北京石头世纪科技股份有限公司 2023 年度募集资金存放与实际使用情况 专项报告及鉴证报告 t and 普华永道 对募集资金存放与实际使用情况专项报告的鉴证报告 普华永道中天特审字(2024)第 1125号 (第一页,共二页) 北京石头世纪科技股份有限公司董事会: 我们接受委托,对北京石头世纪科技股份有限公司(以下简称"石头科技公司") 关于 2023 年度的募集资金存放与实际使用情况专项报告（以下简称"募集资金存放 与实际使用情况专项报告")执行了合理保证的鉴证业务。 石头科技公司管理层的责任是按照中国证券监督管理委员会公告 [2022]15 号 《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(2022 年修 订)》、上海证券交易所颁布的《上海证券交易所科创板上市公司自律监管指引第 1 号 -- 规范运作(2023年12月修订)》编制募集资金存放与实际使用情况专项报 告。这种责任包括设计、执行和维护与募集资金存放与实际使用情况专项报告编制 相关的内部控制,保证募集资金存放与实际使用情况专项报告的真实、准确和完整, 以及不存在虚假记载、误导性陈述或重大遗漏。 我们的责任是在执行鉴证工作的基 ...

2024年03月29日 公 司点评 公 买入 / 维持 司 石头科技(688169) 研 究 目标价: 昨收盘:341.93 23 年业绩亮眼，海外迈入加速成长期 事件：公司 23 年实现营业收入 88.54 亿元，同比增长 3055%；归母 ◼ 走势比较 净利润20.51 亿元，同比增长 73.32%；扣非后归母净利润 18.26 亿元， 同比增长52.46%。23Q4实现营业收入29.65亿元，同比增长32.60%；归 10% 母净利润6.91亿元，同比增长110.33%；扣非后归母净利润5.72亿元， 太 0% 同比增长68.62%。 (10%)92/3/32 01/6/32 22/8/32 3/11/32 51/1/42 82/3/42 平 23年业绩高速增长，海外市场步伐加速。分地区来看，公司内销/外 销收入分别为44.12亿元/42.29亿元，同比增长41.01%/21.42%；分产品 洋 (20%) 来看，公司智能扫地机/其他智能电器收入分别为80.85亿元/5.54亿元， 证 (30%) 同比增长27.41%/109.40%。公司欧美地区产品+渠道布局逐步完善，凭借 券 (40%) 领先产品力 ...

证券研究报告 公 2024年03月29日 司 报 告 石头科技(688169) 行 业： 家用电器/小家电 │ 公 投资评级： 买入（维持） 司 当前价格： 341.93元 份额盈利齐升，业绩表现亮眼 年 目标价格： 405.94元 报 点 事件： 评 基本数据 石头科技披露 2023 年年报：2023 年营收 86.5 亿元，同比+30.6%，业绩 总股本/流通股本(百万股) 131.48/131.48 20.5 亿元，同比+73.3%，扣非业绩 18.3 亿元，同比+52.5%；四季度营收 流通A股市值(百万元) 44,956.09 29.7 亿元，同比+32.6%，业绩 6.9 亿元，同比+110.3%，扣非业绩 5.7 亿 每股净资产(元) 86.56 元，同比+68.6%。公司拟派发现金红利6.1亿元，占全年业绩30.0%，叠加 资产负债率(%) 20.83 半年度现金红利与累计回购，年内合计分红金额8.4亿元，占业绩40.9%。 一年内最高/最低(元) 379.99/238.00 ➢ 基本盘与新业务共振，Q1有望延续优异增长 2023年，公司扫地机业务收入+27.4%至80.9亿，量/价同比+15 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Insights - The company's performance in 2023 exceeded expectations, with a revenue of 8.654 billion yuan, a year-on-year increase of 30.55%, and a net profit of 2.051 billion yuan, up 73.32% year-on-year [6] - The company has seen significant growth in overseas markets, particularly in Europe and Asia-Pacific, contributing to high profit margins [6] - The company has increased its cash dividend payout ratio to 40.85% in 2023, reflecting a strong commitment to shareholder returns [6] Summary by Sections Market Data - Closing price: 341.93 yuan - One-year high/low: 368.5/238 yuan - Price-to-book ratio: 4.0 - Dividend yield: 0.27 - Circulating A-share market value: 44,956 million yuan [2] Financial Data - Net asset per share: 86.56 yuan - Debt-to-asset ratio: 20.83% - Total shares: 131 million [3] Performance Highlights - The company achieved a significant increase in revenue and net profit in Q4 2023, with revenue of 29.65 billion yuan, up 32.6% year-on-year, and net profit of 6.91 billion yuan, up 110.33% year-on-year [6] - The gross margin improved by 6 percentage points to 55.32% due to better supply chain cost control and an increase in high-end product sales [6] Future Projections - The company forecasts revenues of 11.131 billion yuan in 2024, with a year-on-year growth rate of 28.6% [7] - The net profit is projected to reach 2.447 billion yuan in 2024, reflecting a growth rate of 19.3% [7] - The company aims to continue expanding its market share in both domestic and international markets, particularly in the smart appliance category [6]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [8]. Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 86.54 billion yuan, a year-on-year increase of 30.55%, and net profit of 20.51 billion yuan, up 73.32% [1]. - The company has expanded its market presence both domestically and internationally, with domestic and overseas revenues of 44.11 billion yuan and 42.29 billion yuan respectively, reflecting year-on-year growth of 41.01% and 21.42% [1]. - The company has improved its profitability, achieving a gross margin of 55.13% in 2023, an increase of 5.87 percentage points year-on-year [1]. - The company plans to distribute a cash dividend of 4.68 yuan per share, totaling 6.15 billion yuan, resulting in a