到4月10号才开始发货所以可以说整个一季度的话在国内市场的话都是在一个上新的一个阶段收入的话大多数都要确认在二季度所以一季度的话就是这个增速的话就是相对来讲会不是特别高但也还可以但是我们觉得二季度的话这个收入增速就会非常好因为有很多本来是一季度这个销售是占了一季度的销售时间卖的这个货的话 都是会在二季度这边确认另外的话就是二季度的重点主要是618嘛那618这块的话就是它卖的好与坏主要取决于第一波这个新品预售的口碑还有这个相关的一些这个客户的一些反馈然后以及前期做营销的一些结果 那毫无疑问石头P10S在第一波就是今年各家扫地机新品销售的这一波的话是卖的最好的一直都是排在这个单款SKU这个P10S Pro一直都排在就是畅销SKU的第一名所以就是这个第一波新品的销售这个口碑和成绩的话也能够让我们预判今年6.18的话这个石头的这个在国内的话仍然会是一个 卖的最好的一个状态就预计这个P10X Pro仍然是行业就是卖的最多的这个SKU所以反倒是对二级多内销的增速可以更乐观一些我们预计的话会有百分之三四十的一个增长一方面的话是这个销量卖的好一直断货另外的话价格也有提升像这个去年618主推的P10就是3299这样的一个价格那 ...

Investment Rating - The report assigns a "Buy" rating for Stone Technology, indicating a positive outlook for the stock performance relative to the benchmark index [1]. Core Insights - Stone Technology's Q1 revenue reached 1.841 billion yuan, a year-on-year increase of 58.69%, with net profit attributable to shareholders at 399 million yuan, up 95.23% year-on-year [1]. - The company has significantly improved its domestic offline market share and is seeing growth in overseas markets, with expectations for higher revenue growth from international channels and new product launches [1]. - The gross profit margin for Q1 was 56.49%, an increase of 6.65 percentage points year-on-year, attributed to a higher proportion of high-margin products and improved product mix [1]. - The company reported a substantial increase in operating cash flow, with net cash flow from operating activities reaching 233 million yuan, a 70.32% increase year-on-year [1]. Financial Performance Summary - Total revenue for 2022 was 6.629 billion yuan, with a growth rate of 13.6%. The forecast for 2024 is 10.819 billion yuan, reflecting a growth rate of 25.0% [2]. - Net profit attributable to shareholders for 2022 was 1.183 billion yuan, with a year-on-year decrease of 15.6%. The forecast for 2024 is 2.541 billion yuan, indicating a growth of 23.9% [2]. - The gross margin improved from 49.3% in 2022 to 55.1% in 2023, with a slight increase expected to 55.4% in 2024 [2]. - The return on equity (ROE) is projected to be 18.0% in 2023 and 16.7% in 2024 [2]. Cash Flow and Liquidity - As of Q1 2024, the company had cash and cash equivalents plus trading financial assets totaling 5.769 billion yuan, a decrease of 2.51% from the beginning of the year [1]. - Accounts receivable decreased by 28.86% to 195 million yuan, while inventory decreased by 5.62% to 876 million yuan [1]. - The company’s contract liabilities increased by 39.61% to 119 million yuan, indicating strong future revenue potential [1].

