上 市 公 司 家用电器 2024年04月28日 石头科技 (688169) 公 司 研 究 —— 2024 年一季报点评：Q1 收入业绩超预期，高成长 / 公 司 性持续兑现 点 评 报告原因：有业绩公布需要点评 买入 投资要点： （维持） ⚫ 24Q1收入业绩超预期，高分红回馈股东。石头科技2024 年Q1 单季度实现营收 18.41 证 亿元，同比上升59%；实现归母净利润3.99亿元，同比上升95%；实现扣非归母净利润 券 研 市场数据： 2024年04月26日 3.42亿元，同比上升110%。分红方面，公司已宣告分红率提升至40.85%（包含回购）。 究 收盘价（元） 382.3 收入端，公司海外业务收入进一步增长，美、日、英等亚马逊渠道快速放量；毛利端，公 报 一年内最高/最低（元） 391.63/238 司毛利率同比+6.65pcts 至 56.49%，主要原因预计为产品结构升级、全能基站款占比持 告 市净率 4.3 息率（分红/股价） 0.24 续以及降本增效的持续优化。 流通A股市值（百万元） 50264 ⚫ 内销快速增长，新品双线布局。根据奥维云网数据，2024Q1扫地机行业受益于新品销售 ...

Investment Rating - The report initiates coverage with an "Overweight" rating for the company [1] Core Views - The company is a global leader in AI-powered robotic vacuum cleaners, with a strong competitive position in the global market [2] - The company's core business focuses on robotic vacuum cleaners, accounting for 94% of its revenue in 2023, with both domestic and international sales driving growth [10] - The company has achieved leading profitability in the industry, with a gross margin of 55.1% and a net margin of 23.7% in 2023 [2] - The company's revenue is expected to grow from RMB 11.065 billion in 2024 to RMB 17.973 billion in 2026, with net profit increasing from RMB 2.552 billion to RMB 4.285 billion over the same period [1] Company Overview - Founded in July 2014, the company went public on the STAR Market in February 2020 and has since become a global leader in robotic vacuum cleaners [7] - The company's products are positioned as high-end in overseas markets, with four products ranking in the top 15 best-selling robotic vacuum cleaners on Amazon US [2] - The company has successfully transitioned from producing products for Xiaomi to building its own brand, with overseas revenue accounting for 49% of total revenue in 2023 [10] Market Position and Growth - The company's global market share in robotic vacuum cleaners reached the top position in the first three quarters of 2023, according to Euromonitor data [7] - The global market for robotic vacuum cleaners is expected to grow to USD 9.97 billion by 2028, with overseas markets contributing significantly to this growth [41] - The company's overseas revenue has grown at a compound annual growth rate (CAGR) of 64% from 2019 to 2023, driven by strong product competitiveness and brand recognition [12] Technological Advantages - The company's robotic vacuum cleaners are essentially mini autonomous driving systems, combining hardware and software to achieve efficient cleaning [23] - The company has strong R&D capabilities, with a focus on core algorithms, LiDAR, and cleaning modules, which have helped establish its high-end brand image [31] - The company's products feature advanced technologies such as LDS (Laser Distance Sensor) and RGB cameras, enabling precise environmental perception and obstacle avoidance [36] Competitive Landscape - The company has benefited from the decline of iRobot, the former market leader, which has faced financial difficulties and declining market share [47] - The company has been gaining market share in the US, Europe, and Japan, with its products ranking highly in terms of sales and customer reviews on platforms like Amazon [45][46] Domestic Market Strategy - In the domestic market, the company has adopted a "price-for-volume" strategy, successfully increasing sales by 41% in 2023 despite a 1.2% decrease in average selling prices [2] - The company has leveraged its technological advantages to reduce costs while maintaining user experience, leading to the creation of popular products like the P10 [2] Financial Performance - The company's revenue grew from RMB 3.05 billion in 2018 to RMB 8.65 billion in 2023, with a CAGR of 23% [16] - Net profit increased from RMB 310 million in 2018 to RMB 2.05 billion in 2023, with a CAGR of 46% [16] - The company's gross margin and net margin have consistently outperformed industry peers, reaching 55.1% and 23.7% respectively in 2023 [17]