dividend payout ratio of 40.85% for the year [1]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 29.65 billion yuan, a year-on-year increase of 32.60%, and a net profit of 6.91 billion yuan, up 110.33% [1]. - The company’s gross margin improved to 56.65% in Q4, reflecting a year-on-year increase of 5.94 percentage points [1]. - The company’s net profit margin for 2023 was 23.70%, an increase of 5.85 percentage points year-on-year [1]. Sales and Market Expansion - The company sold 2.5952 million smart vacuum cleaners in 2023, a year-on-year increase of 15.54%, while other smart appliance sales surged by 109.80% [1]. - The company has established a global distribution network, including brand stores on platforms like Amazon and Target in the U.S., with over 180 Target stores now carrying its products [1]. Cash Flow and Dividends - The company reported a significant increase in operating cash flow, reaching 21.86 billion yuan in 2023, a year-on-year increase of 95.09% [1]. - The total cash dividend for 2023, including the interim distribution, amounts to 8.38 billion yuan [1]. Future Projections - Revenue projections for 2024-2026 are estimated at 108.18 billion yuan, 127.19 billion yuan, and 146.57 billion yuan, representing year-on-year growth rates of 25.0%, 17.6%, and 15.2% respectively [2]. - Net profit forecasts for the same period are 25.12 billion yuan, 29.62 billion yuan, and 33.59 billion yuan, with corresponding growth rates of 22.5%, 17.9%, and 13.4% [2].

公司研究 | 年报点评 石头科技 688169.SH 买入 （维持） 业绩表现亮眼，新品竞争力突出 股价（2024年03月29日） 342.57元 目标价格 404.41元 52周最高价/最低价 355/193.02元 总股本/流通A股（万股） 13,148/13,148 A股市值（百万元） 45,040 国家/地区 中国 核心观点 行业 造纸轻工 事件：公司公告2023年年报，2023年公司实现营业收入86.54亿元，同比 报告发布日期 2024年03月29日 增长30.6%，实现归母净利润20.51亿元，同比增长73.3%。四季度公司实 现营业收入29.65亿元，同比增长32.6%，实现归母净利润6.91亿元，同比 增长110.3%。 1周 1月 3月 12月 ⚫ 扫地机内、外销均有亮眼表现，新兴品类逐步贡献收入增量。收入分产品，2023年 绝对表现% 4.99 5.16 21.07 32.19 公司智能扫地机及配件/其他智能电器产品分别实现营收80.85亿元/5.54亿元，同比 相对表现% 5.2 4.55 17.97 43.89 分别+27%/+109%。扫地机分地区来看：①内销方面，公司通过G20系 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 400 CNY, compared to the current price of 342.57 CNY [1]. Core Insights - The company reported impressive financial performance in 2023, achieving a revenue of 8.65 billion CNY, a year-on-year increase of 30.6%, and a net profit of 2.05 billion CNY, up 73.3% [1]. - The fourth quarter alone saw a revenue of 2.97 billion CNY, reflecting a 32.6% year-on-year growth, and a net profit of 690 million CNY, which is a remarkable increase of 110.3% [1]. - The growth in revenue is attributed to strong sales in the sweeping robot category, which generated 8.09 billion CNY, a 27.4% increase year-on-year, driven by the launch of several popular new products and an increase in overseas market share [1]. - The company’s gross margin improved by 5.9 percentage points to 55.1%, supported by an optimized product mix and strong performance of high-end products in overseas markets [1]. Financial Performance Summary - The company’s main revenue for 2023 was 8,654 million CNY, with a projected growth rate of 30.5% for 2024, and net profit for 2023 was 2,051 million CNY, with a forecasted growth of 73.3% [2]. - Earnings per share (EPS) for 2023 was 15.60 CNY, with projections of 18.83 CNY for 2024 and 26.20 CNY for 2026, indicating a strong upward trend [2]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 22 in 2023 to 13 by 2026, suggesting increasing valuation attractiveness [2]. Future Outlook - The company is expected to continue its high-quality growth into 2024, driven by competitive new product launches and an expanding overseas market presence [1]. - The failure of Amazon's acquisition of iRobot is seen as a competitive opportunity for the company to gain market share in the overseas market [1]. - The company is also focusing on enhancing shareholder returns through increased dividends, indicating a commitment to shareholder value [1].

