%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨石头科技（ ） 688169.SH [市Ta场b份le_额T提itle升] ，扣非业绩高增长 报告要点 [公Ta司ble2_0S2u3m年m实ar现y]营业收入86.54亿元，同比增长30.55%，实现归母净利润20.54亿元，同比 增长73.57%，实现归母扣非净利润18.29亿元，同比增长52.71%。 ...

家用电器/小家电 公 司 研 石头科技（688169.SH） 2023Q4 盈利能力超预期，国内外新品产品力亮眼 究 2024年02月27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） 陆帅坤（分析师） lvming@kysec.cn zhoujiale@kysec.cn lushuaikun@kysec.cn 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790523060001 日期 2024/2/26 当前股价(元) 327.30  2023Q4盈利能力超预期，国内外新品产品力亮眼，维持“买入”评级 公 一年最高最低(元) 395.00/238.00 公司发布业绩快报，2023年实现营收86.54亿（+30.55%）、归母净利润20.54亿 司 信 总市值(亿元) 430.33 （+73.57%）、扣非净利润 18.29 亿（+52.71%）。2023Q4 实现营收 29.65 亿 息 流通市值(亿元) 430.33 （+32.60%）、归母净利润6.94亿（+111.24%）、扣非净利润5.75亿（+69.50%） ...

证券研究报告 公 2024年02月27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 2023 年业绩快报点评： 当前价格： 327.30元 点 评 盈利能力达新高，期待 2024 年表现 目标价格： 407.08元 研 事件： 究 基本数据 石头科技发布2023年业绩快报：2023年公司实现营业收入86.5亿元，同 总股本/流通股本(百万股) 131.48/131.48 比+30.6%，归母净利润 20.5 亿元，同比+73.6%，扣非净利润 18.3亿元， 流通A股市值(百万元) 43,032.58 同比+52.7%；其中2023年四季度公司实现营业收入29.7亿元，同比+32.6%， 每股净资产(元) 81.25 归母净利润6.9亿元，同比+111.2%，扣非净利润5.8亿元，同比+69.5%。 资产负债率(%) 18.85 ➢ 海内外均增长较快，一季度高增有望延续 一年内最高/最低(元) 395.00/238.00 参考奥维数据，我们预计公司全年内销收入增速或达30%，一方面在性价比 P 系列支撑下内销扫地机销量增长较快，另一方面洗地机与洗烘 ...

