Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 342.57 yuan [1] Core Views - The company achieved a net profit attributable to shareholders of 2.05 billion yuan in 2023, representing a year-on-year growth of 52.5% [1] - The company's revenue for Q4 2023 reached 6.9 billion yuan, showing a significant increase of 110.3% year-on-year [1] - The company continues to enhance its domestic market share while accelerating expansion in overseas markets, with notable growth in overseas revenue [1] - The gross profit margin has significantly improved, benefiting from a higher proportion of high-margin export revenue and product structure upgrades [1] - The long-term outlook for the robotic vacuum cleaner sector remains strong globally, with the company poised for continued market share expansion [1] Financial Performance Summary - The company reported total revenue of 8.65 billion yuan for 2023, with a year-on-year growth rate of 30.5% [2] - The net profit attributable to shareholders is projected to grow to 2.42 billion yuan in 2024, reflecting a growth rate of 17.8% [2] - The earnings per share (EPS) is expected to increase from 15.60 yuan in 2023 to 18.37 yuan in 2024 [2] - The price-to-earnings (PE) ratio is projected to decrease from 22 in 2023 to 19 in 2024, indicating a more attractive valuation [2]

Investment Rating - The report maintains a "Recommend" rating for the company, indicating a positive outlook with expected relative benchmark index growth of over 15% [1][4] Core Views - The company achieved a net profit attributable to the parent company of RMB 2.05 billion in 2023, a year-on-year increase of 52.5% [1] - Overseas revenue grew significantly in 2023, driven by increased consumer demand and improved brand recognition, with the company successfully entering the retail giant Target's channels [1] - Domestic market share continued to rise, with online retail sales increasing by 16.8% in 2023, and the company launched new products in the RMB 3,000 price segment to boost sales [1] - Gross margin improved significantly, rising by 5.9 percentage points, primarily due to higher-margin export revenue and product structure upgrades [1] - The company's net profit margin increased by 5.9 percentage points to 23.7% in 2023, driven by improved operational efficiency [1] - The global robotic vacuum cleaner market is expected to maintain high growth potential, with the company well-positioned to expand its market share globally [1] Financial Performance and Forecasts - Revenue for 2023 reached RMB 8.654 billion, a year-on-year increase of 30.5%, with projected revenue growth of 21.0%, 18.6%, and 18.6% for 2024, 2025, and 2026, respectively [1][2] - Net profit attributable to the parent company is expected to grow by 17.8%, 15.7%, and 19.3% in 2024, 2025, and 2026, reaching RMB 2.416 billion, RMB 2.795 billion, and RMB 3.335 billion, respectively [1][2] - Gross margin is forecasted to remain stable at around 54% from 2024 to 2026, with net profit margins of 23.08%, 22.52%, and 22.66% for the same period [2] - The company's ROE is expected to remain strong, with projections of 18.09%, 17.85%, and 18.10% for 2024, 2025, and 2026, respectively [2] Market and Competitive Position - The company has a competitive advantage in product strength, supply chain, and innovation speed, with its global market share increasing from 1% in 2017 to 9% in 2020 [1] - The domestic robotic vacuum cleaner market is dominated by leading companies such as Roborock and Ecovacs, with their combined global market share rising from 12% in 2017 to 26% in 2020 [1] - The company's overseas channel development and brand influence are expected to continue improving, supporting further market share growth [1] Valuation and Investment Outlook - The current stock price corresponds to a PE ratio of 19x for 2024, 16x for 2025, and 14x for 2026, indicating attractive valuation levels [1] - The report highlights the long-term growth potential of the robotic vacuum cleaner market and the company's ability to expand its global market share, supporting the "Recommend" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 341.93 RMB [2] Core Views - The company achieved a total operating revenue of 8.7 billion RMB in 2023, a YoY increase of 30.6% [2] - Net profit attributable to shareholders reached 2.1 billion RMB, a significant YoY growth of 73.3% [2] - The company's gross margin improved to 55.1%, up 5.9 percentage points YoY [2] - Overseas revenue accounted for 42 billion RMB, with a YoY growth of 21.4% [2] - The company's cash dividend payout ratio reached 30.0%, with a total cash dividend of 600 million RMB [2] Financial Performance Revenue and Profit - Q4 2023 revenue reached 3 billion RMB, a YoY increase of 32.6% [2] - Q4 2023 net profit attributable to shareholders was 700 million RMB, a YoY surge of 110.3% [2] - The company's net profit margin improved to 23.7%, up 5.9 percentage points YoY [2] Regional Performance - Domestic revenue grew 41.0% YoY to 44 billion RMB, driven by new product launches [2] - Overseas revenue increased 21.4% YoY to 42 billion RMB, with product mix optimization [2] Operational Efficiency - Sales/management/R&D/financial expense ratios were 21.0%/2.4%/7.2%/-1.6% respectively [2] - Operating cash flow reached 2.19 billion RMB, a YoY increase of 95.2% [2] Future Projections - Revenue is expected to grow to 10.7 billion RMB in 2024E, a 23.8% increase [3] - Net profit is projected to reach 2.37 billion RMB in 2024E, with a 15.65% growth rate [3] - The company's PE ratio is forecasted at 19x for 2024E, 16x for 2025E, and 14x for 2026E [3] Product and Market Strategy - Domestic growth was driven by P10 and P10S series products, expanding the price range [2] - Overseas growth was supported by product mix upgrades, with S series contributing to higher ASP [2] - Direct sales revenue increased 61.2% YoY, accounting for 41.9% of total revenue [2] Financial Position - Cash and financial assets reached 5.9 billion RMB, accounting for 41% of total assets [2] - Accounts receivable decreased by 16.2% YoY, while accounts payable increased by 113.5% [2]

