股票代码：603486 股票简称：科沃斯 债券代码：113633 债券简称：科沃转债 科沃斯机器人股份有限公司 公开发行 A 股可转换公司债券 第五次临时受托管理事务报告 （2024 年度） 债券受托管理人 二〇二四年十一月 重要声明 本报告依据《公司债券发行与交易管理办法》（2023年修订）、《科沃斯机 器人股份有限公司公开发行可转换公司债券之债券受托管理协议》（以下简称 "《受托管理协议》"）、《科沃斯机器人股份有限公司公开发行A股可转换公司 债券募集说明书》（以下简称"《募集说明书》"）等相关公开信息披露文件、第 三方中介机构出具的专业意见等，由本期债券受托管理人中国国际金融股份有限 公司（以下简称"中金公司"）编制。中金公司对本报告中所包含的从上述文件中 引述内容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准确性 和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中金公司所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中金公 司不承担任何责任。 1 中国国 ...

证券代码：603486 证券简称：科沃斯 公告编号：2024-091 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 关于 2024 年股票期权与限制性股票激励计划之 首次授予结果的公告 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： 首次授予权益登记日：股票期权：2024 年 11 月 7 日；限制性股票：2024 年 11 月 7 日 首次授予权益登记数量：股票期权 1,321.23 万份、限制性股票 609.36 万股 首次授予权益登记人数：989 人 根据中国证监会《上市公司股权激励管理办法》、上海证券交易所、中国证券登 记结算有限责任公司上海分公司有关规定，科沃斯机器人股份有限公司（以下简称 "公司"）已于 2024 年 11 月 7 日在中国证券登记结算有限责任公司上海分公司办理 完成公司 2024 年股票期权与限制性股票激励计划（以下简称"本激励计划"、 "《激励计划》"）之首次授予登记工作，现将有关事项说明如下： 一、本激励计划的授予情况 （一）本激励计划已履行的相关审批程 ...

| 证券代码：603486 | 证券简称：科沃斯 | 公告编号：2024-092 | | --- | --- | --- | | 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 一、转股价格调整依据 修正前转股价格：176.83 元/股 修正后转股价格：175.17 元/股 "科沃转债"本次转股价格调整实施日期：2024 年 11 月 12 日 "科沃转债"自 2024 年 11 月 11 日停止转股，2024 年 11 月 12 日起恢复转股 关于"科沃转债"转股价格调整暨转股停牌的公告 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： 证券停复牌情况：适用 因科沃斯机器人股份有限公司（以下简称"本公司"或"公司"）2024 年股票 期权与限制性股票激励计划之限制性股票首次授予登记完成引起的"科沃转债"转 股价格调整,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | -- ...