[Table_StockInfo] 买入 2024年 04月 30日 （维持） 证券研究报告•2024年一季报点评 当前价： 425.02元 石头科技（688169） 家用电器 目标价： ——元（6个月） 业绩持续超预期，Q2 新品势能有望集中释放 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司ma发ry布] 2024年一季报，2024年Q1公司实现营收18.4亿元，同比增 [分Ta析bl师e_：Au龚th梦or泓] 长 58.7%；实现归母净利润 4亿元，同比增长 95.2%；实现扣非净利润 3.4亿 执业证号：S1250518090001 元，同比增长110%。 电话：023-63786049  国内预计 Q2集中确认新品收入，有望量价双增。公司2024年 2月发布新产品 邮箱：gmh@swsc.com.cn P10S，并于3月 29日推出V系列和 G系列新品开始预售，V系列和G系列新 联系人：方建钊 品预售收入并未确认计入2024年 Q1营收，预计将会在2024年Q2集中释放。 电话：18428374714 此外，P系列新品相较于老品价格有所提升，预计在Q2进行收入确认时能够带 邮 ...

中信证券股份有限公司 关于北京石头世纪科技股份有限公司 2023 年持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在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" "上市公司"）进行持续督导工作的保荐人，对 2023 年度（以下简称"本持续督 导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 王彬，陈宇涛 （三）现场检查人员 陈宇涛、韩煦 （四）现场检查时间 2024 年 4 月 7 日、2024 年 4 月 19 日、2024 年 4 月 22 日、2024 年 4 月 25 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次 ...

证券代码：688169 证券简称：石头科技 公告编号：2024-021 北京石头世纪科技股份有限公司 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、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： | 回购方案首次披露日 | | | | 2023/8/31，由控股股东、实际控制人、董事长昌 | | | | --- | --- | --- | --- | --- | --- | --- | | | 敬先生提议 | | | | | | | 回购方案实施期限 | 2023 年 8 月 | 29 | 日~2024 | | 日 | 月 | | 预计回购金额 | 5,117.78 万元~10,235.55 | | | 万元 | | | | 回购用途 | 用于员工持股计划或股权激励 | | | | | | | 累计已回购股数 | 17.0285 万股 | | | | | | | 累计已回购股数占总股本比例 | 0.1295% | | | | | | | 累计已回购金额 | 5,122.36 万元 | | | | | | | ...

Investment Rating - The report maintains a "Buy" rating for Stone Technology (688169 SH) [2] Core Views - Stone Technology achieved significant growth in Q1 2024 with operating revenue of 1 8 billion yuan YoY+59% and net profit attributable to shareholders of 400 million yuan YoY+95% [2] - Overseas sales continued to grow rapidly driven by product structure upgrades and channel expansion with overseas revenue growth estimated to be higher than domestic growth [2] - Domestic online sales increased by 27% in both value and volume while offline sales surged by 289% in value and 252% in volume [2] - The company launched new products such as the P10S series and flagship models V20 and G20S to strengthen its product lineup in both domestic and international markets [2] - Gross margin improved to 56 5% in Q1 2024 up 6 6 percentage points YoY due to overseas channel structure optimization and cost reductions [2] - Net profit margin increased to 21 7% up 4 1 percentage points YoY reflecting effective cost control and operational efficiency [2] Financial Performance and Projections - The report forecasts revenue growth of 27 16% 19 33% and 17 82% for 2024 2025 and 2026 respectively [3] - Net profit attributable to shareholders is projected to grow by 22 56% 18 28% and 17 59% for the same periods [3] - EPS is expected to increase from 19 12 yuan in 2024 to 26 60 yuan in 2026 [3] - ROE is forecasted to remain stable at around 18% from 2024 to 2026 [3] - The company's PE ratio is projected to decline from 22x in 2024 to 16x in 2026 indicating potential undervaluation [3] Operational Highlights - Stone Technology's cash position remains strong with cash and cash equivalents totaling 5 8 billion yuan accounting for 40% of total assets [2] - Operating cash flow improved significantly with a 70% YoY increase to 200 million yuan in Q1 2024 [2] - The company's receivables and payables increased by 25% and 74% respectively reflecting robust business activity [2] Product and Market Strategy - The P10 series continues to drive sales growth with the new P10S series expected to contribute more significantly from Q2 2024 [2] - The company is expanding its presence in mid-to-high-end price segments both domestically and internationally through new product launches [2] - Stone Technology's strong R&D capabilities and rapid product iteration support its competitive advantage and long-term profitability [2]