Investment Rating - The report assigns a positive outlook for the company, highlighting its strong performance and growth potential in both domestic and international markets [1] Core Viewpoints - The company's 2023 revenue reached 8.654 billion yuan, a year-on-year increase of 30.55%, with net profit attributable to the parent company at 2.054 billion yuan, up 73.57% year-on-year [1] - The company's Q4 2023 revenue was 2.965 billion yuan, a year-on-year increase of 32.60%, with net profit attributable to the parent company at 694 million yuan, up 111.24% year-on-year [1] - The company's domestic market strategy focuses on product innovation and aggressive marketing, with the P10 series achieving a 11.61% market share in the online segment by 24W07 [1] - The company is expanding its overseas presence, entering the US market through Target stores and launching multiple new products at CES 2024 [1] Financial Performance - The company's revenue is expected to grow from 8.654 billion yuan in 2023 to 12.470 billion yuan in 2025, with a compound annual growth rate (CAGR) of 17.2% [2] - Net profit attributable to the parent company is projected to increase from 2.054 billion yuan in 2023 to 2.936 billion yuan in 2025, with a CAGR of 17.3% [2] - The company's gross margin is expected to remain stable, ranging from 53.8% to 54.8% from 2023 to 2025 [2] - ROE is forecasted to be 17.1% in 2023, slightly increasing to 17.3% in 2024 before declining to 16.9% in 2025 [2] Product and Market Strategy - The company has successfully launched new products in the domestic market, such as the P10 series, which has gained significant market share in the 3000 yuan price segment [1] - In the overseas market, the company has introduced multiple SKUs across different price points, ranging from 359.99 USD to 1199.99 USD, catering to diverse customer needs [1] - The company's marketing efforts, including product placements on major events like the Spring Festival Gala, have significantly boosted brand awareness [1] Overseas Expansion - The company entered the US market through Target stores in Q4 2023, with plans to expand to nearly 2000 Target stores nationwide [1] - At CES 2024, the company launched six new products, including the S8 MaxV Ultra and Q Revo MaxV, further diversifying its product portfolio [1] - The company's overseas revenue is expected to grow as it continues to expand its product lineup and distribution channels [1] Financial Projections - The company's operating income is projected to grow from 8.654 billion yuan in 2023 to 12.470 billion yuan in 2025, with a CAGR of 17.2% [2] - Net profit attributable to the parent company is expected to increase from 2.054 billion yuan in 2023 to 2.936 billion yuan in 2025, with a CAGR of 17.3% [2] - The company's EPS is forecasted to grow from 15.62 yuan in 2023 to 22.33 yuan in 2025 [2]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 391 CNY, maintaining the rating [1][2]. Core Views - The company reported a revenue of 8.6538 billion CNY for 2023, representing a year-over-year increase of 30.5%, and a net profit of 2.05 billion CNY, up 73.6% year-over-year [1][2]. - The fourth quarter (Q4) showed strong performance with a revenue of 2.97 billion CNY, a 32.6% increase year-over-year, and a net profit of 690 million CNY, which is a 111.3% increase year-over-year [1][2]. - The company is expected to maintain high growth due to product competitiveness and market demand, particularly with the launch of new products [2]. Financial Performance Summary - The company's main revenue is projected to grow from 5.8371 billion CNY in 2021 to 11.3736 billion CNY by 2025 [1][6]. - The net profit margin is expected to remain strong, with net profit margins of 24.0% in 2021, decreasing to 21.6% by 2025 [6][7]. - Earnings per share (EPS) are forecasted to increase from 10.67 CNY in 2021 to 18.69 CNY in 2025 [6][7]. Market Position and Product Development - The company has launched new products, including a dual-arm sweeping robot, which is expected to enhance its competitive position in the domestic market [2]. - The company’s overseas sales continue to show high growth, with a global search interest increase of 8% year-over-year in January 2024 [2]. - The company is focusing on product structure upgrades and expanding its product line, which is anticipated to drive revenue growth [2].

公司报告 | 公司点评 石头科技（688169） 证券研究报告 2024年02月27日 投资评级 国内外增长表现亮眼，利润水平大幅提升 行业 家用电器/小家电 6个月评级 买入（维持评级） 当前价格 326.75元 事件：公司发布23年业绩快报，23年实现营收86.5亿元，同比+30.55%； 实现归母净利润20.5亿元，同比+73.57%。其中23Q4实现营收29.7亿元， 目标价格 元 同比+32.6%；实现归母净利润6.9亿元，同比+111.2%。 基本数据 收入方面，公司积极践行“走出去”战略，公司产品凭借突出的产品性能 A股总股本(百万股) 131.48 和技术优势，同时，受益于海外消费需求快速增长，公司产品的竞争力及 流通A股股本(百万股) 131.48 品牌形象得到了进一步认可与提升，境外收入实现较快增长。2024年CES A股总市值(百万元) 42,960.26 展上，石头推出海外高端新品S8 MaxV Ultra和S8 Max Ultra，两款的麻布 流通A股市值(百万元) 42,960.26 都带有外扩机械臂功能，能更好的清洁缝隙。S8 MaxV Ultra定价$1799.99， S8 M ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 清洁小家电 ＃investSuggestion＃ ＃ ＃d石yCo头mpa科ny＃技 （ 688169 ） investSug 增持 ( 维ges持tionC）h 000009 业绩超预期＃ti ，tle＃ Q4 期待新品周期 ange＃ ＃createTime1＃ 2024 年02 月24 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  事件：公司发布2023年业绩预增公告。2023年公司预计实现归母净利润20-22 市场数据日期 2024-02-22 亿元，同比增长 69.0%-85.9%；扣非归母净利润为 18-20 亿元，同比增长 收盘价（元） 319.15 50.3%-67.0%。 23Q4单季度公司预计实现归母净利润为6.4-8.4亿元，同比 总股本（百万股） 131.48 增长94.7%-155.6%；扣非归母净利润为5.5-7.5亿元，同比增长60.9%-119.9%。 流通股本（百万股） 131.48 净资产（百万元） 10682.95  收入：预计Q4内外销延续快增态势。内销方面，23Q4国内扫地机行 ...

