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].

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [5][14]. Core Views - The company is expected to see significant revenue growth in Q4 due to the implementation of a trade-in policy and strong sales performance of new products, despite a slight decline in overall revenue growth in Q3 [1][3]. - The company is actively reducing old inventory overseas, which has impacted profit margins but is seen as a strategic move to prepare for new product launches [2]. - Increased investment in marketing and product development is noted, with a focus on expanding the product matrix and enhancing cost efficiency to improve overall profitability [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 10.226 billion yuan, a year-on-year decrease of 2.9%, and a net profit of 615 million yuan, an increase of 1.88% [1]. - In Q3 2024, revenue was 3.25 billion yuan, down 4.06% year-on-year, with net profit significantly declining by 69.21% to 6 million yuan [1]. - The gross margin for the first three quarters was 48.39%, up 0.4 percentage points year-on-year, while the net margin was 6.01%, up 0.28 percentage points [2]. Cost Structure - The company’s expense ratios for sales, management, R&D, and financial costs for the first three quarters were 31.41%, 3.74%, 6.43%, and -0.31% respectively, with a notable increase in sales expenses due to new product launches [3]. - In Q3, the sales expense ratio rose to 36%, reflecting increased marketing efforts for new products [3]. Future Outlook - The company aims to enhance its overseas business and product offerings while maintaining cost efficiency to improve gross margins during a period of declining average product prices [3]. - Projected net profits for 2024-2026 are estimated at 1.28 billion, 1.47 billion, and 1.65 billion yuan respectively, with corresponding dynamic P/E ratios of 23.0x, 20.1x, and 17.9x [3][7].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's revenue and profit have been under pressure due to slow domestic consumption recovery, intense industry competition, and delayed delivery of new product sales [2]. - The company has increased its marketing expenses significantly due to the pre-sale of multiple new products under the Ecovacs and Tineco brands, which has impacted profit growth [2]. - The gross margin has shown a steady increase, but the net profit margin has declined due to higher sales expenses and increased asset impairments [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 10.226 billion yuan, a year-on-year decrease of 2.90%, and a net profit attributable to shareholders of 615 million yuan, an increase of 1.88% [1]. - 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 [1]. - The gross margin for Q1-Q3 2024 was 48.39%, while for Q3 it was 46.82%, reflecting a year-on-year increase of 0.40 percentage points and 0.90 percentage points, respectively [3]. - The company expects net profits for 2024-2026 to be 1.021 billion yuan, 1.482 billion yuan, and 1.831 billion yuan, representing year-on-year growth rates of 66.9%, 45.1%, and 23.6% respectively [4]. Financial Metrics - The company's revenue for 2024 is projected to be 16.271 billion yuan, with a year-on-year growth rate of 5.0% [5]. - The earnings per share (EPS) for 2024 is estimated at 1.79 yuan, with a projected P/E ratio of 31.7 [5]. - The net asset return (ROE) is expected to be 14.7% in 2024, increasing to 19.6% by 2026 [5].

一、说明会类型 本次说明会以网络文字互动的方式召开，公司将针对2024年第三季度的经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 1、会议召开时间：2024 年 11 月 15 日(星期五) 下午 14:00-15:00 证券代码：603486 证券简称：科沃斯 公告编号：2024-089 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 关于召开2024年第三季度业绩说明会的公告 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： 科沃斯机器人股份有限公司（以下简称"公司"）已于2024年10月30日发布 公司2024年第三季度报告，为使广大投资者更加全面、深入地了解公司2024年第三 季度经营成果、财务状况，公司计划于2024年11月15日下午14:00-15:00举行2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 1、投资者可以在 2024 年 11 月 15 日(星期五) 下午 ...

证券代码：603486 证券简称：科沃斯 公告编号：2024-087 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 关于使用可转换公司债券部分闲置募 集资金进行现金管理到期赎回的公告 科沃斯机器人股份有限公司董事会 2024 年 6 月 26 日，公司以可转换公司债券部分闲置募集资金购买理财产品 3,000 万元，公司于 2024 年 10 月 26 日赎回了理财产品 3,000 万元，收回理财本金 3,000 万元，获得理财收益 28.20 万元，本次到期赎回的理财产品及收益情况如下： 单位：人民币万元 | 受托方 | 产品类型 | 产品名称 | 购买 | 赎回 | 起始日期 | 终止日期 | 期限 | 实际年 化收益 | 实际收 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | 金额 | 金额 | | | | 率 | 益额 | | 苏州银行 | 银行理财 产品 | 结构性存款 | 1,000 | 1,000 | 2024-6-26 | 2024-10-26 | 120 日 | 2.8 ...

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]

证券代码：603486 证券简称：科沃斯 公告编号：2024-086 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 可转债转股结果暨股份变动公告 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： ●累计转股情况：自 2022 年 6 月 6 日至 2024 年 9 月 30 日，累计已有 345,000 元 科沃转债转换为科沃斯机器人股份有限公司（以下简称"公司"）A 股股份，累计转 股股数为 1,846 股，占科沃转债转股前公司已发行股份总额的 0.0003216%。 ●未转股可转债情况：截至 2024 年 9 月 30 日，尚未转股的科沃转债金额为 1,039,655,000 元，占科沃转债发行总量的 99.9668%。 ●本季度转股情况：自 2024 年 7 月 1 日至 2024 年 9 月 30 日期间，科沃转债转股 的金额为 14,000 元，因转股形成的股份数量为 76 股，占科沃转债转股前公司已发行 股份总额的 0.00001324%。 一、可转债发行上市概况 （一）可转债 ...

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 | --- | --- | --- | |----- ...

证券代码：603486 证券简称：科沃斯 公告编号：2024-085 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 关于使用可转换公司债券部分闲置募 集资金进行现金管理到期赎回的公告 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。 三、闲置募集资金现金管理总体情况 公司使用闲置募集资金购买的产品不存在逾期未收回的情况。截至本公告披露 日，公司使用募集资金购买产品的余额为13,000万元。 特此公告。 科沃斯机器人股份有限公司董事会 科沃斯机器人股份有限公司（以下简称"公司"）于 2023 年 12 月 28 日召开 第三届董事会第十五次会议、第三届监事会第十一次会议分别审议通过了《关于使 用可转换公司债券部分闲置募集资金进行现金管理的议案》，同意在不影响项目正 常进行、保证募集资金安全的前提下，拟使用额度不超过人民币 5.7 亿元的闲置募 集资金进行现金管理，用于购买安全性高，流动性好，单项产品期限最长不超过 12 个月的有保本承诺的理财产品或结构性存款等，在上述额度内可滚动使用。闲置募 集资金现金管理 ...

证券代码：603486 证券简称：科沃斯 公告编号：2024-083 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 第三届董事会第二十一次会议决议公告 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。 一、董事会会议召开情况 2024 年 9 月 20 日，科沃斯机器人股份有限公司（以下简称"公司"）第三 届董事会第二十一次会议在公司会议室召开。本次会议的会议通知已于 2024 年 9 月 15 日通过书面形式发出，本次会议采用现场结合通讯表决方式召开，会议 应到董事 9 名，实到董事 9 名（其中:以通讯表决方式出席会议 3 名），符合召开 董事会会议的法定人数。会议由公司董事长钱东奇先生主持，公司监事和高级管 理人员列席了会议。会议的召集、召开符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定，表决形成的决议合法、有效。会议审议并通过 了如下议案: 二、董事会会议审议情况 君合律师事务所上海分所出具了《关于科沃斯机器人股份有限公司 2024 年 股票期权与限制性股票激励计划调整及授予事 ...