证券研究报告 | 季报点评 gszqdatemark 2024 10 30 年 月 日 科沃斯（603486.SH） 预售新品费用投放增加，Q3 收入利润同比下滑 事件：公司发布 2024 年三季度报告。公司 2024Q1-Q3 实现营业收入 102.26 亿元，同比-2.90%；实现归母净利润 6.15 亿元，同比+1.88%。 扣非归母净利润 5.31 亿元，同比+1.69%。单季度来看，2024Q3 实现营 收 32.50 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%。 Q3 国内消费恢复缓慢，行业竞争依旧激烈，叠加新品销量延后交付，公 司收入利润有所承压。受国内消费恢复比较缓慢，行业竞争依旧激烈影响， 以及公司新品销量相比去年主要交付于四季度的影响，公司营收恢复较 慢。叠加科沃斯及添可品牌多款新品启动预售，公司加大市场费用投入力 度，Q3 归母净利润增速低于收入增速。公司 Q3 收到的政府补助增加、交 易性金融资产及非流动金融资产公允价值变动增加，导致非经常性损益增 加，引起扣非归母净利润同比下降幅度大于归母净利润。 毛 ...

Revenue and Profit Performance - Revenue for the third quarter decreased by 4.06% year-over-year to RMB 10,225,968,610.92[2] - Net profit attributable to shareholders of the listed company dropped by 69.21% year-over-year for the quarter[2] - Total operating revenue for the first three quarters of 2024 was RMB 10.23 billion, a decrease of 2.9% compared to RMB 10.53 billion in the same period of 2023[16] - Net profit attributable to the parent company's shareholders was RMB 615.01 million, a slight increase of 0.22% compared to RMB 603.69 million in the same period of 2023[17] - Sales revenue from goods and services in the first three quarters of 2024 was RMB 11,172,044,245.15, a decrease of 13.1% compared to RMB 12,854,361,212.03 in the same period of 2023[19] Cash Flow and Financial Activities - Net cash flow from operating activities decreased by 72.95% year-over-year to RMB 104,376,450.66[2] - Total operating cash inflow for the first three quarters of 2024 was RMB 11,680,862,907.64, down 11.4% from RMB 13,189,201,471.28 in the same period of 2023[20] - Net cash flow from operating activities in the first three quarters of 2024 was RMB 104,376,450.66, a significant decrease of 72.9% compared to RMB 385,853,653.88 in the same period of 2023[20] - Cash paid for goods and services in the first three quarters of 2024 was RMB 6,045,987,663.02, a decrease of 19.7% from RMB 7,529,205,939.45 in the same period of 2023[20] - Cash paid to and for employees in the first three quarters of 2024 was RMB 1,857,479,684.58, an increase of 13.8% compared to RMB 1,632,051,744.08 in the same period of 2023[20] - Net cash flow from investing activities in the first three quarters of 2024 was negative RMB 1,070,889,297.13, a significant decline compared to positive RMB 192,402,034.35 in the same period of 2023[20] - Cash received from investments in the first three quarters of 2024 was RMB 1,775,000,000.00, a decrease of 18.2% from RMB 2,170,000,000.00 in the same period of 2023[20] - Net cash flow from financing activities in the first three quarters of 2024 was negative RMB 300,479,332.38, an improvement from negative RMB 331,593,514.04 in the same period of 2023[21] - The company's cash and cash equivalents balance at the end of Q3 2024 was RMB 3,827,065,859.03, a decrease of 10.3% from RMB 4,265,559,435.39 at the end of Q3 2023[21] Earnings and Shareholder Information - Basic earnings per share (EPS) for the quarter decreased by 66.67% year-over-year to RMB 0.01[3] - Basic earnings per share (EPS) increased by 0.93% to RMB 1.08 in the first three quarters of 2024, compared to RMB 1.07 in the same period of 2023[18] - The number of ordinary shareholders at the end of the reporting period was 42,197[9] Assets and Liabilities - Total assets at the end of the reporting period decreased by 0.75% compared to the end of the previous year to RMB 13,286,273,133.46[3] - Total assets as of September 30, 2024, amounted to RMB 13.29 billion, a slight decrease from RMB 13.39 billion at the end of 2023[12][13] - Current assets decreased to RMB 9.78 billion from RMB 10.40 billion at the end of 2023, primarily due to a reduction in monetary funds from RMB 5.10 billion to RMB 3.84 billion[12][13] - Non-current assets increased to RMB 3.51 billion from RMB 2.99 billion at the end of 2023, driven by growth in fixed assets and construction in progress[13] - Inventory increased to RMB 3.40 billion from RMB 2.85 billion at the end of 2023, indicating higher stock levels[13] - Accounts receivable decreased to RMB 1.38 billion from RMB 1.67 billion at the end of 2023, reflecting improved collection efficiency[12][13] - Short-term borrowings increased to RMB 655.28 million from RMB 470.32 million at the end of 2023, indicating higher short-term financing needs[13] - Accounts payable decreased to RMB 2.54 billion from RMB 2.88 billion at the end of 2023, suggesting better payment management[13] - Contract liabilities decreased to RMB 232.44 million from RMB 309.70 million at the end of 2023, reflecting changes in advance payments from customers[13] - Long-term equity investments increased to RMB 209.36 million from RMB 167.39 million at the end of 2023, indicating strategic investments[13] - Deferred tax assets increased to RMB 295.45 million from RMB 206.43 million at the end of 2023, reflecting changes in tax planning[13] - Total liabilities decreased by 7.66% to RMB 6.31 billion as of the end of Q3 2024, compared to RMB 6.84 billion at the end of 2023[14] - Total equity attributable to the parent company's shareholders increased by 6.47% to RMB 6.97 billion as of the end of Q3 2024, compared to RMB 6.55 billion at the end of 2023[15] Expenses and Investments - R&D expenses increased by 8.68% to RMB 657.35 million in the first three quarters of 2024, compared to RMB 604.86 million in the same period of 2023[16] - Sales expenses decreased by 5.95% to RMB 3.21 billion in the first three quarters of 2024, compared to RMB 3.42 billion in the same period of 2023[16] - The company's financial expenses showed a net income of RMB 31.65 million in the first three quarters of 2024, compared to RMB 16.15 million in the same period of 2023[16] - The company's interest income increased by 54.26% to RMB 87.97 million in the first three quarters of 2024, compared to RMB 57.01 million in the same period of 2023[16] Non-Recurring Items and Market Activities - Non-recurring gains and losses for the quarter amounted to RMB 32,601,043.99, primarily due to increased government subsidies and fair value changes in financial assets[6] - The company increased market spending for new product launches, which impacted profitability[7] - Overseas slow-moving inventory clearance led to reduced gross margins[8] - The company is preparing for the Q4 Double 11 sales event, which has increased inventory and marketing expenses[8] Comprehensive Income - Total comprehensive income decreased by 8.99% to RMB 593.31 million in the first three quarters of 2024, compared to RMB 651.80 million in the same period of 2023[18]

