证券代码：688169 证券简称：石头科技 公告编号：2024-074 北京石头世纪科技股份有限公司 2020 年限制性股票激励计划 第四个归属期归属结果暨股份上市的公告 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、准确性和完整性依法承担法律责任。 如有董事对临时公告内容的真实性、准确性和完整性无法保证或存在异议 的，公司应当在公告中作特别提示。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 265,554 股，占归属前公司股本总额的 0.14%。 本次股票上市流通总数为 265,554 股。 本次股票上市流通日期为 2024 年 9 月 23 日。 北京石头世纪科技股份有限公司（以下简称"本公司"或"公司"）近日完成了 2020 年限制性股票激励计划（以下简称"本激励计划"）第四个归属期的股份登记 工作。现将有关情况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 1、2020 年 7 月 31 日，公司召开第一届董事会第十七次会议，会议审议通过 了《关于公司<2020 年限制性股票激励计划（草案）>及其摘 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 276.14 CNY per share, compared to the current price of 237.03 CNY [5]. Core Views - The company has launched several new vacuum cleaner models since August, including P20 Pro, P10S Pure, and G20s Ultra, which combine breakthrough technology with competitive pricing [3][11]. - Domestic sales of vacuum cleaners have increased, with a 20.5% rise in sales revenue and a 16.5% increase in volume year-on-year as of August 31, 2024 [3][25]. - The company is expanding its overseas market presence, achieving over 50% market share in regions such as Western Europe and developing Asia from 2020 to 2023 [3][30]. - Profit forecasts indicate a growth in net profit attributable to the parent company of 24.2% and 17.5% for 2024 and 2025, respectively, with a projected PE ratio of 20 times for 2024 [3][32]. Summary by Sections New Product Launches - The company has released three new vacuum models: G20s Ultra, P20 Pro, and P10S Pure, focusing on advanced technology and affordability [3][11]. - G20s Ultra is positioned as a high-end flagship model with features such as a slim design and advanced navigation systems [12]. - P20 Pro offers enhanced suction power and smart features while maintaining its price point [14]. - P10S Pure is aimed at providing high value at a lower price, retaining essential functionalities [16]. Domestic Market Performance - The vacuum cleaner category has seen a 20.5% increase in sales revenue and a 16.5% increase in volume year-on-year [25]. - The online sales volume reached 1.946 million units, reflecting a 17.5% increase [25]. - The average online price for vacuum cleaners is 3289 CNY, showing a 3.01% increase year-on-year [25]. Overseas Market Expansion - The company has successfully increased its market share in Western Europe, the Middle East, Africa, and developing Asia, exceeding 50% in these regions [30]. - Despite some decline in market share in the Middle East and Africa, overall performance remains stable [30]. Financial Forecasts and Investment Recommendations - The company is expected to achieve a net profit growth of 24.2% and 17.5% for 2024 and 2025, respectively [32]. - The projected revenue for 2024 is 10.566 billion CNY, with a year-on-year growth rate of 22.1% [33]. - The report suggests a PE ratio of 20 times for 2024, leading to a target price of 276.14 CNY per share [32].

证券代码：688169 证券简称：石头科技 公告编号：2024-073 北京石头世纪科技股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 投资者可于 2024 年 9 月 19 日（星期四）至 9 月 25 日（星期三）16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@roborock.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 北京石头世纪科技股份有限公司（以下简称"公司"）已于 2024 年 8 月 30 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 26 日（星期四） 上午 11:00-12:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交 流。 一、 说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年半年度的经营成 果及财务指标的具体情况与投资者进行 ...

