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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved a revenue of 6.98 billion yuan in H1 2024, a year-on-year decrease of 2.4%, while the net profit attributable to shareholders was 610 million yuan, an increase of 4.3% [6] - The company has seen rapid growth in external sales, particularly in the European market, despite facing increased competition and a downturn in demand [6][7] - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 1.384 billion yuan, 1.619 billion yuan, and 1.748 billion yuan respectively [6] Financial Performance Summary - In H1 2024, the gross margin was 49.1%, with a net profit margin of 8.7% [8] - The company’s Q2 2024 gross margin improved to 51.0%, reflecting effective cost control measures [8] - The company’s EPS for 2024 is projected to be 2.43 yuan, with corresponding P/E ratios of 17.3, 14.8, and 13.7 for 2024, 2025, and 2026 respectively [6][9] Sales Performance - The company's brands, Ecovacs and Tineco, saw external sales growth of 11% and 32% respectively in H1 2024 [7] - The sales revenue from the domestic offline market for Ecovacs and Tineco reached 34% and 26% respectively in H1 2024, indicating a strategic focus on optimizing offline network layout [7] Market Outlook - The company is expected to benefit from the growing demand for its products in overseas markets, particularly in Europe, where sales have shown significant growth [7] - The company is actively expanding its brand flagship stores, with a target of over 100 by the end of the year, which is anticipated to enhance brand visibility and sales [7]

Investment Rating - The investment rating for the company is "Buy" [6][20]. Core Views - The company's performance meets expectations, with cost reduction and efficiency improvements leading to significant profit margin enhancement. A new round of equity incentive plans has been announced, and revenue guidance remains stable [4][20]. Revenue Segment - In H1 2024, the company achieved revenue of 6.976 billion yuan, a year-on-year decrease of 2.35%. Q2 2024 revenue was 3.502 billion yuan, down 10.39% year-on-year. The growth was driven by overseas sales, which outperformed domestic sales [15][16]. - The Ecovacs brand generated revenue of 3.397 billion yuan in H1 2024, a decrease of 3.07% year-on-year, while overseas revenue increased by 11.3%, with Europe showing a 42.0% increase. The overseas market is expected to contribute significantly to revenue growth [15][16]. - The Tineco brand reported revenue of 3.359 billion yuan in H1 2024, up 2.42% year-on-year, with overseas revenue increasing by 31.7% [15][16]. Profit Segment - The company's gross margin for H1 2024 was 49.12%, with a net margin of 8.73%. In Q2 2024, the gross margin improved to 51.05%, up 3.48 percentage points year-on-year, and the net margin was 8.89%, up 2.29 percentage points [16][20]. - The improvement in profit margins is attributed to clearer strategic positioning and effective cost reduction measures, particularly for value-for-money products [16][20]. Asset and Cash Flow - As of H1 2024, the company's cash and cash equivalents plus trading financial assets totaled 4.369 billion yuan, a decrease of 14.76% year-on-year. Inventory stood at 3.272 billion yuan, up 1.5% year-on-year [17][18]. - The company reported a net cash flow from operating activities of 248 million yuan in H1 2024, a year-on-year increase of 48.78% [18]. Equity Incentive Plan - The company plans to grant 17.0951 million stock options, accounting for 3.00% of the total share capital, with a target revenue growth rate of no less than 2% for 2024 and increasing thereafter [19][20]. Investment Recommendations - The company maintains its earnings forecast for 2024-2026, expecting EPS of 2.48, 2.97, and 3.42 yuan, representing year-on-year growth of 131%, 20%, and 15% respectively. The target price is set at 58.40 yuan, maintaining the "Buy" rating [20].

