石[Ta头ble科_Sto技ckN（am6eR8p8tT1yp6e9] ） 公司研究/公司点评 全球挖潜下再超预期 ——石头科技 24 年一季报点评 投资评级：买入（维持） [Table_Rank] 主要观点： 报告日期： 2024-04-29 [⚫T ab公le_司Su发m布ma2r0y]2 4年一季报： ➢ 24Q1：收入18.4亿（+58.7%）归母4.0亿（+95.2%）扣非3.4亿 [收Ta盘bl价e_（Ba元se）D ata] 412.99 （+110%）。 近12个月最高/最低（元） 419.9/238.0 ➢ 24Q1收入利润均超市场预期，此前已发布23年年报。 总股本（百万股） 131 ➢ 24Q1超预期点核心来自于外销增速。 流通股本（百万股） 131 流通股比例（%） 100.00 ⚫ 收入分析：我们预计24Q1内/外占比维持3:7开，增速约+20/80% 总市值（亿元） 543 ➢ 内销：我们预计内销收入约 5 亿（同比+20%），预计 24Q1 量/价增 流通市值（亿元） 543 长分别为同比+25%/ -4%（参考我们数据跟踪）。 [公Ta司ble价_C格ha与rt]沪 深300走 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 1.841 billion yuan for Q1 2024, representing a year-on-year growth of 58.69%, and a net profit of 399 million yuan, up 95.23% year-on-year [4] - The company's gross margin improved by 6.64 percentage points to 56.49% in Q1 2024, with net profit margin increasing by 4.05 percentage points to 21.66%, indicating stronger profitability, particularly in overseas markets [4] - The report anticipates robust growth for the company's robotic vacuum cleaners, driven by overseas channel expansion and increasing domestic market demand, leading to a potential valuation recovery [4] - Earnings per share (EPS) forecasts for 2024-2026 are 19.15 yuan, 22.64 yuan, and 26.62 yuan respectively, with a projected price-to-earnings (PE) ratio of 25-30 times for 2024, suggesting a reasonable value range of 478.75-574.5 yuan [4] Financial Summary - The company’s revenue is projected to grow from 8.654 billion yuan in 2023 to 15.590 billion yuan in 2026, with year-on-year growth rates of 30.5%, 26.8%, 20.4%, and 18.0% respectively [5][7] - Net profit is expected to increase from 2.051 billion yuan in 2023 to 3.500 billion yuan in 2026, with growth rates of 73.3%, 22.8%, 18.2%, and 17.6% [5][7] - The gross margin is forecasted to improve from 55.1% in 2023 to 57.3% in 2026 [5][7] Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to decrease from 24.50 in 2023 to 14.36 in 2026, indicating an improving valuation as earnings grow [7] - The price-to-book (P/B) ratio is expected to decline from 4.42 in 2023 to 2.84 in 2026, reflecting a more attractive valuation over time [7] Market Performance - The company has outperformed the market with an absolute increase of 11.0% over 1 month, 16.8% over 2 months, and 27.4% over 3 months [2]

证券研究报告 公 2024年04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 2024 年一季报点评： 当前价格： 382.30元 季 报 超预期开局 目标价格： 472.29元 点 事件： 评 基本数据 石头科技披露其2024年一季报：公司实现营收18.41亿，同比+58.69%， 总股本/流通股本(百万股) 131.48/131.48 归母净利润3.99亿，同比+95.23%，扣非净利润3.42亿，同比+110.03%。 流通A股市值(百万元) 50,263.84 ➢ 外销表现超预期，带动收入实现高增 每股净资产(元) 89.64 参考奥维数据，Q1石头内销或实现+20%左右增长，预计价格小幅下滑，销 资产负债率(%) 18.62 量持续高增，其中扫地机较快，洗地机、洗衣机均延续增长；反推外销或 实现高双位数超预期增长，预计欧美领跑，亚太明显提速，一方面上新节 一年内最高/最低(元) 391.63/238.00 奏差异导致的低基数有一定贡献，另一方面在属国化运营持续深化基础上， 股价相对走势 线上自营快速放量，带动营收增长。考虑到内销P1 ...