干源证券 家用电器/小家电 公 司 研 究 全球扫地机龙头，有望在更积极策略下迎来再起航 石头科技（688169.SH） 2024 年 09 月 11 日 投资评级：买入（维持） ——公司深度报告 日期 2024/9/10 | --- | --- | |-------------------------|---------------| | | | | 当前股价 ( 元 ) | 227.52 | | 一年最高最低 ( 元 ) | 469.99/193.00 | | 总市值 ( 亿元 ) | 419.68 | | 流通市值 ( 亿元 ) | 419.68 | | 总股本 ( 亿股 ) | 1.84 | | 流通股本 ( 亿股 ) | 1.84 | | 近 3 个月换手率 (%) | 60.35 | 股价走势图 石头科技 沪深300 -32% -16% 0% 16% 32% 48% 64% 2023-09 2024-01 2024-05 数据来源：聚源 开 源 证 券 证 券 研 究 报 告 公司深度报告 相关研究报告 《2024Q2 业绩超预告中枢，盈利能力 保 持 提 升 — 公 司 信 息 更 新 报 告 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][10]. Core Views - The company has shown strong revenue and profit growth, with H1 2024 revenue reaching 4.42 billion (+30.9%) and net profit of 1.12 billion (+51.6%) [1]. - The domestic sales of the company's products are recovering rapidly, driven by new product launches and an expanding price range, leading to an increase in market share [1]. - The company is expanding its overseas channels, particularly in the US and Europe, which is expected to contribute to continued revenue growth [1]. - Increased R&D investment is enhancing profitability, with H1 gross margin rising to 53.8% [1]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 44.2 billion and net profit of 11.2 billion, with significant growth rates of 30.9% and 51.6% respectively [1]. - Q2 2024 revenue was 25.8 billion (+16.3%) and net profit was 7.2 billion (+34.9%) [1]. - The company’s gross margin improved to 53.8% in H1 2024, up 2.7 percentage points year-on-year [1]. Product and Market Development - The company launched several new products in H1 2024, including the P10S, G20S, and V10 series, which helped to expand its market share [1]. - The online retail market share reached 27.0% in Q2 2024, positioning the company as a market leader [1]. - The company plans to introduce additional new products in the second half of the year, which are expected to drive further growth [1]. Overseas Expansion - The company has made significant strides in expanding its presence in the US market, with increased penetration in offline retail channels [1]. - In Europe and the Asia-Pacific region, the company’s high-end products are gaining market share, with expectations for continued growth as distribution channels expand [1]. Profitability and Cost Management - The company’s H1 gross margin was supported by cost reductions in technology and materials, as well as an increase in the proportion of high-margin overseas sales [1]. - The net profit margin for Q2 2024 reached 28.0%, an increase of 3.9 percentage points year-on-year [1]. - The company is expected to maintain a strong profitability trajectory, with net profit forecasts for 2024-2026 adjusted to 25.3 billion, 29.4 billion, and 34.0 billion respectively [1].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a significant revenue growth of 30.90% year-on-year for the first half of 2024, achieving a total revenue of 4.416 billion yuan. The net profit attributable to the parent company reached 1.121 billion yuan, reflecting a year-on-year increase of 51.57% [4] - The second quarter of 2024 saw a revenue of 2.575 billion yuan, up 16.33% year-on-year, with a net profit of 722 million yuan, marking a 34.91% increase year-on-year [4] - The company is expected to continue its rapid growth trajectory, with a forecasted net profit of 2.571 billion yuan for 2024, supported by an expanding overseas market and an optimized product structure [4] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 4.416 billion yuan, a 30.90% increase year-on-year, and a net profit of 1.121 billion yuan, a 51.57% increase year-on-year [4] - The second quarter of 2024 reported a revenue of 2.575 billion yuan, a 16.33% increase year-on-year, and a net profit of 722 million yuan, a 34.91% increase year-on-year [4] - The gross profit margin for Q2 2024 improved to 51.89%, with net profit margin increasing to 28.04% [4] Earnings Forecast - The company is projected to achieve a net profit of 2.571 billion yuan in 2024, with a price-to-earnings (PE) ratio estimated between 22-25 times, leading to a reasonable valuation range of 306.68 to 348.5 yuan per share [4] - Revenue forecasts for the upcoming years are as follows: 10.946 billion yuan in 2024, 12.588 billion yuan in 2025, and 14.348 billion yuan in 2026, with year-on-year growth rates of 26.5%, 15.0%, and 14.0% respectively [5][7] Market Position - The company is recognized as a leader in its growth sector, with a strong competitive position bolstered by expanding overseas channels and continuous market share growth [4] - The company’s financial metrics indicate a robust performance, with a projected net profit margin of 23.7% in 2023 and a return on equity of 18.0% [7][8]