证券代码：603486 证券简称：科沃斯 公告编号：2024-090 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 2024 年员工持股计划第一次持有人会议决议公告 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。 科沃斯机器人股份有限公司（以下简称"公司"）2024 年员工持股计划第一次 持有人会议于 2024 年 11 月 5 日以现场表决的方式召开。会议由公司董事会秘书马建 军先生召集和主持，出席本次会议的持有人 11 人，代表 2024 年员工持股计划份额 32,444,937 份，占公司 2024 年员工持股计划首次授予总额的 100%。会议的召集、召 开和表决程序符合公司 2024 年员工持股计划的有关规定。会议以记名投票表决方 式，审议通过了以下议案： （一） 审议通过《关于设立公司 2024 年员工持股计划管理委员会的议案》 为保证公司 2024 年员工持股计划的顺利进行，保障持有人的合法权益，根据 《科沃斯机器人股份有限公司 2024 年员工持股计划（草案）》（以下简称"《员工 持股计划 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][17]. Core Views - The company's Q3 2024 performance was below expectations, primarily due to revenue and expense mismatches. Future sales are expected to improve due to trade-in promotions and continued growth overseas [3][17]. - The company has adjusted its earnings forecasts for 2024-2026, with expected EPS of 2.08, 2.75, and 3.05 yuan, reflecting a decrease of 16%, 7%, and 11% from previous estimates. The growth rates are projected at +93.2%, +32.2%, and +11.0% respectively [17]. Summary by Sections Revenue - For the first three quarters of 2024, the company achieved revenue of 10.226 billion yuan, a year-on-year decrease of 2.9%. Q3 2024 revenue was 3.25 billion yuan, down 4.06% year-on-year. The revenue from floor cleaning machines is expected to decline, while washing machines are projected to grow [12][14]. - New products launched in Q3 are anticipated to contribute significantly to Q4 revenue, especially with the upcoming Double Eleven shopping festival and national subsidies [12][17]. Profitability - The gross margin for Q3 2024 was 46.82%, a year-on-year increase of 0.9 percentage points, but a decline of 4.2 percentage points from Q2 2024. The decline is attributed to inventory clearance in overseas channels [13][15]. - The company expects to see improvements in gross margins in Q4 due to ongoing cost reductions and product upgrades [13]. Assets and Cash Flow - As of Q3 2024, the company reported cash and cash equivalents plus trading financial assets of 4.199 billion yuan, a decrease of 9.02% year-on-year. Inventory stood at 3.397 billion yuan, down 6.08% year-on-year [16]. - The net cash flow from operating activities for Q3 2024 was -143 million yuan, a decrease of 46 million yuan year-on-year, while cash flow from investing activities was 110 million yuan, an increase of 529.67% year-on-year [16]. Investment Recommendations - The report suggests that the company will benefit from trade-in promotions and ongoing overseas growth, leading to an overall improvement in profitability. The target price has been raised to 63.2 yuan, based on comparable company valuations [17].

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]

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][6]. Core Views - The company's Q3 revenue performance met expectations, but increased expenses impacted profitability. With the launch of new products at various price points and enhanced overseas market expansion, coupled with domestic policy catalysts, revenue and profit improvements are anticipated in Q4 [2][6]. - The company achieved a revenue of 10.226 billion yuan in the first three quarters of 2024, a year-on-year decrease of 2.90%, while the net profit attributable to shareholders was 615 million yuan, an increase of 1.88% year-on-year [6][7]. - In Q3 2024, the company reported a revenue of 3.250 billion yuan, down 4.06% year-on-year, and a net profit of 6 million yuan, down 69.21% year-on-year [6][9]. Summary by Sections Financial Performance - The company’s revenue for Q3 2024 was 3.250 billion yuan, with a year-on-year decline of 4.06%. The net profit attributable to shareholders was 6 million yuan, reflecting a significant year-on-year decrease of 69.21% [6][9]. - The gross profit margin for Q3 2024 increased by 0.90 percentage points year-on-year, while the sales expense ratio rose by 2.97 percentage points due to increased marketing expenses for pre-sales [6][10]. Market Outlook - The company expects domestic sales to improve due to the "old-for-new" policy, with retail sales of sweeping and washing machines showing a mixed performance in Q3 2024 [6][10]. - High-frequency data from October indicates a significant increase in sales, with online and offline sales rising by 261% and 115% year-on-year, respectively, suggesting a strong recovery in Q4 [6][10]. Future Projections - Revenue projections for 2024-2026 are 16.081 billion yuan, 17.400 billion yuan, and 18.681 billion yuan, representing year-on-year growth rates of 3.73%, 8.20%, and 7.36%, respectively. Net profit attributable to shareholders is expected to be 1.199 billion yuan, 1.355 billion yuan, and 1.516 billion yuan for the same period, with corresponding growth rates of 95.92%, 12.97%, and 11.87% [6][7][10].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's revenue and profit fell short of expectations in 2024Q1-Q3, with revenue declining by 3% YoY to RMB 10.226 billion and net profit increasing by 2% YoY to RMB 615 million [4] - Q3 performance was particularly weak, with revenue down 4% YoY to RMB 3.25 billion and net profit plunging 69% YoY to RMB 6 million [4] - The company's domestic sales were under pressure in Q3 due to the off-season, but a recovery is expected in Q4 [5] - The company has adjusted its product strategy since 23H2, focusing on cost reduction and product portfolio optimization [5] - Gross margin improved by 0.9 percentage points in Q3, driven by higher sales of high-margin products [5] Financial Performance - The company's 2024Q1-Q3 revenue was RMB 10.226 billion, down 2.9% YoY [7] - Net profit for 2024Q1-Q3 was RMB 615 million, up 1.9% YoY [7] - The company's gross margin was 48.4% in 2024Q1-Q3, up from 47.5% in 2023 [7] - ROE was 8.8% in 2024Q1-Q3, down from 9.3% in 2023 [7] Market Data - The company's closing price on October 30, 2024 was RMB 51.89 [2] - The company's price-to-book ratio was 4.3 [2] - The company's dividend yield was 0.58% [2] - The company's market capitalization was RMB 29.536 billion [2] Financial Forecasts - Revenue is expected to grow 3.5% in 2024 to RMB 16.04 billion, 15.8% in 2025 to RMB 18.576 billion, and 9.4% in 2026 to RMB 20.329 billion [7] - Net profit is forecast to increase 90.1% in 2024 to RMB 1.163 billion, 23.1% in 2025 to RMB 1.433 billion, and 19.9% in 2026 to RMB 1.718 billion [7] - EPS is projected to be RMB 2.04 in 2024, RMB 2.52 in 2025, and RMB 3.02 in 2026 [7] - The company's PE ratio is expected to be 25 in 2024, 21 in 2025, and 17 in 2026 [7] Product Performance - The company's robot vacuum sales are expected to decline by about 10% in 2024, while floor washer sales are forecast to grow 11% [5] - The T50 model has become a bestseller, while the X8 model has also performed well [5] - The company's overseas sales have shown growth in Europe, but the US market remains challenging due to Amazon sales restrictions [5]