%% 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 [内Ta外b销le_共T振itle，] 收入业绩高增长 报告要点 [公Ta司bl披e_露Su一m季m报ar：y]公司2024年一季度实现营业收入18.41亿元，同比增长58.69%，实现归母 净利润3.99亿元，同比增长95.23%，实现扣非归母净利润3.42亿元，同比增长110.03%。 ...

股 票 研 究 [Table_industryInfo] 家用电器业/可选消费品 [ Table_Main[石ITnaf 头bol]e 科_Ti技tle]( 688169) [评Tab级le_：Inv est] 增持 上次评级： 增持 海外增长亮眼，业绩超预期 目标价格： 491.57 上次预测： 424.27 公 ——石头科技2024Q1业绩点评 当前价格： 412.99 司 蔡雯娟(分析师) 李汉颖(研究助理) 田平川(研究助理) 2024.04.30 更 021-38031654 010-83939833 021-38676666 [交Ta易bl数e_M据a rket] 新 caiwenjuan024354@gtjas.c lihanying026725@gtjas.com tianpingchuan026740@gtjas.com 报 证书编号 oSm08 80521050002 S0880122070046 S0880122070069 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 245.00- 54 41 ,2 2. 99 99 告 本报告导读： 总股本/流通A股（百万股） 131/ ...

公司报告 | 季报点评 石头科技（688169） 证券研究报告 2024年04月 30日 投资评级 外销或高增带动收入增长，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 425.02元 事件：24Q1公司实现收入18.4 亿元，同比+58.69%，实现归母净利润3.99 亿元，同比+95.23%，实现扣非归母净利润3.42亿元，同比+110.03%。 目标价格 元 24Q1 公司收入端大幅增长。主要由于前期积极开拓海内外市场的优势进 基本数据 一步得到延续和扩展，通过渠道深耕和合理化的布局，公司产品的销量与 A股总股本(百万股) 131.48 上年同期相比显著提升，经营业绩和盈利能力的提升也同步带来经营活动 流通A股股本(百万股) 131.48 现金净流入增加。根据奥维数据显示，24Q1 石头扫地机销额同比+30%， A股总市值(百万元) 55,880.55 内销表现较好；从公司整体收入增速看，我们预计是海外的高增贡献了收 流通A股市值(百万元) 55,880.55 入增速。我们预计其中一方面来自于公司去年在海外市场的渠道拓展以及 去年新品销售的贡献，另一方面来自于低基数的 ...

公司研 究 证 券研究 报 告 服务机器人 2024年04月30日 石 头科技（688169）2024年一季报点评 强 推 （维持） 目标价：450元 公司经营好于预期，盈利能力持续提升 当前价：412.99元 事项： 华创证券研究所  公司发布2024年一季度报告，24Q1公司实现营业收入18.4亿元，同增58.7%， 归母净利润4.0亿元，同增95.2%，扣非归母净利润3.4亿元，同增110.0%。 证券分析师：秦一超 评论： 邮箱：qinyichao@hcyjs.com  营收延续高增。外销表现亮眼。24Q1公司实现营收18.4亿元，同比+58.7%， 执业编号：S0360520100002 收入高增势能延续。分区域看，国内市场得益于行业需求改善与公司多价格带 证券分析师：樊翼辰 产品上新，以及旗舰产品放量拉动增长，根据奥维云网数据，石头24Q1销额 同比+29.0%，但考虑到部分新品上市时间较晚，预售表现将在二季度确认收 邮箱：fanyichen@hcyjs.com 入，因此我们判断内销增速或略低于第三方数据口径。海外市场在全球龙头 执业编 号：S0360523080004 iRobot宣布重组计 ...