Investment Rating - The investment rating for Beijing Roborock Tech is "OUTPERFORM" with a target price of RMB 477.5 [2][11]. Core Views - The robotic vacuum cleaner market is projected to exceed RMB 100 billion, with strong growth potential similar to that of white goods. Beijing Roborock Tech, as a global leader, is well-positioned to benefit from this growth [3][10]. - Overseas markets are experiencing both volume and price increases, with Chinese brands expanding their market share and upgrading product structures. Despite foreign brands like iRobot losing market share, they still hold significant presence, providing opportunities for Chinese brands to increase their share [3][10]. - In the domestic market, high-value products are gaining market share. In 2023, the sales volume of robotic vacuums in China is expected to grow by 4% year-on-year, with self-cleaning models continuing their rapid growth [3][11]. Financial Forecasts - Revenue for Beijing Roborock Tech is expected to grow significantly, with projections of RMB 8,768 million in 2023, RMB 11,425 million in 2024, and RMB 13,830 million in 2025, reflecting year-on-year growth rates of 32.3%, 30.3%, and 21.1% respectively [4][8]. - The earnings per share (EPS) are forecasted to be RMB 16.35, RMB 19.10, and RMB 22.18 for the years 2023, 2024, and 2025 respectively [4][11]. - The gross margin is expected to improve steadily, reaching 53.4% in 2023, 53.9% in 2024, and 54.2% in 2025 [4][8]. Market Position - Beijing Roborock Tech's market share in the domestic market is projected to increase by 3 percentage points to 24% in 2023, driven by high-quality and cost-effective products [3][11]. - The company is expected to maintain a competitive advantage in both domestic and overseas markets, benefiting from ongoing channel expansion and product structure upgrades [3][10].

家用电器/小家电 公 司 研 石头科技（688169.SH） 发布扫地机新品 P10S 和 P10S Pro，产品力领先竞品 究 2024年02月18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） 陆帅坤（分析师） lvming@kysec.cn zhoujiale@kysec.cn lushuaikun@kysec.cn 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790523060001 日期 2024/2/8 当前股价(元) 324.91  发布扫地机新品P10S和P10S Pro，产品力领先竞品，维持“买入”评级 公 一年最高最低(元) 395.00/238.00 2月18日公司发布两款全能基站扫地机新品P10S和P10S Pro，其中P10S水箱 司 版/上下水版价格3299/3899，P10S Pro水箱版/上下水版价格3999/4599。公司采 信 总市值(亿元) 427.18 息 流通市值(亿元) 427.18 取同质低价的定价方式，相较于竞品有更强的产品性价比优势，能够限制竞争对 更 总股本(亿股) 1 ...

证券代码：688169 证券简称：石头科技 公告编号：2024-003 北京石头世纪科技股份有限公司 二、 回购股份进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7号——回购股份》的相关规定，公司在回购股份期间，应当在每个月的前 3 个 交易日内公告截至上月末的回购进展情况。截至 2024 年 1月 31 日，公司通过上 海证券交易所交易系统以集中竞价交易方式已累计回购股份 10.9050 万股，已回 购股份占公司总股本的比例为 0.0829%，购买的最高价为 315.37 元/股，最低价 为 266.38 元/股，已支付的总金额为 3,136.23 万元（不含印花税、交易佣金等交 易费用）。 三、 其他事项 公司将严格按照《上市公司回购股份规则》《上海证券交易所上市公司自律 监管指引第7号——回购股份》等相关规定及公司回购股份方案，在回购期限内根 据市场情况择机做出回购决策并予以实施，并根据回购股份事项进展情况及时履 行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 关于以集中竞价交易方式回购公司股份的进展公告 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、 ...