聚焦核心品类，业绩逆风翻盘！科沃斯稳高端、抢中端，持续 创新、降本增效，打出组合拳 导语：业绩重回增长轨道。 作者：市值风云 App：木盒 2024 年 8 月 30 日晚，科沃斯（603486.SH）公布了半年报业绩：营业收入为 69.76 亿，略微下降 2.35%，但扣非净利润为 5.57 亿，同比增长 10.18%。 其中第二季度扣非净利润，同比增长 23.07%。 and and the submit and the submit of the submit of the submit of the submit of the submit of the subject of the subject of the subject of the 作为长期跟踪科沃斯的分析师，风云君深知在国内消费市场整体复苏乏力、叠加行 业竞争加剧价格内卷的大环境之下，科沃斯上半年依然取得业绩持续增长，实属难 得，这主要得益于经营策略的正确应对。 一、保持战略定力，调整产品策略 (一) 进一步战略聚焦核心品类 经过 20 多年的发展 ,科沃斯已经成为全球全球家用服务机器人和智能生活电器行业 的引领者，形成了两大"平分秋色" ...

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [4] Core Views - The company reported a revenue of 6.976 billion yuan for H1 2024, a year-on-year decrease of 2.35%, while the net profit attributable to the parent company was 609 million yuan, an increase of 4.26% [1] - The company is focusing on enhancing its overseas business growth and product matrix to meet diverse consumer demands while improving overall profitability through cost reduction measures [2] Financial Performance Summary - For H1 2024, the company's gross margin was 49.12%, up 0.15 percentage points year-on-year, and the net profit margin was 8.73%, up 0.56 percentage points year-on-year [1] - The company reduced its marketing expenses significantly, leading to a notable decrease in sales expense ratio by 2.87 percentage points year-on-year [1] - The company expects net profits for 2024-2026 to be 1.33 billion, 1.51 billion, and 1.66 billion yuan respectively, with corresponding dynamic P/E ratios of 17.2x, 15.2x, and 13.8x [2] Business Segment Performance - The company's brands, Ecovacs and Tineco, showed varied performance with Ecovacs experiencing a 10.4% decline in domestic sales but an 11.3% increase in overseas sales [1] - The Tineco brand saw a 10.8% decline in domestic sales but a significant 31.7% increase in overseas sales, particularly in the U.S. and Europe [1] - The company launched a new product category, lawn mowers, which saw revenue and sales volume growth of 185.9% and 252.1% year-on-year respectively [1] Incentive Plans - The company introduced a stock option and employee stock ownership plan, granting a total of 25 million shares, approximately 4.39% of the total share capital, to attract and retain core talent [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [9]. Core Views - The company has shown a steady recovery in profitability and has launched a new stock incentive plan to enhance internal governance and employee motivation [3][4]. - The company is actively expanding its overseas market presence and enhancing its domestic offline channel distribution, with significant revenue growth in Europe [3][4]. - The financial forecasts for the company indicate a substantial increase in net profit from 2024 to 2026, with expected growth rates of 126%, 16%, and 10% respectively [3][4]. Financial Data and Valuation - For 2024, the company is projected to achieve a revenue of 13.84 billion yuan, with a net profit of 1.384 billion yuan, reflecting a 126% year-on-year increase [3][4]. - The earnings per share (EPS) is expected to rise from 1.08 yuan in 2023 to 2.43 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 16.5 in 2024 and 14.2 in 2025 [3][4]. - The company’s asset-liability ratio is projected to decrease from 51.1% in 2023 to 42.7% in 2026, indicating improved financial stability [6].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown a faster growth in overseas sales compared to domestic sales, leading to an improvement in profitability levels [1]. - The company reported a revenue of 6.09 billion yuan in H1 2024, a year-on-year increase of 4.26% in net profit [1]. - The forecast for net profit from 2024 to 2026 is expected to grow significantly, with projections of 14.1 billion yuan, 17.0 billion yuan, and 19.6 billion yuan respectively, indicating a growth rate of 130.5%, 20.4%, and 15.1% [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 69.76 billion yuan, a decrease of 2.35% year-on-year, while the net profit attributable to shareholders