Investment Rating - The investment rating for the company is "Buy" [1][4][11]. Core Views - The company achieved a revenue of 8.65 billion with a year-on-year growth of 30.5% and a net profit of 2.05 billion, reflecting a significant increase of 73.3% [1]. - The fourth quarter continued to show strong performance with a revenue of 2.97 billion, up 32.6%, and a net profit of 690 million, which is a remarkable increase of 110.3% [1]. - The company plans to distribute a cash dividend of 4.68 per share and a stock dividend of 4 shares for every 10 shares held, resulting in a total dividend payout ratio of 41% [1]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 86.5 billion, a 30.5% increase year-on-year, and a net profit of 20.5 billion, up 73.3% [1][5]. - The gross margin improved by 5.9 percentage points to 55.1%, with a notable increase in the fourth quarter gross margin to 56.7% [1][9]. - The company’s net profit margin reached 23.3% in Q4, an increase of 8.6 percentage points year-on-year [1]. Market Position and Product Performance - The domestic market for robotic vacuum cleaners is recovering, with the company increasing its market share by 3 percentage points to 24% in 2023 [1]. - The company launched new products in early 2024, including the P10S and G20S series, targeting different consumer segments, which are expected to further boost market share [1]. - The overseas market expansion is ongoing, with the company entering over 180 Target stores in the U.S. by the end of 2023, contributing to revenue growth [1]. Future Projections - The company’s net profit is projected to reach 2.4 billion in 2024, with a growth rate of 17%, and is expected to continue growing at rates of 16% and 15% in the following years [1][5]. - The price-to-earnings ratio is forecasted to be 18, 16, and 14 times for the years 2024, 2025, and 2026, respectively [1][5].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 01 日 石 头科技(688169.SH) 证券研究报告 引领行业创新，发布新系列超薄新品 服务机器人 投资评级 买入-A 事件：石头3月29 日召开新品发布会，持续专注产品创新，推 维持评级 出全新 V 系列超薄扫地机，我们看好石头在全球范围内市场竞争 力的持续提升。公司近期发布 2023 年年报：2023 年实现收入 86.5 6个月目标价 443.75元 亿元，YoY+30.5%；归母净利润 20.5亿元，YoY+73.3%。经折算， 股价 (2024-04-01) 336.96元 Q4 单季度实现收入 29.7亿元，YoY+32.6%；归母净利润 6.9 亿元， 交易数据 YoY+110.3%。公司Q4收入、业绩保持高速增长态势。 总市值(百万元) 45,040.24 推出超薄 V 系列机型，引领行业创新升级：3月29日石头国内 流通市值(百万元) 45,040.24 新品发布会发布两款新机型 V20 以及 G20S。V20 为石头科技推出 总股本(百万股) 131.48 的全新系列机型，我们认为 V20 的产品亮 ...

[Table_StockInfo] 买入 2024年 03月 29日 （维持） 证券研究报告•2023年年报点评 当前价： 341.93元 石头科技（688169） 家用电器 目标价： ——元（6个月） 迭代升级夯实技术壁垒，海外渠道持续丰富 投资要点 西南证券研究发展中心 [T a事ble件_S：u2m0m23a年ry]公 司实现营收86.5亿元，同比增长30.5%；归母净利润20.5亿 元，同比增长73.3%；扣非后归母净利润18.3亿元，同比增长52.5%。单季度 [分Ta析bl师e_：Au龚th梦or泓] 来看，Q4公司实现营收 29.7亿元，同比增长 32.6%；归母净利润 6.9亿元， 执业证号：S1250518090001 同比增长 110.3%；扣非后归母净利润 5.7亿，同比增长 68.6%。2023年公司 电话：023-63786049 分红率金额（含回购）8.4亿元，合计分红金额占当期归母净利润比率自 2022 邮箱：gmh@swsc.com.cn 年的15.2%提升至2023年的40.9%。 联系人：方建钊  扫地机器人量价齐增，洗地机高速发展。分产品来看，2023年公司智能扫地机 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 424.27 CNY, up from the previous target of 387.23 CNY [1][14]. Core Views - The company has demonstrated outstanding performance in 2023, achieving rapid growth both domestically and internationally, with a significant increase in sales volume and price for its vacuum cleaners, and a steady expansion of new product categories [1][14]. Summary by Sections 1. Event - In 2023, the company achieved a revenue of 86.54 billion CNY, a year-on-year increase of 30.55%, and a net profit attributable to shareholders of 20.51 billion CNY, up 73.32% [6][14]. 2. Revenue Growth - Domestic revenue reached 44.1 billion CNY, up 41%, while overseas revenue was 42.3 billion CNY, up 21%. The sales ratio was approximately 30% domestic and 70% overseas [7][8]. - The company launched the P10 series products in Q2, which significantly boosted domestic sales in H2, leading to a market share increase from 21% in 2022 to 24% in 2023 [7][8]. 3. Profitability - The gross margin improved to 55.13%, an increase of 5.87 percentage points year-on-year, with a net profit margin of 23.7%, up 5.85 percentage points [10][14]. - The company successfully optimized costs through software algorithm improvements, resulting in higher margins across all sales channels [10]. 4. Assets and Cash Flow - The company reported a net cash flow from operating activities of 21.86 billion CNY, a year-on-year increase of 95.09%, indicating strong cash generation capabilities [11][12]. 5. Dividend Policy - The company proposed a cash dividend of 4.68 CNY per share, totaling 6.15 billion CNY, which represents 29.96% of the net profit attributable to shareholders [13][14]. 6. Investment Recommendations - The company is expected to maintain strong earnings growth, with projected EPS of 18.45, 21.09, and 23.97 CNY for 2024, 2025, and 2026 respectively, reflecting growth rates of +18%, +14%, and +14% [14][15].

