Compa n y U pda te Ch in a Res ear ch Dep t . 2024年04月29日 石头科技(688169.SZ) 买进（Buy） 赵旭东 H70556@capital.com.tw 目标价(元) 446 24Q1利润翻倍增长，后续新品放量将支撑利润继续增长 公司基本信息 业绩概览：公司2024年Q1实现营收18.4亿元,YOY+58.7%,录得归母净利4.0亿 产业别 机械设备 元，YOY+95.2%，扣非后净利3.4亿元，同比+110.0%。 A股价(2024/4/26) 382.30 上证指数(2024/4/26) 3088.64 点评： 股价12个月高/低 391.63/204.37 总发行股数(百万) 131.48  24Q1公司收入增长超5成：公司24Q1实现营收18.4亿元,YOY+58.7%， A股数(百万) 131.48 我们估计公司营收增长主要受海外业务驱动。2023年公司海外渠道取得 A市值(亿元) 502.64 主要股东 昌敬(22.10%) 诸多进展，包括入驻美国target180余家精选店铺、法国线下渠道突破、 每股净值(元) 89.64 德国亚马 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 382.30 CNY as of April 26, 2024 [1][3] Core Views - The company's Q1 2024 performance exceeded expectations, with revenue reaching 1.841 billion CNY, a YoY increase of 58.69%, and net profit attributable to shareholders of 399 million CNY, a YoY increase of 95.23% [2] - The company's gross margin improved significantly in Q1 2024, reaching 56.49%, a YoY increase of 6.65 percentage points, driven by product and channel structure optimization, scale effects, and cost reduction capabilities [2] - The company's overseas sales growth was strong in Q1 2024, particularly in North America, where both online and offline channels expanded rapidly, while Europe and Asia-Pacific regions also showed high growth [2] - The company's domestic sales also grew rapidly, with online sales of扫地机 and洗地机 increasing by 29.88% and 11.45% YoY, respectively, in Q1 2024, supported by a robust product matrix and strong product capabilities [2] - The company's profitability is expected to continue improving, with EPS forecasts of 20.04 CNY, 23.57 CNY, and 27.79 CNY for 2024, 2025, and 2026, respectively, and a dynamic PE ratio of 19.1x, 16.2x, and 13.8x as of April 26, 2024 [2][3] Financial Performance Summary - The company's revenue in 2023 was 8.654 billion CNY, with a YoY growth of 30.5%, and is expected to reach 11.190 billion CNY, 13.226 billion CNY, and 15.526 billion CNY in 2024, 2025, and 2026, respectively, with YoY growth rates of 29.3%, 18.2%, and 17.4% [2][4] - Net profit attributable to shareholders in 2023 was 2.051 billion CNY, with a YoY growth of 73.3%, and is expected to reach 2.634 billion CNY, 3.099 billion CNY, and 3.653 billion CNY in 2024, 2025, and 2026, respectively, with YoY growth rates of 28.4%, 17.7%, and 17.9% [2][4] - The company's gross margin remained stable at around 55% from 2023 to 2026, with a slight improvement to 56.0% in 2024 [2][4] - ROE is expected to increase from 18.0% in 2023 to 19.7% in 2024 and remain stable at around 19.7%-19.8% in 2025 and 2026 [2][4] Market and Industry Outlook - The company is well-positioned to benefit from the recovery of domestic demand and the structural upgrade红利 in overseas markets, as it is a leading global brand in the扫地机 industry [2] - The company's strong product capabilities, brand strength, and cost control capabilities, combined with accelerated expansion in new channels and markets in Europe and the US, are expected to drive further growth in both domestic and international market share [2]

[Table_Page] 季报点评|家用电器 证券研究报告 [石Table_头Title] 科技（688169.SH） [公Tab司le_I评nves级t] 买入 当前价格 382.30元 Q1 收入利润超预期，强产品力凸显 合理价值 505.75元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-28 ⚫ 公司披露2024年一季报。24Q1实现收入18.4亿元（YoY+58.7%)， [相Tab对le_P市icQ场uote表] 现 归母净利润4.0亿元（YoY+95.2%），毛利率56.5%（YoY+6.7pct）， 归母净利率21.7%（YoY+4.1pct）。销售/管理/财务/研发费用率分别同 82% 62% 比-0.2pct/-1.6pct/+1.0pct/-0.8pct。毛利率提升主要系高毛利渠道占比 41% 提升，同时产品结构升级、公司成本控制能力较强也有贡献。 21% ⚫ 国内外保持高速增长。根据奥维云网数据，24Q1国内扫地机行业线上 0% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 销量、均价、销售额分别同 ...

