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 ...

证券代码：603486 证券简称：科沃斯 公告编号：2024-033 科沃斯机器人股份有限公司 关于控股股东增持股份计划实施完毕暨增持结果的公告 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： ●本次增持股份计划的基本情况：科沃斯机器人股份有限公司（以下简称"公 司"或"科沃斯"）于 2023 年 11 月 4 日披露了《关于控股股东增持公司股份计划的 公告》（公告编号：2023-103），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"）计划自增持计划披露之日起 6 个月内择机增持公司股份，拟通 过上海证券交易所交易系统以集中竞价交易、大宗交易方式增持公司 A 股股份，增持 金额不低于人民币 1 亿元，资金来源为创领投资的自有资金（以下简称"本次增持计 划"）。 ●增持计划的实施结果：2023 年 11 月 4 日至 2024 年 4 月 30 日期间，公司控股 股东创领投资通过上海证券交易所证券交易系统以集中竞价方式累计增持公司股份 2,417,400 股，本次增持比例占公司目前总股本 0. ...

2024年04月29日 公 司点评 公 买入 / 维持 司 科沃斯(603486) 研 究 目标价: 昨收盘:45.68 科沃斯：2024Q1 业绩跌幅收窄拐点将至，新品 X5 Pro 丰富中高端产品布局 ◼ 走势比较 事件：2024 年 4 月 26 日，科沃斯发布 2023 年年报及 2024 年一季 报。2023年公司实现总营收155.02亿元（同比+1.16%），归母净利润6.12 20% 亿元（同比-63.96%），扣非归母净利润4.84亿元（同比-70.26%）。2024Q1 太 4% 公司总营收 34.74 亿元（同比+7.35%），归母净利润 2.98 亿元（同比- 平 (12%)4/5/32 51/7/32 52/9/32 6/21/32 61/2/42 82/4/42 8.71%），扣非归母净利润2.87亿元（同比+0.26%）。 洋 (28%) 证 (44%) 2024Q1业绩端跌幅显著收窄，智能生活电器业务实现逆势稳健增长。 券 (60%) 1）分季度看：2024Q1 公司总营收 34.74 亿元（同比+7.35%），单季度收 股 入增速由负转正；归母净利润2.98亿元（同比-8.71 ...

2024年04月29日 公 司点评 公 买入 / 维持 司 科沃斯(603486) 研 究 目标价: 昨收盘:45.68 科沃斯：2024Q1 业绩跌幅收窄拐点将至，新品 X5 Pro 丰富中高端产品布局 ◼ 走势比较 事件：2024 年 4 月 26 日，科沃斯发布 2023 年年报及 2024 年一季 报。2023年公司实现总营收155.02亿元（同比+1.16%），归母净利润6.12 20% 亿元（同比-63.96%），扣非归母净利润4.84亿元（同比-70.26%）。2024Q1 太 4% 公司总营收 34.74 亿元（同比+7.35%），归母净利润 2.98 亿元（同比- 平 (12%)4/5/32 51/7/32 52/9/32 6/21/32 61/2/42 82/4/42 8.71%），扣非归母净利润2.87亿元（同比+0.26%）。 洋 (28%) 证 (44%) 2024Q1业绩端跌幅显著收窄，智能生活电器业务实现逆势稳健增长。 券 (60%) 1）分季度看：2024Q1 公司总营收 34.74 亿元（同比+7.35%），单季度收 股 入增速由负转正；归母净利润2.98亿元（同比-8.71 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved rapid growth in overseas sales in 2023, benefiting from the collective expansion of Chinese brands abroad. The earnings forecast has been raised, with expected net profits for 2024-2026 at 1.33 billion, 1.63 billion, and 1.82 billion respectively, corresponding to EPS of 2.31, 2.84, and 3.15. The current stock price corresponds to PE ratios of 19.8, 16.1, and 14.5 for the respective years [6][7] Financial Performance Summary - In Q4 2023, the company reported revenue of 4.97 billion (down 4.4% year-on-year) and a net profit of 0.1 billion (down 98.5%). In Q1 2024, revenue was 3.47 billion (up 7.4%), with a net profit of 0.3 billion (down 8.7%) [6] - The company's gross margin in Q4 2023 was 46.5% (down 8.8 percentage points), while in Q1 2024, it improved to 47.2% (up 0.7 percentage points) [8] - The company’s market share for floor cleaning machines in Q1 2024 was 27.5%, maintaining the leading position, with specific models achieving market shares of 4.9% and 3.6% [7] Sales Performance - The company's brands, Ecovacs and Tineco, saw overseas revenue growth of 20% and 41% respectively in 2023. Domestic revenue for Ecovacs fell by 11.9%, while overseas revenue grew by 20.2% [7] - The Tineco brand's domestic and overseas revenue for 2023 was 4.2 billion and 3.06 billion respectively, with domestic sales down 11.0% and overseas sales up 40.5% [7] Profitability Outlook - The company expects profitability to improve due to the sales of high-margin products and cost control measures. The net profit margin in Q1 2024 was 8.6% [8] - The forecasted net profit for 2024 is 1.33 billion, representing a significant recovery from the previous year's performance [9]