家用电器/小家电 公 司 研 石头科技（688169.SH） 发布扫地机新品 V20 和 G20S，产品力保持引领 究 2024年04月01日 ——公司信息更新报告 投资评级：买入（维持） 吕明（分析师） 周嘉乐（分析师） 陈怡仲（联系人） lvming@kysec.cn zhoujiale@kysec.cn chenyizhong@kysec.cn 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790123070024 日期 2024/3/29 当前股价(元) 342.57  公司发布扫地机新品V20和G20S，产品力保持引领，维持“买入”评级 公 一年最高最低(元) 368.50/238.00 3 月 29日，公司发布两款中高端旗舰扫地机新品V20 和G20S，其中V20 售价 司 4799元/5399 元（上下水版本），G20S 售价 5399元/5999 元（上下水版本），产 信 总市值(亿元) 450.40 品力相较于同类产品持续保持引领。公司创新能力强劲、新品预售情况良好，我 息 流通市值(亿元) 450.40 们维持盈利预测，预计 2024-2 ...

[Table_Main] 证券研究报告 | 公司点评 石头科技(688169.SH) 2024年03月30日 买入（维持） 石头科技：内外并拓表现靓丽，盈利 所属行业：家用电器/小家电 能力明显提振 当前价格(元)：342.57 证券分析师 投资要点 贺虹萍 资格编号：S0120523020003 2024年3月28号公司发布2023年年度报告。2023年公司实现营业总收入86.54  邮箱：hehp3＠tebon.com.cn 亿元，同比+30.55%，归母净利润 20.51 亿元，同比+73.32%，扣非归母净利润 纪向阳 18.26亿元，同比+52.46%。单季度来看，23Q4公司实现营业总收入29.65亿元， 资格编号：S0120523120001 同比+32.60%，归母净利润6.91亿元，同比+110.33%，扣非归母净利润5.72亿 邮箱：jixy3＠tebon.com.cn 元，同比+68.62%。利润分配：公司拟向全体股东每股派发现金红利4.68元（含 宋雨桐 税），加上23年半年度现金红利及23年实施的回购，合计分红比例为40.85%； 资格编号： S0120523090003 拟以资本 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 342.57 yuan [1] Core Views - The company achieved a net profit attributable to shareholders of 2.05 billion yuan in 2023, representing a year-on-year growth of 52.5% [1] - The company's revenue for Q4 2023 reached 6.9 billion yuan, showing a significant increase of 110.3% year-on-year [1] - The company continues to enhance its domestic market share while accelerating expansion in overseas markets, with notable growth in overseas revenue [1] - The gross profit margin has significantly improved, benefiting from a higher proportion of high-margin export revenue and product structure upgrades [1] - The long-term outlook for the robotic vacuum cleaner sector remains strong globally, with the company poised for continued market share expansion [1] Financial Performance Summary - The company reported total revenue of 8.65 billion yuan for 2023, with a year-on-year growth rate of 30.5% [2] - The net profit attributable to shareholders is projected to grow to 2.42 billion yuan in 2024, reflecting a growth rate of 17.8% [2] - The earnings per share (EPS) is expected to increase from 15.60 yuan in 2023 to 18.37 yuan in 2024 [2] - The price-to-earnings (PE) ratio is projected to decrease from 22 in 2023 to 19 in 2024, indicating a more attractive valuation [2]