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年04月29日 石头科技(688169.SZ) 买进（Buy） 赵旭东 H70556@capital.com.tw 目标价(元) 446 24Q1利润翻倍增长，后续新品放量将支撑利润继续增长 公司基本信息 业绩概览：公司2024年Q1实现营收18.4亿元,YOY+58.7%,录得归母净利4.0亿 产业别 机械设备 元，YOY+95.2%，扣非后净利3.4亿元，同比+110.0%。 A股价(2024/4/26) 382.30 上证指数(2024/4/26) 3088.64 点评： 股价12个月高/低 391.63/204.37 总发行股数(百万) 131.48  24Q1公司收入增长超5成：公司24Q1实现营收18.4亿元,YOY+58.7%， A股数(百万) 131.48 我们估计公司营收增长主要受海外业务驱动。2023年公司海外渠道取得 A市值(亿元) 502.64 主要股东 昌敬(22.10%) 诸多进展，包括入驻美国target180余家精选店铺、法国线下渠道突破、 每股净值(元) 89.64 德国亚马 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 382.30 CNY as of April 26, 2024 [1][3] Core Views - The company's Q1 2024 performance exceeded expectations, with revenue reaching 1.841 billion CNY, a YoY increase of 58.69%, and net profit attributable to shareholders of 399 million CNY, a YoY increase of 95.23% [2] - The company's gross margin improved significantly in Q1 2024, reaching 56.49%, a YoY increase of 6.65 percentage points, driven by product and channel structure optimization, scale effects, and cost reduction capabilities [2] - The company's overseas sales growth was strong in Q1 2024, particularly in North America, where both online and offline channels expanded rapidly, while Europe and Asia-Pacific regions also showed high growth [2] - The company's domestic sales also grew rapidly, with online sales of扫地机 and洗地机 increasing by 29.88% and 11.45% YoY, respectively, in Q1 2024, supported by a robust product matrix and strong product capabilities [2] - The company's profitability is expected to continue improving, with EPS forecasts of 20.04 CNY, 23.57 CNY, and 27.79 CNY for 2024, 2025, and 2026, respectively, and a dynamic PE ratio of 19.1x, 16.2x, and 13.8x as of April 26, 2024 [2][3] Financial Performance Summary - The company's revenue in 2023 was 8.654 billion CNY, with a YoY growth of 30.5%, and is expected to reach 11.190 billion CNY, 13.226 billion CNY, and 15.526 billion CNY in 2024, 2025, and 2026, respectively, with YoY growth rates of 29.3%, 18.2%, and 17.4% [2][4] - Net profit attributable to shareholders in 2023 was 2.051 billion CNY, with a YoY growth of 73.3%, and is expected to reach 2.634 billion CNY, 3.099 billion CNY, and 3.653 billion CNY in 2024, 2025, and 2026, respectively, with YoY growth rates of 28.4%, 17.7%, and 17.9% [2][4] - The company's gross margin remained stable at around 55% from 2023 to 2026, with a slight improvement to 56.0% in 2024 [2][4] - ROE is expected to increase from 18.0% in 2023 to 19.7% in 2024 and remain stable at around 19.7%-19.8% in 2025 and 2026 [2][4] Market and Industry Outlook - The company is well-positioned to benefit from the recovery of domestic demand and the structural upgrade红利 in overseas markets, as it is a leading global brand in the扫地机 industry [2] - The company's strong product capabilities, brand strength, and cost control capabilities, combined with accelerated expansion in new channels and markets in Europe and the US, are expected to drive further growth in both domestic and international market share [2]

[Table_Page] 季报点评|家用电器 证券研究报告 [石Table_头Title] 科技（688169.SH） [公Tab司le_I评nves级t] 买入 当前价格 382.30元 Q1 收入利润超预期，强产品力凸显 合理价值 505.75元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-28 ⚫ 公司披露2024年一季报。24Q1实现收入18.4亿元（YoY+58.7%)， [相Tab对le_P市icQ场uote表] 现 归母净利润4.0亿元（YoY+95.2%），毛利率56.5%（YoY+6.7pct）， 归母净利率21.7%（YoY+4.1pct）。销售/管理/财务/研发费用率分别同 82% 62% 比-0.2pct/-1.6pct/+1.0pct/-0.8pct。毛利率提升主要系高毛利渠道占比 41% 提升，同时产品结构升级、公司成本控制能力较强也有贡献。 21% ⚫ 国内外保持高速增长。根据奥维云网数据，24Q1国内扫地机行业线上 0% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 销量、均价、销售额分别同 ...