2024年04月27日 公 司点评 公 买入 / 维持 司 石头科技(688169) 研 究 昨收盘:382.30 24Q1 业绩超预期，海内外成长性持续兑现 事件：公司发布24年一季报，24Q1实现营业收入18.41亿元，同比  走势比较 增长58.69%；归母净利润3.99亿元，同比增长95.23%；扣非后归母净利 润3.42亿元，同比增长110.03%。 30% 海内外成长性持续兑现，24Q1 业绩超预期。公司海外品牌建设不断 太 20% 推进，同时精耕渠道运营，北美KA渠道实现突破，入驻超180家Target 平 10% 门店，美亚平台领先地位确立，欧洲自营渠道实现高成长，迈入业绩兑现 期。国内布局多价格段产品，强化品牌力，渠道端布局线下体验店，助力 洋 0% 渗透率再提升。伴随公司产品结构升级，高价值量机型占比提升，叠加成 证 (10%) 本优化效果逐步体现，24Q1毛利率56.49%，同比增加6.64pct。 券 (20%) 规模效应体现，盈利能力优化。公司24Q1净利率21.66%，同比提升 股 4.05pct，其中销售、管理、研发、财务费用率分别为 20.75%、2.76%、 份 石头科技 ...

海外持续超预期 ——石头科技24年一季报点评 石头科技（688169）/家电 证券研究报告/公司点评 2024年4月28日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：382.3 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 6,629 8,654 11,022 12,812 14,809 分析师：姚玮 增长率yoy% 14% 31% 27% 16% 16% 执业证书编号：S0740522080001 净利润（百万元） 1,183 2,051 2,540 2,816 3,297 Email：yaowei@zts.com.cn 增长率yoy% -16% 73% 24% 11% 17% 每股收益（元） 9.00 15.60 19.32 21.42 25.08 每股现金流量 8.52 16.63 26.53 18.08 30.56 净资产收益率 12% 18% 19% 17% 17% P/E 42.5 24.5 19.8 17.8 15.2 备 注：股价选自20240426收盘 ...

公司研究 | 季报点评 石头科技 688169.SH 买入 （维持） 一季度营收高增，盈利能力持续提升 股价（2024年04月26日） 382.3元 目标价格 404.41元 52周最高价/最低价 391.63/204.37元 总股本/流通A股（万股） 13,148/13,148 A股市值（百万元） 50,264 核心观点 国家/地区 中国 行业 造纸轻工 事件：公司公告2024年一季报，2024年一季度公司实现营业收入18.41亿 报告发布日期 2024年04月28日 元，同比增长58.69%，实现归母净利润3.99亿元，同比增长95.23%。 ⚫ 海内外竞争优势提升，一季度公司收入延续高速增长。2024年一季度公司实现营业 1周 1月 3月 12月 收入18.41亿元，同比增长约59%，公司通过渠道深耕和合理的产品布局进一步扩 绝对表现% 1.9 11.02 27.39 80.14 展海内外市场优势，实现营收的高速增长。分市场来看：①内销方面，预计一季度 相对表现% 0.7 9.88 19.88 89.61 公司内销收入实现稳健增长，主要系公司内销产品价格带布局较为完备、产品力突 沪深300% 1.2 1 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company reported Q1 2024 revenue of 1.841 billion yuan, a year-on-year increase of 58.7%, and a net profit attributable to shareholders of 399 million yuan, up 95.2% year-on-year [1]. - The company is experiencing strong growth in marketing and is expanding its overseas market presence, with domestic online sales of floor cleaning machines reaching 420 million yuan, a 29.9% increase year-on-year [1]. - The gross profit margin for Q1 2024 was 56.5%, an increase of 6.6 percentage points year-on-year, indicating improved profitability [1]. - The long-term outlook for the floor cleaning machine sector remains strong globally, with the company positioned to continue expanding its market share [1]. Financial Forecasts - The company is expected to achieve net profits of 2.56 billion yuan, 3.14 billion yuan, and 3.75 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 24.8%, 22.7%, and 19.4% [2][6]. - The projected price-to-earnings ratios for the company are 20x for 2024, 16x for 2025, and 13x for 2026 [2][6]. - The company’s revenue is forecasted to reach 11.472 billion yuan in 2024, with a growth rate of 32.6% [6].