证券研究报告 非金融公司|公司深度|科沃斯（603486） 回首来时路，砥砺再前行 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月08日 证券研究报告 |报告要点 本篇报告通过复盘科沃斯近年来发展历程，聚焦行业发展趋势以及公司产品迭代情况，通过 复盘，我们认为科沃斯当前或已迎来经营向上拐点，蓄势待发。收入端，公司两大自主品牌科 沃斯、添可品牌外销收入快速增长，有望强化公司成长性，内销端 2024 年以来公司加快布局 扫地机新品，内销份额有望逐步企稳；盈利端，扫地机价格总体稳健，洗地机虽价格下探，但 公司低成本新品占比持续提高，叠加费用投放优化，盈利端改善或更为确定。综上，我们认为 科沃斯业绩拐点在即，建议积极关注。 |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 / 38 非金融公司|公司深度 glzqdatemark2 2024年10月08日 科沃斯(603486) 回首来时路，砥砺再前行 | --- | --- | --- | |----- ...

Investment Rating - The report maintains an "Outperform" rating for Ecovacs Robotics (603486 SH) [1][3] Core Views - Ecovacs achieved revenue of 6 98 billion yuan in H1 2024, a year-on-year decrease of 2 4%, with net profit attributable to the parent company increasing by 4 3% to 610 million yuan [1] - Q2 2024 revenue was 3 5 billion yuan, down 10 4% year-on-year, but net profit attributable to the parent company increased by 20 7% to 310 million yuan [1] - The company's overseas expansion, particularly in Europe, showed strong growth, with Ecovacs brand revenue in Europe increasing by 42 0% year-on-year in H1 2024 [1] - The Tineco brand achieved overseas revenue growth of 31 7% in H1 2024, with European revenue increasing by 66 1% [1] - Gross margin improved to 49 1% in H1 2024, with Q2 gross margin reaching 51 0%, driven by cost reductions in new products and increased overseas sales [1] Financial Performance - H1 2024 operating income was 6 98 billion yuan, with net profit attributable to the parent company of 610 million yuan [1] - Q2 2024 operating income was 3 5 billion yuan, with net profit attributable to the parent company of 310 million yuan [1] - The company's gross margin increased by 0 1 percentage points year-on-year to 49 1% in H1 2024, with Q2 gross margin up 3 5 percentage points to 51 0% [1] - Sales expense ratio decreased by 3 6 percentage points year-on-year to 30 8% in Q2 2024 [1] Overseas Expansion - Ecovacs brand overseas revenue grew by 11 3% year-on-year to 1 33 billion yuan in H1 2024 [1] - The company introduced new product categories such as window-cleaning robots and lawn mowing robots in overseas markets, with revenue from new categories more than doubling [1] - Tineco brand overseas revenue increased by 31 7% year-on-year to 1 34 billion yuan in H1 2024, with European revenue growing by 66 1% [1] Product Performance - Ecovacs brand domestic revenue declined in H1 2024 due to market competition and lower demand for cleaning appliances [1] - Tineco brand domestic revenue was under pressure due to price reductions in floor cleaning machines, despite a 16 4% increase in sales volume [1] - The company's new product cost reductions contributed to improved profitability [1] Future Projections - The report forecasts net profit attributable to the parent company of 1 36 billion yuan in 2024, 1 58 billion yuan in 2025, and 1 77 billion yuan in 2026 [1] - The company's PE ratio is expected to be 18x in 2024, 15x in 2025, and 14x in 2026 [1] Industry Trends - The domestic floor cleaning machine market showed a 7 0% year-on-year increase in retail sales and a 24 2% increase in sales volume in H1 2024 [1] - The average price of floor cleaning machines continued to decline, with Tineco's average price also showing a significant decrease [1]