石头科技（688169）/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：226.4 [Table_Industry] 分析师：姚玮 执业证书编号：S0740522080001 Email：yaowei@zts.com.cn 利润符合预期，关注收入动能 ——石头科技 24 年中报点评 | --- | --- | --- | --- | --- | --- | |---------------------------------------------|---------|-------|------------------------------|--------|--------| | [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） | 6,629 | 8,654 | 10,547 | 12,408 | 14,331 | | 增长率 yoy% | 14% | 31% | 22% | 18% | 15% | | 净利 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 315 CNY, compared to the current price of 218.89 CNY [1]. Core Views - The company reported a revenue of 4.42 billion CNY for the first half of 2024, representing a year-on-year increase of 30.9%, and a net profit attributable to shareholders of 1.12 billion CNY, up 51.6% year-on-year [1]. - The growth in overseas markets remains strong, with a notable 45.2% year-on-year increase in sales in the Americas for Q2 2024, indicating a better performance compared to domestic sales [1]. - The company’s strategic response to external pressures and competitive challenges is pragmatic, focusing on maintaining brand reputation and expanding product offerings in both domestic and international markets [1]. Financial Summary - For the first half of 2024, the company achieved a revenue of 44.2 billion CNY, with a net profit of 11.2 billion CNY, and a non-recurring net profit of 8.6 billion CNY [1]. - The Q2 2024 revenue was 25.8 billion CNY, with a net profit of 7.2 billion CNY, and a non-recurring net profit of 5.2 billion CNY [1]. - The gross margin for Q2 2024 was 51.9%, showing a slight year-on-year increase but a decrease compared to Q1 2024 [1]. - The company’s EPS forecasts for 2024, 2025, and 2026 are adjusted to 13.59 CNY, 16.25 CNY, and 19.15 CNY respectively, with corresponding P/E ratios of 16, 13, and 11 [1][2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 4.42 billion yuan for H1 2024, representing a year-on-year growth of 30.9%. The net profit attributable to shareholders reached 1.12 billion yuan, up 51.6% year-on-year [2] - The company continues to enhance its market share in the domestic market, achieving the highest sales in the cleaning appliance category on JD during the 618 shopping festival. The launch of new products in different price segments is expected to strengthen market competitiveness [2] - The overseas channels are expanding, with a 50% growth rate in North America and continued expansion in Western Europe, leveraging brand recognition [2] - The company's gross margin improved by 2.7 percentage points to 53.8%, driven by effective cost control and optimization of product and channel structures [2] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 2.58 billion yuan, a year-on-year increase of 16.3%, and a net profit of 720 million yuan, up 34.9% year-on-year. The non-recurring gains included a tax rebate of 150 million yuan from the recognition of a key software enterprise [2][3] - The company forecasts revenues of 10.998 billion yuan, 13.602 billion yuan, and 16.589 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.565 billion yuan, 3.114 billion yuan, and 3.800 billion yuan [4] Market Position and Strategy - The company is positioned as a global leader in the robotic vacuum cleaner market, with operations established in multiple countries including the USA, UK, Japan, and Germany. The ongoing "going out" strategy is expected to drive continuous market share growth [3] - The introduction of new products in the P series at various price points is aimed at enhancing competitiveness across different market segments [2] Research and Development - The company has increased its R&D investment, with R&D expenses rising by 42.9% to 410 million yuan, contributing to an improved net profit margin of 25.4%, up 3.5 percentage points year-on-year [2]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's overseas sales continue to grow rapidly, driving overall revenue growth [2] - Profitability has improved significantly, with net profit margins increasing by 3.5 percentage points YoY in H1 2024 [7] - The company is a leading player in the smart扫地机器人 industry, with strong R&D capabilities and rapid product iteration [7] Financial Performance - H1 2024 revenue reached 4.4 billion yuan, up 31% YoY [2] - H1 2024 net profit attributable to parent company was 1.12 billion yuan, up 52% YoY [2] - Q2 2024 revenue was 2.6 billion yuan, up 16% YoY [2] - Q2 2024 net profit attributable to parent company was 720 million yuan, up 35% YoY [2] Regional Performance - Domestic online sales increased 10% YoY in H1 2024, with average selling price up 2% [6] - Domestic offline sales surged 221% YoY in H1 2024, benefiting from market expansion efforts [6] - North American sales grew 50% YoY in Q2 2024, while European sales maintained strong growth [6] Profitability and Efficiency - H1 2024 gross margin was 53.8%, up 2.7 percentage points YoY [7] - H1 2024 net profit margin reached 25.4%, up 3.5 percentage points YoY [7] - Inventory turnover days increased to 92 days in H1 2024 from 79 days in the same period last year [7] Valuation and Forecast - The company's 2024-2026 net profit forecasts are maintained at 2.51/2.97/3.50 billion yuan [7] - Current price implies 2024-2026 P/E ratios of 17x, 14x, and 12x respectively [7] - 2024-2026 revenue growth is forecasted at 27.16%, 19.33%, and 17.82% respectively [8] Market Data - Total market capitalization is 41.76 billion yuan [4] - The stock price has ranged between 183.74 yuan and 330.24 yuan over the past year [4] - 3-month turnover rate is 57.15% [4]