Investment Rating - The report maintains a "Recommend" rating for the company, indicating a positive outlook with expected relative benchmark index growth of over 15% [1][4] Core Views - The company achieved a net profit attributable to the parent company of RMB 2.05 billion in 2023, a year-on-year increase of 52.5% [1] - Overseas revenue grew significantly in 2023, driven by increased consumer demand and improved brand recognition, with the company successfully entering the retail giant Target's channels [1] - Domestic market share continued to rise, with online retail sales increasing by 16.8% in 2023, and the company launched new products in the RMB 3,000 price segment to boost sales [1] - Gross margin improved significantly, rising by 5.9 percentage points, primarily due to higher-margin export revenue and product structure upgrades [1] - The company's net profit margin increased by 5.9 percentage points to 23.7% in 2023, driven by improved operational efficiency [1] - The global robotic vacuum cleaner market is expected to maintain high growth potential, with the company well-positioned to expand its market share globally [1] Financial Performance and Forecasts - Revenue for 2023 reached RMB 8.654 billion, a year-on-year increase of 30.5%, with projected revenue growth of 21.0%, 18.6%, and 18.6% for 2024, 2025, and 2026, respectively [1][2] - Net profit attributable to the parent company is expected to grow by 17.8%, 15.7%, and 19.3% in 2024, 2025, and 2026, reaching RMB 2.416 billion, RMB 2.795 billion, and RMB 3.335 billion, respectively [1][2] - Gross margin is forecasted to remain stable at around 54% from 2024 to 2026, with net profit margins of 23.08%, 22.52%, and 22.66% for the same period [2] - The company's ROE is expected to remain strong, with projections of 18.09%, 17.85%, and 18.10% for 2024, 2025, and 2026, respectively [2] Market and Competitive Position - The company has a competitive advantage in product strength, supply chain, and innovation speed, with its global market share increasing from 1% in 2017 to 9% in 2020 [1] - The domestic robotic vacuum cleaner market is dominated by leading companies such as Roborock and Ecovacs, with their combined global market share rising from 12% in 2017 to 26% in 2020 [1] - The company's overseas channel development and brand influence are expected to continue improving, supporting further market share growth [1] Valuation and Investment Outlook - The current stock price corresponds to a PE ratio of 19x for 2024, 16x for 2025, and 14x for 2026, indicating attractive valuation levels [1] - The report highlights the long-term growth potential of the robotic vacuum cleaner market and the company's ability to expand its global market share, supporting the "Recommend" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 341.93 RMB [2] Core Views - The company achieved a total operating revenue of 8.7 billion RMB in 2023, a YoY increase of 30.6% [2] - Net profit attributable to shareholders reached 2.1 billion RMB, a significant YoY growth of 73.3% [2] - The company's gross margin improved to 55.1%, up 5.9 percentage points YoY [2] - Overseas revenue accounted for 42 billion RMB, with a YoY growth of 21.4% [2] - The company's cash dividend payout ratio reached 30.0%, with a total cash dividend of 600 million RMB [2] Financial Performance Revenue and Profit - Q4 2023 revenue reached 3 billion RMB, a YoY increase of 32.6% [2] - Q4 2023 net profit attributable to shareholders was 700 million RMB, a YoY surge of 110.3% [2] - The company's net profit margin improved to 23.7%, up 5.9 percentage points YoY [2] Regional Performance - Domestic revenue grew 41.0% YoY to 44 billion RMB, driven by new product launches [2] - Overseas revenue increased 21.4% YoY to 42 billion RMB, with product mix optimization [2] Operational Efficiency - Sales/management/R&D/financial expense ratios were 21.0%/2.4%/7.2%/-1.6% respectively [2] - Operating cash flow reached 2.19 billion RMB, a YoY increase of 95.2% [2] Future Projections - Revenue is expected to grow to 10.7 billion RMB in 2024E, a 23.8% increase [3] - Net profit is projected to reach 2.37 billion RMB in 2024E, with a 15.65% growth rate [3] - The company's PE ratio is forecasted at 19x for 2024E, 16x for 2025E, and 14x for 2026E [3] Product and Market Strategy - Domestic growth was driven by P10 and P10S series products, expanding the price range [2] - Overseas growth was supported by product mix upgrades, with S series contributing to higher ASP [2] - Direct sales revenue increased 61.2% YoY, accounting for 41.9% of total revenue [2] Financial Position - Cash and financial assets reached 5.9 billion RMB, accounting for 41% of total assets [2] - Accounts receivable decreased by 16.2% YoY, while accounts payable increased by 113.5% [2]

Investment Rating - The report maintains a "Buy" investment rating for the company [4]. Core Views - The company achieved a revenue of 8.654 billion yuan in 2023, representing a year-on-year growth of 30.55%, and a net profit of 2.051 billion yuan, up 73.32% year-on-year [1]. - The company has seen significant growth in domestic sales, with a 41.01% increase to 4.411 billion yuan, and a gross margin improvement of 4.16 percentage points to 49.26% [1]. - The company has expanded its overseas channels, entering the U.S. market with over 180 stores [1]. - The market share of the company's vacuum cleaners continues to rise, with a revenue increase of 27.41% to 8.085 billion yuan and a gross margin increase of 6.63 percentage points to 56.15% [1]. - The company launched new products in 2024, including the P10S Pro and G20 S, which are expected to enhance its market competitiveness [2]. Financial Summary - In 2023, the company reported a revenue of 86.54 billion yuan and a net profit of 20.51 billion yuan, with Q4 revenue at 29.65 billion yuan, up 32.60% year-on-year [1]. - The company forecasts net profits of 2.510 billion yuan, 2.893 billion yuan, and 3.329 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 22.4%, 15.3%, and 15.1% [2]. - The company's earnings per share (EPS) for 2023 was 15.60 yuan, with projections of 19.09 yuan for 2024 and 25.32 yuan for 2026 [3][10]. - The company's return on equity (ROE) improved to 18.0% in 2023, with expectations of 18.9% in 2024 [3][10]. - The price-to-earnings (P/E) ratio decreased from 38.0 in 2022 to 21.9 in 2023, with further declines expected to 17.9 in 2024 [3][10].