Financial Performance - The net profit attributable to shareholders for 2023 was RMB 2,051,217,414, representing a year-on-year increase of 29.96% in the proposed cash dividend distribution[1]. - The company plans to distribute a cash dividend of RMB 4.68 per share (including tax), totaling RMB 614,517,625.80, which accounts for 29.96% of the annual net profit attributable to shareholders[1]. - The total amount of dividends distributed for 2023 (including tax) is RMB 838,006,457.40, which represents 40.85% of the net profit attributable to ordinary shareholders in the consolidated financial statements[2]. - The company's operating revenue for 2023 reached CNY 8,653,783,788, representing a year-on-year increase of 30.55%[18]. - Net profit attributable to shareholders for 2023 was CNY 2,051,217,414, a significant increase of 73.32% compared to the previous year[18]. - The net cash flow from operating activities for 2023 was CNY 2,185,931,368, reflecting a 95.09% increase year-on-year[18]. - The total assets at the end of 2023 amounted to CNY 14,376,641,614, which is a 32.71% increase from the previous year[18]. - Basic earnings per share for 2023 were CNY 15.66, up 73.23% from CNY 9.04 in 2022[20]. - The total profit reached 2,319.78 million RMB, an increase of 71.94% compared to the previous year[28]. - The net profit attributable to the parent company was 2,051.22 million RMB, reflecting a growth of 73.32% year-on-year[28]. Research and Development - The company is investing heavily in R&D, with a budget increase of 15% compared to the previous year, focusing on smart home technologies and IoT solutions[12]. - The company’s R&D expenditure as a percentage of operating revenue was 7.15%, slightly down from 7.37% in 2022[20]. - Research and development investment amounted to 619 million RMB, up by 26.69% from the previous year[28]. - The company launched multiple new products and expanded its market presence, contributing to the growth in sales and profitability[20]. - The company has developed a new "molecular sieve adsorption drying" washing and drying machine, addressing issues such as high drying temperatures and residue pollution, while improving drying efficiency[37]. - The company has developed advanced laser radar and SLAM algorithms, achieving a scanning speed of 5×360°/sec and a measurement accuracy of ≤2%[47]. - The company has developed a SLAM algorithm that enhances the robustness and accuracy of smart vacuum robots in complex home environments, utilizing a combination of particle filtering and extended Kalman filtering techniques[54]. - The company has developed a multi-sensor fusion motion control module that optimizes the robot's movement through a three-layer control strategy, enhancing its adaptability to different environments[62]. - The company has achieved significant advancements in R&D, including a dual-roller mopping module that enhances cleaning efficiency and a self-cleaning cloth system that improves cloth cleanliness[93]. Market Expansion and Strategy - The company anticipates a revenue growth of 25% for the next fiscal year, driven by new product launches and market expansion strategies[12]. - The company plans to enter new markets in Southeast Asia, aiming for a market share increase of 10% within the next two years[12]. - The company expanded its participation eligibility to the global Chinese market, adding five regions: mainland China, Hong Kong, Macau, Singapore, and Malaysia, with thousands of participating vendors and over ten thousand entries[9]. - The company is expanding its overseas marketing network, which poses operational risks due to local political and economic conditions[113]. - The company plans to continue focusing on interdisciplinary technology research, particularly in AI, navigation algorithms, and new sensors[151]. - The company aims to enhance its marketing capabilities and strengthen technical service support to expand both domestic and international markets[150]. - The company plans to explore potential mergers and acquisitions to strengthen its market position and diversify its product offerings[164]. - Market expansion plans include entering three new international markets by the end of 2024, targeting a 10% increase in global market share[170]. Corporate Governance - The company has established various committees, including the Audit Committee and the Compensation and Assessment Committee, to oversee its operations[177]. - The board of directors has established four specialized committees to ensure effective governance and decision-making processes[157]. - The company has appointed two independent directors to enhance the objectivity and scientific nature of board decisions[157]. - The company has a robust performance evaluation system in place to strictly control operational risks[156]. - The company is committed to a results-oriented approach in managing major projects and enhancing performance assessment[156]. Shareholder