来源：环球网 研发方面，2024年石头科技研发投入高达9.71亿元，创历史新高，同比增长56.93%，占营收比例为 8.13%。自2016年以来，公司累计研发投入高达32.38亿元，且占营收比重基本呈逐年提升态势。（闻 辉） 【环球网财经综合报道】日前，石头科技（688169.SH）发布2024年报。年报数据显示，受益于国内和 海外市场业务的共同发展，石头科技2024年实现营业收入119.45亿元，较上年同期增长38.03%；净利润 达19.77亿元。 石头科技表示，营收增长主要系报告期内公司进一步丰富了产品矩阵和价格矩阵，并在主流价格段重点 突破。同时公司通过积极的市场策略，进一步优化销售结构，实现了公司国内和海外业务收入的大幅提 升。 分区域而言，2024年石头科技境内主营业务收入达55.31亿元，较上年同期增长25.39%；境外达63.88亿 元，同比增长51.06%。 国际数据公司IDC报告称，2024年石头科技扫地机器人斩获全球销量和销额双第一，全年出货量同比增 长20.7%，是全球前三中唯一实现正增长的品牌。石头科技在丹麦、芬兰、德国、韩国、挪威、瑞典、 土耳其等国家均为销量、销售额双第一。 除扫 ...

据了解，2024年，石头科技持续践行"走出去"战略，在国内外市场推出一系列新品，带动整体业绩增 长。 长江商报消息 ●长江商报记者 汪静 曾经的"扫地茅"石头科技（688169.SH），在去年创下了营收新高。 4月3日晚间，石头科技发布2024年财报数据显示，公司营收119.45亿元，同比增长38.03%；净利润 19.77亿元，同比下降3.64%。 IDC报告显示，2024年全球扫地机器人市场出货量同比增长11.2%，中国厂商前五占四席。石头科技全 球量额位居首位，出货量上首度超过美国企业Irobot拔得头筹。 2024年，石头科技境内主营业务收入达55.31亿元，同比增长25.39%；境外达63.88亿元，同比增长 51.06%，占比53.48%。境外业务占比从2019年的不足14%飙升至2024年的首次过半。 与此同时，公司持续投入研发，2024年，石头科技研发投入9.71亿元，同比增长56.93%，占营收比例为 8.13%。截至2024年末，公司拥有2560名员工，其中包括1043名研发人员，占员工总数比例为40.74%。 全年营收近120亿 4月3日晚间，石头科技发布2024年财报数据显示，公司营收 ...

2024年全球扫地机市场规模稳步增长。Euromonitor数据显示，2024年全球扫地机零售额达74亿美元，同比增长7%，延续了2023年的高速增长趋势。 在这个渗透率逐渐提升的市场中，中国扫地机品牌无疑引领了全球市场，并持续抢占份额。 究其原因，中国扫地机品牌在产品功能、技术创新等方面已形成对全球市场的引领，海外市场份额持续提高，尤其在高端市场优势明显。 在中国一众扫地机器人厂商中，石头科技(688169.SH)无疑是那颗"皇冠上的明珠"。 4月3日晚间，石头科技(688169.SH)发布2024年报。年报数据显示，受益于国内和海外业务的共同发展，石头科技2024年实现营业收入119.45亿元，较上年同 期增长38.03%;录得净利润19.77亿元。 石头科技表示，营收增长主要系报告期内公司进一步丰富了产品矩阵和价格矩阵，并在主流价格段重点突破。同时公司通过积极的市场策略，进一步优化销 售结构，实现了公司国内和海外业务收入的大幅提升。 分区域而言，2024年石头科技境内主营业务收入达55.31亿元，较上年同期增长25.39%;境外达63.88亿元，同比增长51.06%。 石头科技在全球主要市场"遥遥领先" ...

