22% [1][2] - The company is focusing on launching new products to stabilize revenue and gross margins, with plans to introduce a cost-effective series in February 2024 [1]

Investment Rating - The investment rating for the company is "Buy" [7][21]. Core Views - The company's Q1 performance shows a significant improvement in profitability compared to the previous quarter, with a revenue of 34.7 billion (+7.4%) and a net profit of 3.0 billion (-8.7%) [2][3]. - The company plans to distribute a cash dividend of 3 yuan for every 10 shares [2]. - The company is focusing on enhancing its overseas development and reducing product costs, which is expected to stabilize revenue and gross margins in the future [3][4]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved a revenue of 155.0 billion (+1.2%) and a net profit of 6.1 billion (-64.0%), with a significant drop in Q4 revenue to 49.7 billion (-4.4%) and net profit to 0.1 billion (-98.5%) [2][4]. - The gross margin for 2023 decreased by 4.1 percentage points to 47.5%, while the net profit margin fell by 7.1 percentage points to 3.9% [3][4]. - The company expects a recovery in Q1 2024, with a projected net profit of 12.2 billion, 15.4 billion, and 18.7 billion for 2024-2026, reflecting a year-on-year growth of 99%, 26%, and 22% respectively [2][4]. Market Trends - The global vacuum cleaner market grew by 0.8% to 6.6 billion USD in 2023, with China's retail sales increasing by 5.1% to 138 billion [3]. - The company's overseas revenue grew by 20% to 30 billion, while domestic revenue fell by 12% to 47 billion [3][4]. - The company is expanding its product lineup and focusing on cost reduction to meet diverse consumer demands [3][4]. Strategic Initiatives - The company has established an overseas headquarters in Singapore to strengthen its global online and offline channel coverage, with European revenue increasing by 41% [3]. - The introduction of the T30 cost-effective series in February 2024 aims to address the shortfall in lower-cost products [3][4].

公司报告 | 年报点评报告 科沃斯（603486） 证券研究报告 2024年04月 30日 投资评级 内销有所修复，外销快速增长 行业 家用电器/小家电 6个月评级 买入（维持评级） 当前价格 49.55元 事件：公司 2023 年全年实现营业收入155.02 亿元，同比+1.16%，归母净 利润6.12亿元，同比-63.96%；其中2023Q4实现营业收入49.71亿元，同 目标价格 元 比-4.42%，归母净利润0.08 亿元，同比-98.54%。公司 2024 年 Q1 全年实 现营业收入34.74亿元，同比+7.35%，归母净利润2.98亿元，同比-8.71%。 基本数据 公司拟向全体股东每10股派发现金红利3元（含税），分红率27.7%。 A股总股本(百万股) 576.46 Q1内销拐点已现，外销保持较快增长 流通A股股本(百万股) 569.20 23A内销增速承压，海外增速较好。分品牌看，23A科沃斯/添可品牌收入 A股总市值(百万元) 28,563.73 同比-1%/+5%。分内外销看，国内/海外收入同比-11%/+26%；其中科沃斯 流通A股市值(百万元) 28,203.93 品牌海外业务收入 ...

股 票 研 究 [Table_industryInfo] 家用电器业/可选消费品 [ Table_Main[科ITnaf 沃bol]e 斯_Ti(tl6e]0 3486) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩超预期，经营改善显著 目标价格： 58.75 上次预测： 47.10 公 ——科沃斯2023 年报及2024Q1 季报点评 当前价格： 49.55 司 蔡雯娟(分析师) 李汉颖(研究助理) 谢丛睿(分析师) 2024.05.01 更 021-38031654 010-83939833 021-38038437 [交Ta易bl数e_M据a rket] 新 caiwenjuan024354@gtjas.c lihanying026725@gtjas.com xiecongrui@gtjas.com 报 证书编号 oSm08 80521050002 S0880122070046 S0880523090004 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 28.52 2- 88 ,1 5. 660 4 告 本报告导读： 总股本/流通A股（百万股） 576/569 流通 B ...

中国上海石门一路 288 号兴业太古汇香港兴业中心一座 26 层 邮编：200041 电话：（86-21）5298 5488 传真：（86-21）5298 5492 junhesh@junhe.com 君合律师事务所上海分所 关于科沃斯机器人股份有限公司 控股股东增持公司股份的 专项核查意见 科沃斯机器人股份有限公司： 君合律师事务所上海分所（以下简称"本所"）为具有从事法律业务资格的 律师事务所分所。本所接受科沃斯机器人股份有限公司（以下简称"公司"或 "科沃斯"）的委托，就公司控股股东苏州创领智慧投资管理有限公司（以下简 称"创领投资"或"增持人"）增持公司股份（以下简称"本次增持"）实施情况， 出具本专项核查意见。 本专项核查意见系根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员 会（以下简称"中国证监会"）颁布的《上市公司收购管理办法》（以下简称"《收 购管理办法》"）等在本专项核查意见出具日以前中国境内（仅为出具本专项核 查意见之目的，不包括香港特别行政区、澳门特别行政区和台湾地区）正式公布 并实施的法律、法规及规范性 ...