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 12-month target price of 60.00 CNY, corresponding to a PE valuation of 25x for 2025 [5]. Core Views - The company reported a revenue of 10.23 billion CNY for the first nine months of 2024, a year-over-year decrease of 2.9%, and a net profit attributable to shareholders of 620 million CNY, an increase of 1.9% year-over-year. In Q3 2024, the company achieved a revenue of 3.25 billion CNY, down 4.1% year-over-year, and a net profit of 10 million CNY, down 69.2% year-over-year. The decline in profitability is attributed to the early promotion for Double Eleven and the destocking of slow-moving products overseas. However, with the domestic trade-in subsidies and overseas inventory optimization, the company's operations are expected to improve in the future [1][2][3]. Summary by Sections Revenue Performance - Q3 revenue growth improved slightly compared to Q2, with a 6.3 percentage point increase. The KOVOS brand faced revenue pressure due to new products being in the pre-sale stage in September, with expected revenue boosts in Q4. The Tink brand saw improved revenue growth due to a low base from the previous year. The company anticipates a significant increase in domestic sales in Q4 due to trade-in subsidies [2]. Profitability Metrics - The gross margin for Q3 was 46.8%, a slight year-over-year increase of 0.9 percentage points but a decrease of 4.2 percentage points from Q2. The decline in gross margin is attributed to the company's efforts to clear slow-moving overseas products and the impact of price reductions on older products during the pre-sale period of new products [2][3]. Cost Structure and Profitability Pressure - The net profit margin for Q3 was 0.2%, down 0.4 percentage points year-over-year and down 8.7 percentage points from Q2. The increase in sales expenses is significant due to the pre-sale of multiple new products and the early promotion expenses for Double Eleven. The company expects improved profitability in Q4 due to the delivery of high-margin new products and overseas inventory optimization [3]. Financial Forecasts - The company is projected to have earnings per share (EPS) of 2.12 CNY, 2.40 CNY, and 2.67 CNY for 2024, 2025, and 2026, respectively. The revenue forecast for 2024 is 16.19 billion CNY, with a net profit of 1.21 billion CNY, indicating a recovery in profitability as the market conditions improve [4][11].