证券研究报告 | 季报点评 2024年04月27日 石头科技（688169.SH） 行业景气度持续提升，公司盈利能力高增 事件：公司发布2024年一季报。公司2024年一季度实现营业收入18.41 增持（维持） 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%； 股票信息 实现扣非归母净利润3.42亿元，同比增长110.03%。 行业 小家电 行业景气度提升，公司产品销量持续增长。行业：据奥维云网，扫地机全 前次评级 增持 行业2024M1-M3销额/销量同比增速分别为38.27%/33.83%，单2024M3 4月26日收盘价(元) 382.30 销额/销量同比增速为61.61%/53.52%，景气程度较高。公司：据奥维云 总市值(百万元) 50,263.84 网，石头 2024M1-M3 线上销额/销量同比增速分别为 29.88%/32%，销 总股本(百万股) 131.48 量持续增长；2024年3月P10 S Pro产品线上市占率超9.6%，位于行业 其中自由流通股(%) 100.00 第三，竞争力较强。 30日日均成交量(百万股) 1.34 股价走势 2024年3月底新品参 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 27 日 石 头科技(688169.SH) 证券研究报告 外销亮眼，Q1 收入、业绩高速增长 服务机器人 投资评级 买入-A 事件：公司发布 2024 年一季报。2024 年一季度实现收入 18.4 维持评级 亿元，YoY+58.7%；实现归母净利润 4.0 亿元，YoY+95.2%。石头 引领行业创新，产品力受到国内海外市场认可，公司Q1 收入、业 6个月目标价 467.25元 绩高速增长。全球扫地机普及率仍有较大提升空间，行业仍处在 股价 (2024-04-26) 382.30元 产品升级周期，石头有望充分发挥产品优势，继续保持高增长态 交易数据 势。 总市值(百万元) 50,263.84 海外业务表现亮眼，Q1 收入高速增长：石头 Q1 单季度收入增 流通市值(百万元) 50,263.84 速环比 2023Q4+26.1pct。根据奥维数据，Q1石头扫地机线上销售 总股本(百万股) 131.48 额 YoY+26%，销量 YoY+28%，均价 YoY-2%。国内扫地机产品不断 流通股本(百万股) 131.48 升级， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported Q1 2024 revenue of 1.84 billion (up 58.7% year-on-year) and a net profit of 400 million (up 95.2% year-on-year), exceeding expectations. The strong performance is attributed to robust domestic sales and high growth in overseas markets [3][8] - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 2.6 billion, 3.12 billion, and 3.77 billion respectively, with corresponding EPS of 19.8, 23.8, and 28.7, maintaining a "Buy" rating [3][23] Summary by Sections 1. Q1 2024 Revenue and Profit Performance - The company achieved Q1 2024 revenue of 1.84 billion (up 58.7% year-on-year) and a net profit of 400 million (up 95.2% year-on-year) [8] - Domestic sales in Q1 2024 reached 420 million (up 30.0%), with a market share of 21.8% and 27.2% in the 2000-3000 and 3000-4000 price segments respectively [10][12] 2. Profitability - The gross margin for Q1 2024 was 56.5% (up 6.6 percentage points), driven by new flagship products and cost reduction efforts [21] - The net profit margin was 21.7% (up 4.1 percentage points), with a non-GAAP net profit margin of 18.6% (up 4.5 percentage points) [22] 3. Profit Forecast and Investment Recommendations - The company has strong product capabilities in domestic sales and is expected to continue high growth in revenue, leading to an upward revision of profit forecasts for 2024-2026 [23]

证券代码：688169 证券简称：石头科技 公告编号：2024-019 北京石头世纪科技股份有限公司 第二届董事会第二十四次会议决议公告 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。 一、董事会会议召开情况 任。任。 北京石头世纪科技股份有限公司（以下简称"公司"）第二届董事会第二十四 次会议于 2024 年 4 月 26 日在公司会议室以现场结合通讯方式召开。 本次会议的通知于 2024 年 4 月 19 日通过邮件方式送达全体董事。会议应出 席董事 5 人，实际到会董事 5 人。会议的召集和召开程序符合有关法律、行政法 规、部门规章、规范性文件和《北京石头世纪科技股份有限公司章程》（以下简 称"《公司章程》"）的规定，会议决议合法、有效。 二、董事会会议审议情况 本次会议由董事会主席昌敬先生主持，董事会秘书孙佳女士列席会议。与会 董事表决通过以下事项： 经审核，董事会认为：公司 2024 年第一季度报告的编制和审议程序符合相 关法律、法规及《公司章程》等内部规章制度的规定。公司 2024 年第一季度报 告内容真实、准 ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥1,840,829,247, representing a year-on-year increase of 58.69%[3] - Net profit attributable to shareholders was ¥398,756,539, marking a significant growth of 95.23% compared to the same period last year[3] - The net profit after deducting non-recurring gains and losses was ¥341,859,412, reflecting a 110.03% increase year-on-year[3] - Basic earnings per share were ¥3.05, up 95.51% year-on-year, while diluted earnings per share were ¥3.03, an increase of 95.48%[3] - Total operating revenue for Q1 2024 reached CNY 1,840,829,247, a significant increase of 58.7% compared to CNY 1,160,048,490 in Q1 2023[22] - Net profit for Q1 2024 was CNY 398,756,849, representing a 95.5% increase from CNY 204,256,616 in Q1 2023[24] - The company reported a total comprehensive income of CNY 403,115,924 for Q1 2024, compared to CNY 203,638,264 in Q1 2023[24] Cash Flow - The net cash flow from operating activities was ¥233,200,615, an increase of 70.32% compared to the previous year[3] - In Q1 2024, the company reported cash inflows from operating activities of CNY 2,420,203,607, a 66.6% increase from CNY 1,452,161,347 in Q1 2023[26] - The net cash flow from operating activities was CNY 233,200,615, up 70.5% from CNY 136,921,162 in the same period last year[26] - Cash inflows from investment activities totaled CNY 1,917,295,378, an increase of 28.0% compared to CNY 1,498,609,102 in Q1 2023[27] - The net cash flow from investment activities was negative at CNY -166,681,828, a decline from a positive CNY 552,992,320 in Q1 2023[27] - Cash inflows from financing activities amounted to CNY 207,161,528, slightly up from CNY 196,194,444 in the previous year[27] - The net cash flow from financing activities was CNY 175,067,684, a decrease of 9.7% compared to CNY 193,959,558 in Q1 2023[27] - The company received tax refunds of CNY 173,127,027, an increase of 63.9% from CNY 105,752,558 in Q1 2023[26] - The total cash outflow from investment activities was CNY 2,083,977,206, significantly higher than CNY 945,616,782 in the same quarter last year[27] - The company reported a cash increase of CNY 253,679,825 in Q1 2024, compared to a much larger increase of CNY 874,825,556 in Q1 2023[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥14,483,511,113, a slight increase of 0.74% from the end of the previous year[4] - Total liabilities decreased to CNY 2,696,920,059 in Q1 2024 from CNY 2,995,138,697 in Q1 2023[20] - The total current assets decreased to ¥8,370,810,005 from ¥8,896,867,854 at the end of 2023, reflecting a decline of approximately 5.9%[18] - The company's trading financial assets were reported at ¥4,567,228,296, down from ¥5,024,402,722, indicating a decrease of about 9.1%[18] - Accounts receivable decreased to ¥195,402,811 from ¥274,689,701, representing a decline of approximately 28.8%[18] - Inventory stood at ¥875,997,926, slightly down from ¥928,189,371, showing a decrease of about 5.6%[18] - The total non-current assets were reported at ¥1,651,643,910, with fixed assets valued at ¥1,286,353,053, a marginal increase from ¥1,285,737,061[18] - The company’s total non-current assets rose to CNY 6,112,701,108 in Q1 2024, up from CNY 5,479,773,760 in Q1 2023[20] Research and Development - Total R&D investment amounted to ¥194,659,067, which is 10.57% of operating revenue, a decrease of 0.79 percentage points from the previous year[4] - Research and development expenses for Q1 2024 amounted to CNY 194,659,067, an increase of 47.6% compared to CNY 131,833,250 in Q1 2023[23] - The company continues to strengthen its product development and innovation efforts to enhance brand competitiveness[9] Market Presence and Shareholder Information - The company has actively expanded its market presence both domestically and internationally, contributing to the significant growth in revenue and profit[8] - The company has not reported any significant changes in the top 10 shareholders or their participation in margin financing and securities lending activities[13] - The company’s total liabilities and equity structure remains stable, with no significant fluctuations noted in the report period[16] - The company has not disclosed any new product developments or technological advancements during this quarter[16] - There are no significant mergers or acquisitions reported in the current financial period[16]