[Table_Title] 证券研究报告 科沃斯：Q1 扣非净利增速转正，经营拐点初现 公司研究 [Table_ReportDate] 2024年4月29日 [Table_ReportType] 公司点评报告 [Table_Summary] [科Ta沃bl斯e_ St(o6c0k3A4n8dR6a)n k] ➢ 事件：23 年公司实现营业收入 155.02 亿元，同比+1.16%，实现归母 净利润6.12亿元，同比-63.96%，实现扣非后归母净利润4.84亿元， 同比-70.26%。 罗岸阳 家电行业首席分析师 24Q1 公司实现营业收入 34.74 亿元，同比+7.35%，实现归母净利润 执业编号：S1500520070002 2.98 亿元，同比-8.71%，实现扣非后归母净利润 2.87 亿元，同比 邮 箱：luoanyang@cindasc.com +0.26%。 ➢ 23年内销承压，海外表现亮眼。 尹圣迪 家电行业分析师 23年： 执业编号：S1500524020001 邮 箱：yinshengdi@cindasc.com 科沃斯服务机器人：23年实现收入76.81亿元，YoY-1.49%。分地区 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the company has reached a turning point after a prolonged bottoming phase, with significant improvements in Q1 2024 performance, driven by a recovery in domestic sales, improved profitability in the cleaning segment, and continued growth in overseas markets [3][2] Summary by Sections Financial Performance - For Q1 2024, the company reported revenue of 3.47 billion (up 7.4%) and a net profit of 300 million (down 8.7%) [1] - In 2023, the total revenue was 15.5 billion (up 1.2%), with a net profit of 610 million (down 64%) [1] - The company plans to distribute a dividend of 3 yuan for every 10 shares, resulting in a total payout ratio of 52%, significantly up from 30% the previous year [1] Brand Performance - The report highlights that both brands, Ecovacs and Tineco, showed growth in Q1 2024, with Ecovacs brand revenue increasing by 11% and Tineco brand revenue increasing by 10% [2][3] - The Ecovacs brand saw a recovery in sales volume, while Tineco's profitability is expected to improve as price competition stabilizes [3] Profitability and Margins - Q1 2024 saw a recovery in gross margin, with a 0.7 percentage point increase, and net margin improved by 8.4 percentage points [2] - The report attributes the profitability recovery to three main factors: stabilization of gross margins, improved cost control, and reduced losses from new business ventures [2] Future Projections - The company is projected to achieve revenues of 18.0 billion, 20.6 billion, and 22.8 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 16%, 14%, and 11% [3][4] - Net profit forecasts for the same years are 1.51 billion, 2.04 billion, and 2.51 billion, reflecting significant recovery and growth potential [3][4] Market Position - The report emphasizes that the company is well-positioned to benefit from new product launches and improvements in operational efficiency in key markets such as the US and Europe [3]

证券研究报告 公 2024年04月29日 司 报 告 科沃斯(603486) │ 行 业： 家用电器/小家电 公 投资评级： 买入（维持） 司 2023A&2024Q1 业绩点评： 当前价格： 41.53元 年 报 “清”舟已过万重山 目标价格： 47.41元 点 事件： 评 基本数据 科沃斯披露2023年年报及2024年一季报：公司23年实现营收155.0亿， 总股本/流通股本(百万股) 576.46/569.20 同比+1.2%，业绩6.1亿，同比-64.0%，扣非业绩4.8亿，同比-70.3%；23Q4 实现营收 49.7亿，同比-4.4%，业绩0.1亿，同比-98.5%，扣非业绩-0.4 流通A股市值(百万元) 23,638.93 亿，同比-5.6亿。23年度分红1.70亿，分红率27.7%。24Q1实现营收34.7 每股净资产(元) 11.66 亿，同比+7.4%，业绩3.0亿，同比-8.7%，扣非业绩2.9亿，同比+0.3%。 资产负债率(%) 49.87 ➢ 基本盘仍较为稳固，出海贡献营收增量 一年内最高/最低(元) 85.00/27.76 23 年科沃斯/添可品牌营收分别同比-1.5%/+5. ...

Investment Rating - The report maintains a "Buy" rating for the company [4] 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 decreased by 63.96% to 612 million yuan [1] - The company's Q4 2023 revenue was 4.42% higher year-on-year, while the net profit dropped significantly by 98.54% [1] - The first quarter of 2024 showed a revenue increase of 7.35% year-on-year, with a net profit of 298 million yuan, a decrease of 8.71% compared to the previous year [1] - The decline in the vacuum cleaner business was noted, while the Tineco brand performed well, with revenue growth of 5.24% [1] - The international strategy is showing results, with overseas revenue for the company increasing by 20.1% and Tineco by 40.5% in 2023 [1] Financial Performance Summary - The company's gross margin for Q4 2023 and Q1 2024 was 46.46% and 47.17%, respectively, reflecting a year-on-year decline of 8.8 percentage points and 3.5 percentage points [2] - The net profit margin for Q4 2023 and Q1 2024 was 0.16% and 8.58%, respectively, with a year-on-year decline of 10.92 percentage points and 1.5 percentage points [2] - The company expects net profits for 2024, 2025, and 2026 to be 1.43 billion, 1.74 billion, and 2.10 billion yuan, respectively, with growth rates of 133.6%, 21.8%, and 20.6% [2] Industry Overview - The vacuum cleaner industry is expected to recover in 2024, with online sales growth rates of 38.27% and 33.83% year-on-year in Q1 2024 [1] - The floor washing machine industry continues to grow, with Tineco achieving a market share of 44.45% in Q1 2024, with online sales growth rates of 22.17% and 64.64% [1]