Engagement and Incentives - The company plans to distribute a cash dividend of RMB 4.68 per share, totaling approximately RMB 614,517,625.80, based on the adjusted share count[188]. - The company has implemented a stock incentive plan, with 542,615 restricted stocks planned for 2023, accounting for 0.58% of the total share capital[195]. - The company’s independent directors expressed clear consent regarding the incentive plan, confirming that the granting conditions have been met[199]. - The company’s 2023 Partner Shareholding Plan was approved by shareholders, indicating a strategic move towards employee engagement and retention[200]. - The company aims to strengthen its incentive mechanisms to drive performance and align interests between employees and shareholders[200]. Product Development and Innovation - The company launched a new product line that integrates AI technology, which is projected to contribute an additional 5% to overall revenue in the upcoming year[12]. - The company has developed a new generation of smart vacuum robots with AI technology for enhanced obstacle recognition and cleaning performance[66]. - The company has introduced a high-precision 3D mapping feature in its Roborock App, enhancing user experience with real-time cleaning trajectory visualization[51]. - The company has implemented intelligent zoning technology that allows users to customize cleaning tasks based on room segmentation, improving cleaning efficiency[56]. - The company has developed an eco-friendly "谷点用电" mode to optimize energy consumption during robot charging, contributing to energy conservation[75]. Awards and Recognition - The company received multiple design awards, including the iF Design Award and Red Dot Award, enhancing its brand recognition in the industry[9]. - The company has received numerous industry accolades, including being recognized as a "National High-tech Enterprise" and winning multiple design awards[44]. Financial Management - The company’s total liabilities increased by 134.79% to 299,513,870 RMB, resulting in a debt-to-asset ratio of 20.83%[118]. - The company’s financial expenses decreased by 31.06% to -138,595,030 RMB, mainly due to increased interest income[133]. - The total financial assets at the end of the reporting period amounted to CNY 5,401,265,456, with a fair value change gain of CNY 177,083,460 during the period[142]. - The company’s cash and cash equivalents decreased by 50.51% to 892,971,675 RMB, while trading financial assets increased by 32.38% to 5,024,402,722 RMB[135].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong growth in both domestic and international markets, with a significant increase in dividends [1] - In Q4 2023, revenue reached 2.97 billion yuan (up 33%), with a net profit attributable to shareholders of 690 million yuan (up 110%) [1] - For the full year 2023, revenue was 8.65 billion yuan (up 31%), with a net profit of 2.05 billion yuan (up 73%) [1] - The company plans to distribute a total dividend of 4.7 yuan per share, resulting in a dividend payout ratio of 41%, a substantial increase of 26 percentage points from the previous year [1] Revenue Summary - The company expects Q4 2023 domestic and international sales to account for approximately 35% and 65% of total sales, respectively, with growth rates of about 30% and 35% [1] - Domestic sales are projected to grow by 30% year-on-year in Q4 2023, driven by the P series products [1] - International sales are expected to grow by 35% year-on-year in Q4 2023, with significant contributions from Europe, the US, and Asia-Pacific [1] Profitability Summary - In Q4 2023, the gross margin was 56.7%, an increase of 5.9 percentage points year-on-year, and the net profit margin was 23.3%, up 8.6 percentage points year-on-year [1] - The improvement in profitability is attributed to high-margin new products and an increase in the international sales proportion [1] Financial Forecast - The company is projected to achieve revenues of 10.73 billion yuan, 12.78 billion yuan, and 14.80 billion yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 24%, 19%, and 16% [2][3] - Net profit attributable to shareholders is expected to be 2.47 billion yuan, 2.94 billion yuan, and 3.43 billion yuan for the same years, with growth rates of 20%, 19%, and 16% [2][3] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 18, 15, and 13 for the years 2024, 2025, and 2026, respectively [1][2]

优质资产，持续把握 ——石头科技23年报点评 石头科技（688169）/家电 证券研究报告/公司点评 2024年3月29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：341.93 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 6,629 8,654 10,452 12,176 14,100 分析师：姚玮 增长率yoy% 14% 31% 21% 16% 16% 执业证书编号：S0740522080001 净利润（百万元） 1,183 2,051 2,313 2,630 3,008 Email：yaowei@zts.com.cn 增长率yoy% -16% 73% 13% 14% 14% 每股收益（元） 9.00 15.60 17.60 20.00 22.88 每股现金流量 8.52 16.63 24.22 17.07 28.29 净资产收益率 12% 18% 17% 17% 16% P/E 38.0 21.9 19.4 17.1 14.9 备 注：股价选自20240328收 ...