公司报告 | 年报点评报告 石头科技（688169） 证券研究报告 内外销快速增长，利润端静待改善 事件：公司 2024 年实现营业收入 119.45 亿元，同比+38.03%，归母净利润 19.77 亿元，同比-3.64%；其中 2024Q4 实现营业收入 49.38 亿元，同比 +66.54%，归母净利润 5.04 亿元，同比-26.99%。拟向全体股东每股派发现 金红利 1.07 元（含税）。 公司优化销售结构，内外销收入快速增长 分品类看，24A 智能硬件收入同比+37.95%，主要由于公司进一步丰富了产 品矩阵和价格矩阵，并在主流价格段重点突破，同时公司通过积极的市场 策略，进一步优化销售结构，实现了公司国内和海外业务收入大幅提升。 其他智能电器收入同比+93.13%，主要原因是本年多款新品上市，销售规模 扩大所致。分地区看，24A 内外销收入同比+25.39%/+51.06%，内外销均实 现快速增长。 关税增加影响利润水平，公司加大品牌投入 2024 年公司毛利率为 50.14%，同比-5pct，净利率为 16.55%，同比-7.16pct； 其中 2024Q4 毛利率为 44.86%，同比-11 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][30] Core Views - The company achieved revenue growth that exceeded expectations in Q4 2024, with a year-on-year increase of 66.5% to reach 4.94 billion yuan. However, the net profit for the same period decreased by 27.0% to 500 million yuan [4][12][30] - The company plans to repurchase shares worth 50 to 100 million yuan in 2025, reflecting confidence in its development [4][30] - The company is expected to maintain strong revenue growth due to proactive product and sales strategies, with limited impact from North American tariffs [4][5][30] Summary by Sections Revenue and Profitability - In 2024, the company achieved total revenue of 11.94 billion yuan, a year-on-year increase of 38.0%, while the net profit attributable to shareholders was 1.98 billion yuan, down 3.6% [4][12][30] - For Q4 2024, the company reported revenue of 4.94 billion yuan, up 66.5%, and a net profit of 500 million yuan, down 27.0% [4][12][30] Market Performance - Domestic sales are expected to grow over 40% year-on-year in 2024, while international sales are projected to increase by approximately 35%, with North America showing a growth rate of around 60% [5][17][30] - The company has successfully opened nearly 200 offline experience stores in key domestic urban areas and has established a presence in 1398 Target and 900 Best Buy stores in North America by the end of 2024 [5][17][30] Financial Forecasts - The company has revised its profit forecasts for 2025-2027, expecting net profits of 2.30 billion, 2.97 billion, and 3.78 billion yuan respectively, with corresponding EPS of 12.45, 16.06, and 20.45 yuan [4][30] - The current stock price corresponds to P/E ratios of 18.2, 14.1, and 11.1 for 2025, 2026, and 2027 respectively [4][30] Cost and Margin Analysis - The gross margin for 2024 was 50.1%, down 5 percentage points, while the net margin was 16.5%, down 7.2 percentage points [21][22][30] - In Q4 2024, the gross margin was 44.9%, down 11.8 percentage points, and the net margin was 10.2%, down 13.1 percentage points [23][24][30]

Core Viewpoint - Stone Technology has shifted its business strategy from focusing on profitability to expanding revenue, aiming to capture a larger market share in the robotic vacuum cleaner sector, as evidenced by its significant revenue growth and product diversification efforts [1][3][4]. Financial Performance - In 2024, Stone Technology achieved a revenue of 11.945 billion yuan, a year-on-year increase of 38.03%, with a net profit of 1.977 billion yuan [1]. - The fourth quarter of 2024 saw revenue reach 4.938 billion yuan, nearly equal to the combined revenue of the second and third quarters, representing a year-on-year growth of 66.54% compared to 2.965 billion yuan in the same period of 2023 [2][3]. Market Strategy - The company has enriched its product and pricing matrix, focusing on mainstream price segments, which has led to significant revenue growth in both domestic and international markets [3][4]. - Stone Technology has prioritized markets with high demand for smart home products, particularly in developed countries, and has adopted a dual online and offline sales strategy [4]. Competitive Position - According to IDC, Stone Technology ranked first globally in both shipment volume and sales value in 2024, with a market share of 16% in shipments and 22.3% in sales value, marking a 20.7% year-on-year increase in shipment volume [4]. - The company has consistently ranked first in global robotic vacuum cleaner shipments since the second quarter of the previous year, indicating a strong market presence and aggressive expansion strategy [4]. Challenges and Adjustments - Factors negatively impacting profitability in Q4 2024 included product shortages due to high demand, tariffs affecting sales in the U.S., increased marketing expenses, and rising R&D costs [6]. - Despite a slight decrease in net profit of less than 4%, the company’s strategy of sacrificing high profit margins for revenue and market share growth is expected to stabilize net profit margins in the future [6]. Future Outlook - Analysts suggest that Stone Technology's previous high-profit strategy has laid a solid foundation for its current aggressive expansion, and the company is expected to continue this momentum into 2025 [7]. - The competitive landscape in the robotic vacuum cleaner market is intense, necessitating that Stone Technology seizes fleeting market opportunities to solidify its position as an industry leader [7].

2025 年 04 月 04 日 石头科技(688169.SH) 全球收入高速增长，盈利能力承压 事件：公司发布 2024 年年报。公司 2024 年实现收入 119.4 亿 元，YoY+38.0%，实现归母净利润 19.8 亿元，YoY-3.6%；经折算， 公司 2024Q4 单季度实现收入 49.4 亿元，YoY+66.5%，实现归母净 利润 5.0 亿元，YoY-27.0%。公司国内、海外收入高速增长，但是 因为竞争加剧，盈利能力有所下降。 2024Q4 公司收入高速增长：根据奥维数据，2024Q4 石头扫地机 国内线上销售额 YoY+104%，销量 YoY+104%，均价 YoY+0%。在国 补刺激下，公司内销增速环比 2024Q3 大幅提升（Q3 石头扫地机 国内线上销售额 YoY+43%，奥维）。在海外市场，公司主动调整销 售结构，提高自营渠道比例，海外业务亦实现较快增长。展望后 续，我们认为公司收入有望保持较快增长，因为：1）公司国内业 务在国补拉动下有望维持高增长，根据奥维数据，石头扫地机 1~2 月国内线上销售额 YoY+100%；2）公司在海外市场拓宽产品价格 段，深耕当地市场（已在美国、 ...