2024年04月27日 公 司点评 公 买入 / 维持 司 石头科技(688169) 研 究 昨收盘:382.30 24Q1 业绩超预期，海内外成长性持续兑现 事件：公司发布24年一季报，24Q1实现营业收入18.41亿元，同比  走势比较 增长58.69%；归母净利润3.99亿元，同比增长95.23%；扣非后归母净利 润3.42亿元，同比增长110.03%。 30% 海内外成长性持续兑现，24Q1 业绩超预期。公司海外品牌建设不断 太 20% 推进，同时精耕渠道运营，北美KA渠道实现突破，入驻超180家Target 平 10% 门店，美亚平台领先地位确立，欧洲自营渠道实现高成长，迈入业绩兑现 期。国内布局多价格段产品，强化品牌力，渠道端布局线下体验店，助力 洋 0% 渗透率再提升。伴随公司产品结构升级，高价值量机型占比提升，叠加成 证 (10%) 本优化效果逐步体现，24Q1毛利率56.49%，同比增加6.64pct。 券 (20%) 规模效应体现，盈利能力优化。公司24Q1净利率21.66%，同比提升 股 4.05pct，其中销售、管理、研发、财务费用率分别为 20.75%、2.76%、 份 石头科技 ...

海外持续超预期 ——石头科技24年一季报点评 石头科技（688169）/家电 证券研究报告/公司点评 2024年4月28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：382.3 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 6,629 8,654 11,022 12,812 14,809 分析师：姚玮 增长率yoy% 14% 31% 27% 16% 16% 执业证书编号：S0740522080001 净利润（百万元） 1,183 2,051 2,540 2,816 3,297 Email：yaowei@zts.com.cn 增长率yoy% -16% 73% 24% 11% 17% 每股收益（元） 9.00 15.60 19.32 21.42 25.08 每股现金流量 8.52 16.63 26.53 18.08 30.56 净资产收益率 12% 18% 19% 17% 17% P/E 42.5 24.5 19.8 17.8 15.2 备 注：股价选自20240426收盘 ...

公司研究 | 季报点评 石头科技 688169.SH 买入 （维持） 一季度营收高增，盈利能力持续提升 股价（2024年04月26日） 382.3元 目标价格 404.41元 52周最高价/最低价 391.63/204.37元 总股本/流通A股（万股） 13,148/13,148 A股市值（百万元） 50,264 核心观点 国家/地区 中国 行业 造纸轻工 事件：公司公告2024年一季报，2024年一季度公司实现营业收入18.41亿 报告发布日期 2024年04月28日 元，同比增长58.69%，实现归母净利润3.99亿元，同比增长95.23%。 ⚫ 海内外竞争优势提升，一季度公司收入延续高速增长。2024年一季度公司实现营业 1周 1月 3月 12月 收入18.41亿元，同比增长约59%，公司通过渠道深耕和合理的产品布局进一步扩 绝对表现% 1.9 11.02 27.39 80.14 展海内外市场优势，实现营收的高速增长。分市场来看：①内销方面，预计一季度 相对表现% 0.7 9.88 19.88 89.61 公司内销收入实现稳健增长，主要系公司内销产品价格带布局较为完备、产品力突 沪深300% 1.2 1 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company reported Q1 2024 revenue of 1.841 billion yuan, a year-on-year increase of 58.7%, and a net profit attributable to shareholders of 399 million yuan, up 95.2% year-on-year [1]. - The company is experiencing strong growth in marketing and is expanding its overseas market presence, with domestic online sales of floor cleaning machines reaching 420 million yuan, a 29.9% increase year-on-year [1]. - The gross profit margin for Q1 2024 was 56.5%, an increase of 6.6 percentage points year-on-year, indicating improved profitability [1]. - The long-term outlook for the floor cleaning machine sector remains strong globally, with the company positioned to continue expanding its market share [1]. Financial Forecasts - The company is expected to achieve net profits of 2.56 billion yuan, 3.14 billion yuan, and 3.75 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 24.8%, 22.7%, and 19.4% [2][6]. - The projected price-to-earnings ratios for the company are 20x for 2024, 16x for 2025, and 13x for 2026 [2][6]. - The company’s revenue is forecasted to reach 11.472 billion yuan in 2024, with a growth rate of 32.6% [6].