was 6.09 billion yuan, an increase of 4.26% [1]. - The company's gross margin improved to 49.12% in H1 2024, up by 0.15 percentage points year-on-year [1]. - The net profit margin for H1 2024 was 8.73%, reflecting a year-on-year increase of 0.56 percentage points [1]. Sales Breakdown - For H1 2024, the company's revenue from the Ecovacs brand was 33.97 billion yuan, a decrease of 3.07%, while the Tineco brand saw an increase of 2.42% to 33.59 billion yuan [1]. - Domestic sales accounted for 41.31 billion yuan, a year-on-year increase of 9.6%, while international sales reached 28.45 billion yuan, up by 10.5% [1]. - Online sales contributed 43.46 billion yuan, a decrease of 2.7%, while offline sales increased by 13.5% to 26.29 billion yuan [1]. Profitability Metrics - The company’s selling, general and administrative expenses as a percentage of revenue decreased by 2.87 percentage points to 29.27% in H1 2024 [1]. - The R&D expense ratio increased by 0.93 percentage points to 6.39% in H1 2024 [1]. - The financial expense ratio showed a slight increase of 0.49 percentage points, reaching -0.30% in H1 2024 [1].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 49.40 yuan over the next six months, corresponding to a 20x PE valuation for 2024 [1][3]. Core Views - The company, as a leader in the robotic vacuum industry, possesses advantages in technology, channels, and supply chains, and is continuously optimizing its product and cost structure, which is expected to sustain its business scale [3]. - The company faced significant operational pressure in 2023 due to industry conditions and competitive factors, but the market for robotic vacuums has substantial room for growth, and a recovery in industry sentiment is anticipated in 2024 [3]. - The company has adjusted its operational strategy, which is expected to gradually restore its profitability [3]. Financial Performance Summary - In the first half of 2024, the company achieved revenue of 6.98 billion yuan, a year-over-year decrease of 2.4%, and a net profit attributable to shareholders of 610 million yuan, a year-over-year increase of 4.3% [1]. - For Q2 2024, the company reported revenue of 3.50 billion yuan, a year-over-year decline of 10.4%, while net profit attributable to shareholders was 310 million yuan, reflecting a year-over-year increase of 20.7% [1]. - The gross margin for Q2 2024 improved to 51.0%, up 3.5 percentage points year-over-year, driven by an increase in the proportion of new vacuum models [1]. - The company’s sales expense ratio decreased significantly to 30.8% in Q2 2024, down 3.6 percentage points year-over-year, primarily due to reduced advertising and platform service fees [1]. Sales and Market Trends - The company’s online sales of robotic vacuums in Q2 2024 decreased by 20% year-over-year, compared to a 14% decline in Q1 2024 [1]. - The overseas revenue for the company's brand increased by 11% year-over-year, while domestic revenue growth was approximately -11% [1]. - The new product contribution rate reached 54.2%, indicating a more competitive cost structure for new models, which has positively impacted the overall gross margin [1]. Future Earnings Projections - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.47 yuan, 2.70 yuan, and 3.02 yuan, respectively [3]. - The company is expected to see a gradual recovery in profitability, with net profit forecasts for 2024, 2025, and 2026 at 1.41 billion yuan, 1.54 billion yuan, and 1.72 billion yuan, respectively [4].

截至 2024 年 6 月 30 日，本公司 2021 年公开发行可转换公司债券的三个募投 项目已使用募集资金人民币 54,833.79 万元，累计收到银行存款利息（含理财收 益）扣除银行手续费等的净额为人民币 5,149.83 万元；本报告期末，募集资金余 额人民币 53,298.67 万元（其中：用于购买保本型金融机构理财产品的金额 46,000.00 万元）。 二、 募集资金管理情况 证券代码：603486 证券简称：科沃斯 公告编号：2024-064 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 年半年度募集资金存放与实际使用情况的专项报告 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。 根据中国证券监督管理委员会《上市公司监管指引第2号—上市公司募集资金 管理和使用的监管要求》及上海证券交易所颁布的《上海证券交易所上市公司自律 监管指引第1号—规范运作》及科沃斯机器人股份有限公司（以下简称"公司"或 "本公司"）《募集资金管理办法》等相关规定，公司现将2024年半年度募集资金 存放 ...