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 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为北京石 头世纪科技股份有限公司（以下简称"石头科技"或"公司"）首次公开发行股 票并在科创板上市的保荐人，根据《证券发行上市保荐业务管理办法》《上海证 券交易所科创板股票上市规则》等相关规定，中信证券履行持续督导职责，并出 具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度，查阅公司 2023 年度内部控制自我评价报告 2023 年度内部控制鉴证报告等文件； （3）查阅公司与控股股东、实 ...

股票上市地：上海证券交易所 北京石头世纪科技股份有限公司 简式权益变动报告书 上市公司：北京石头世纪科技股份有限公司 简式权益变动报告书签署日期：2024 年 4 月 18 日 股票简称：石头科技 股票代码 ：688169 信息披露义务人：丁迪 住所及通讯地址：上海市黄浦区*** 股份变动性质：股份减少（集中竞价及大宗交易减持、被动稀释、转增、询价转 让导致持股比例变动至 5%以下） 信息义务披露人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司收购管理办法》（以下简称"《收购办法》"）、《公开发行证券公司信息 披露内容与格式准则第 15 号—权益变动报告书》（以下简称"准则 15 号"）及相 关的法律、法规编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 第一节 释义 在本报告书中，除非文中另有所指，下列词语具有如下涵义： | 信息披露义务人/出 | 指 | 丁迪 | | --- | --- | --- | | 让人 | | | | 石头科技/上市公司 | 指 | 北京石 ...

证券代码：688169 证券简称：石头科技 公告编号：2024-018 北京石头世纪科技股份有限公司 股东询价转让结果报告书暨减持比例达到 1% 且减持至 5%以下的权益变动提示性公告 Shunwei Ventures III（Hong Kong）Limited、丁迪（以下合称"转让方"）保 证向北京石头世纪科技股份有限公司（以下简称"石头科技"或"公司"）提供的信 息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性 和完整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示: 一、 转让方情况 （一） 转让方基本情况 截至 2024 年 4 月 10 日转让方所持公司股份的数量、比例情况如下： 1 本次询价转让的价格为 323.66 元/股，转让的股票数量为 1,314,776 股。 公司董事、监事及高级管理人员不参与本次询价转让。 本次权益变动为股份减持、转增及被动稀释，不触及要约收购，本次转 让不会导致公司控股股东、实际控制人发生变化。 本次权益变动后，转让方 Shunwei Ventures III（Hong Kong）Limite ...