到4月10号才开始发货所以可以说整个一季度的话在国内市场的话都是在一个上新的一个阶段收入的话大多数都要确认在二季度所以一季度的话就是这个增速的话就是相对来讲会不是特别高但也还可以但是我们觉得二季度的话这个收入增速就会非常好因为有很多本来是一季度这个销售是占了一季度的销售时间卖的这个货的话 都是会在二季度这边确认另外的话就是二季度的重点主要是618嘛那618这块的话就是它卖的好与坏主要取决于第一波这个新品预售的口碑还有这个相关的一些这个客户的一些反馈然后以及前期做营销的一些结果 那毫无疑问石头P10S在第一波就是今年各家扫地机新品销售的这一波的话是卖的最好的一直都是排在这个单款SKU这个P10S Pro一直都排在就是畅销SKU的第一名所以就是这个第一波新品的销售这个口碑和成绩的话也能够让我们预判今年6.18的话这个石头的这个在国内的话仍然会是一个 卖的最好的一个状态就预计这个P10X Pro仍然是行业就是卖的最多的这个SKU所以反倒是对二级多内销的增速可以更乐观一些我们预计的话会有百分之三四十的一个增长一方面的话是这个销量卖的好一直断货另外的话价格也有提升像这个去年618主推的P10就是3299这样的一个价格那 ...

Investment Rating - The report assigns a "Buy" rating for Stone Technology, indicating a positive outlook for the stock performance relative to the benchmark index [1]. Core Insights - Stone Technology's Q1 revenue reached 1.841 billion yuan, a year-on-year increase of 58.69%, with net profit attributable to shareholders at 399 million yuan, up 95.23% year-on-year [1]. - The company has significantly improved its domestic offline market share and is seeing growth in overseas markets, with expectations for higher revenue growth from international channels and new product launches [1]. - The gross profit margin for Q1 was 56.49%, an increase of 6.65 percentage points year-on-year, attributed to a higher proportion of high-margin products and improved product mix [1]. - The company reported a substantial increase in operating cash flow, with net cash flow from operating activities reaching 233 million yuan, a 70.32% increase year-on-year [1]. Financial Performance Summary - Total revenue for 2022 was 6.629 billion yuan, with a growth rate of 13.6%. The forecast for 2024 is 10.819 billion yuan, reflecting a growth rate of 25.0% [2]. - Net profit attributable to shareholders for 2022 was 1.183 billion yuan, with a year-on-year decrease of 15.6%. The forecast for 2024 is 2.541 billion yuan, indicating a growth of 23.9% [2]. - The gross margin improved from 49.3% in 2022 to 55.1% in 2023, with a slight increase expected to 55.4% in 2024 [2]. - The return on equity (ROE) is projected to be 18.0% in 2023 and 16.7% in 2024 [2]. Cash Flow and Liquidity - As of Q1 2024, the company had cash and cash equivalents plus trading financial assets totaling 5.769 billion yuan, a decrease of 2.51% from the beginning of the year [1]. - Accounts receivable decreased by 28.86% to 195 million yuan, while inventory decreased by 5.62% to 876 million yuan [1]. - The company’s contract liabilities increased by 39.61% to 119 million yuan, indicating strong future revenue potential [1].

证券研究报告 | 季报点评 2024年04月27日 石头科技（688169.SH） 行业景气度持续提升，公司盈利能力高增 事件：公司发布2024年一季报。公司2024年一季度实现营业收入18.41 增持（维持） 亿元，同比增长58.69%；实现归母净利润3.99亿元，同比增长95.23%； 股票信息 实现扣非归母净利润3.42亿元，同比增长110.03%。 行业 小家电 行业景气度提升，公司产品销量持续增长。行业：据奥维云网，扫地机全 前次评级 增持 行业2024M1-M3销额/销量同比增速分别为38.27%/33.83%，单2024M3 4月26日收盘价(元) 382.30 销额/销量同比增速为61.61%/53.52%，景气程度较高。公司：据奥维云 总市值(百万元) 50,263.84 网，石头 2024M1-M3 线上销额/销量同比增速分别为 29.88%/32%，销 总股本(百万股) 131.48 量持续增长；2024年3月P10 S Pro产品线上市占率超9.6%，位于行业 其中自由流通股(%) 100.00 第三，竞争力较强。 30日日均成交量(百万股) 1.34 股价走势 2024年3月底新品参 ...