[Table_MainInfo] 公司研究/家用电器与器具/家用电器 证券研究报告 科沃斯（603486）公司半年报点评 2024 年 09 月 06 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------|------------------| | 股票数据 | | | 09 [ Table_StockInfo 月 05 日收盘价（元） ] | 42.45 | | 52 周股价波动（元） | 27.76-62.85 | | 总股本 / 流通 A 股（百万股） | 569/569 | | 总市值 / 流通市值（百万元） | 24163/24163 | | 相关研究 | | | [Table_ReportInfo] 《海外持续发力， 24Q1 | 收入及盈利回暖》 | | 2024.05.07 | | 市场表现 [Table_QuoteInfo] 科沃斯 海通综指 -45.48% -32.48% -19.48% -6.48% 6.52% 2023/9 2023/12 20 ...

证券研究报告 非金融公司|公司点评|科沃斯（603486） 2024 年中报点评： 降本提效双管齐下，盈利能力改善显著 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月05日 证券研究报告 |报告要点 尽管科沃斯 618 大促期间销售有所承压，拖累 Q2 收入增速，但公司外销端延续较快增长，尤 其是欧洲地区科沃斯与添可品牌均表现亮眼，内销端则针对性价比价格带推出新品扫地机 T50Pro 等，降本成效或更为明显，且营销效率提升，盈利能力持续修复，后势可期。 |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 2023-9 2024-1 2024-5 2024-9 非金融公司|公司点评 glzqdatemark2 2024年09月05日 科沃斯(603486) 2024 年中报点评： 降本提效双管齐下，盈利能力改善显著 | --- | --- | --- | |----------|--------------------|----------- ...

家用电器 证 券 研 究 报 告 2024 年 09 月 01 日 科沃斯 (603486) ——2024 年中报点评：利润表现亮眼，控费如期进行 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | | | | 收盘价（元） | 40.17 | | 一年内最高/最低（元） | 62.85/27.76 | | 市净率 | 3.4 | | 息率（分红/股价） | 0.75 | | 流通 A 股市值（百万元） | 22,865 | | 上证指数/深证成指 | 2,842.21/8,348.48 | | | | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 11.91 | | | | | 资产负债率 % | 47.55 | | 总股本 ...

科沃斯（603486）/家电 证券研究报告/公司点评 2024 年 9 月 1 日 [Table_Title] 评级：买入（维持） 市场价格：40.17 [Table_Industry] 分析师：姚玮 执业证书编号：S0740522080001 Email：yaowei@zts.com.cn 利润修复如期兑现 ——科沃斯 24 中报点评 | --- | --- | --- | --- | --- | --- | |---------------------------------------------|---------|--------------------------|--------|--------|--------| | [Table_Finance] 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 15,325 | 15,502 | 14,794 | 16,673 | 18,906 | | 增长率 yoy% | 17% | 1% | -5% | 13% | 13% | | 净利润（百万元） | 1 ...

%% %% 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] 盈利能力大幅提升，业绩增长较为亮眼 | --- | --- | |---------------------------------------------------------------------------------|-------| | | | | | | | 年中报：公司 2024H1 实现营业收入 69.76 亿元，同比 -2.35% ，实现归母净利 | | | ，实现扣非归母净利润 5.57 亿元，同比 +10.18% ，其中 2024Q2 实 | | | 亿元，同比 -10.39% ，实现归母净利润 3.11 亿元，同比 +20.67% ，实现扣非 | | | 亿元，同比 +23.07% 。 | | 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 | --- | --- | |-----------------------------------------------------|--- ...

f 原证券 家用电器/小家电 公 司 研 究 科沃斯（603486.SH） 2024 年 09 月 04 日 2024H1 外销实现较快增长，盈利能力有所改善 ——公司信息更新报告 投资评级：买入（维持） 日期 2024/9/3 | --- | --- | |-------------------------|-------------| | | | | 当前股价 ( 元 ) | 42.00 | | 一年最高最低 ( 元 ) | 62.85/27.76 | | 总市值 ( 亿元 ) | 239.06 | | 流通市值 ( 亿元 ) | 239.06 | | 总股本 ( 亿股 ) | 5.69 | | 流通股本 ( 亿股 ) | 5.69 | | 近 3 个月换手率 (%) | 63.35 | 股价走势图 科沃斯 沪深300 -64% -48% -32% -16% 0% 16% 32% 2023-09 2024-01 2024-05 数据来源：聚源 相关研究报告 《2023 外销较快增长，看好中国品牌 出海下共同受益—公司信息更新报 告》-2024.4.29 《Q3 内销承压、外销向好，看好 Q4 大促释放需求 ...