Group 1 - The core viewpoint of the article highlights that Stone Technology (688169.SH) achieved a revenue of 11.945 billion yuan in 2024, marking a year-on-year growth of 38.03%, while the net profit attributable to shareholders decreased by 3.64% to 1.977 billion yuan [1][2] - The clean appliance industry in China recorded a sales revenue of 42.3 billion yuan in 2024, with a year-on-year growth of 24.4% and a retail volume of 30.35 million units, reflecting a year-on-year increase of 22.8% [1] - Stone Technology's revenue from its main product, the smart vacuum cleaner, reached 10.848 billion yuan, growing by 34.17%, with a gross margin of 52.07%, which is a decrease of 2.87 percentage points [1][2] Group 2 - The revenue from other smart appliances, including washing machines and floor washers, was 1.07 billion yuan, showing a significant year-on-year increase of 93.13%, attributed to the launch of multiple new products [2] - In terms of regional performance, Stone Technology's domestic revenue was 5.531 billion yuan, up 25.39% year-on-year, while overseas revenue reached 6.388 billion yuan, growing by 51.06% [2] - The company invested 971 million yuan in R&D in 2024, representing a year-on-year increase of 56.93%, which accounts for 8.13% of its revenue [2]

Core Viewpoint - The company reported its 2024 performance, showing a revenue increase of 38.03% year-on-year, while net profit decreased by 3.64% [1] Financial Performance - For 2024, the company achieved a revenue of 11.945 billion yuan and a net profit of 1.977 billion yuan [1] - In Q4 2024, revenue reached 4.938 billion yuan, reflecting a year-on-year growth of 66.5%, while net profit was 504 million yuan, down 27.0% [1] Sales Performance - Both domestic and international sales exceeded market expectations in Q4 2024 [2] - Domestic sales were boosted by government subsidies, with an estimated year-on-year growth of 90%, particularly in floor cleaning machines (50% growth) and significant triple-digit growth in washing machines [2] - Internationally, revenue from overseas markets grew by over 50%, with Europe and the U.S. showing strong performance [2] Profitability Analysis - The company's strategy of prioritizing revenue growth over profit margins was evident in Q4 2024, with a gross margin of 45%, down 12 percentage points year-on-year [3] - Selling expenses increased to 28% of revenue, reflecting higher investments in emerging channels and brand marketing [3] - The net profit margin for Q4 2024 was 10%, down 13 percentage points year-on-year, influenced by lower-margin products and U.S. tariffs [3] Future Outlook - The company is expected to continue its aggressive strategy into 2025, with revenue growth driven by ongoing government subsidies and expansion into new channels [4] - Profitability improvement is anticipated through high-end market expansion and enhanced marketing management, although short-term challenges remain due to low-margin products and tariffs [4] Earnings Forecast and Valuation - The earnings forecast for 2025 and 2026 remains unchanged, with the current stock price corresponding to 18.1x and 15.3x P/E ratios for 2025 and 2026, respectively [5] - The company maintains a target price of 300 yuan, indicating a potential upside of 32.7% from the current stock price [5]

Group 1: Company Performance - Stone Technology reported a revenue of 11.945 billion yuan in 2024, a year-on-year increase of 38.03%, but net profit decreased by 3.64% to 1.977 billion yuan, indicating cost pressures [1] - Xiwang Food's revenue for 2024 was 4.972 billion yuan, a decline of 9.43%, with a net loss of 444 million yuan, an increase in loss by 2530% year-on-year, highlighting significant volatility in performance [4] - Guangzhou Restaurant's revenue grew by 4.55% in 2024, but net profit fell by 10.29%, reflecting challenges in cost control and increased competition [5][6] Group 2: Corporate Actions - Stone Technology plans to distribute a cash dividend of 1.07 yuan per share and increase capital by converting every 10 shares into 4 additional shares, demonstrating a commitment to shareholder returns [1] - San Nong Development intends to acquire 54% of Sun Valley for 1.126 billion yuan, aiming for full ownership to enhance its industry chain and market competitiveness [2] - Lingnan Co. reported an increase in overdue debt of 447 million yuan, accounting for 21.25% of its audited net assets, and is seeking solutions to address liquidity issues [3]