Investment Rating - The report maintains a "Buy" investment rating for the company [4]. Core Views - The company achieved a revenue of 8.654 billion yuan in 2023, representing a year-on-year growth of 30.55%, and a net profit of 2.051 billion yuan, up 73.32% year-on-year [1]. - The company has seen significant growth in domestic sales, with a 41.01% increase to 4.411 billion yuan, and a gross margin improvement of 4.16 percentage points to 49.26% [1]. - The company has expanded its overseas channels, entering the U.S. market with over 180 stores [1]. - The market share of the company's vacuum cleaners continues to rise, with a revenue increase of 27.41% to 8.085 billion yuan and a gross margin increase of 6.63 percentage points to 56.15% [1]. - The company launched new products in 2024, including the P10S Pro and G20 S, which are expected to enhance its market competitiveness [2]. Financial Summary - In 2023, the company reported a revenue of 86.54 billion yuan and a net profit of 20.51 billion yuan, with Q4 revenue at 29.65 billion yuan, up 32.60% year-on-year [1]. - The company forecasts net profits of 2.510 billion yuan, 2.893 billion yuan, and 3.329 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 22.4%, 15.3%, and 15.1% [2]. - The company's earnings per share (EPS) for 2023 was 15.60 yuan, with projections of 19.09 yuan for 2024 and 25.32 yuan for 2026 [3][10]. - The company's return on equity (ROE) improved to 18.0% in 2023, with expectations of 18.9% in 2024 [3][10]. - The price-to-earnings (P/E) ratio decreased from 38.0 in 2022 to 21.9 in 2023, with further declines expected to 17.9 in 2024 [3][10].

北京石头世纪科技股份有限公司 2023 年度募集资金存放与实际使用情况 专项报告及鉴证报告 t and 普华永道 对募集资金存放与实际使用情况专项报告的鉴证报告 普华永道中天特审字(2024)第 1125号 (第一页,共二页) 北京石头世纪科技股份有限公司董事会: 我们接受委托,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") 关于 2023 年度的募集资金存放与实际使用情况专项报告（以下简称"募集资金存放 与实际使用情况专项报告")执行了合理保证的鉴证业务。 石头科技公司管理层的责任是按照中国证券监督管理委员会公告 [2022]15 号 《上市公司监管指引第 2 号-上市公司募集资金管理和使用的监管要求(2022 年修 订)》、上海证券交易所颁布的《上海证券交易所科创板上市公司自律监管指引第 1 号 -- 规范运作(2023年12月修订)》编制募集资金存放与实际使用情况专项报 告。这种责任包括设计、执行和维护与募集资金存放与实际使用情况专项报告编制 相关的内部控制,保证募集资金存放与实际使用情况专项报告的真实、准确和完整, 以及不存在虚假记载、误导性陈述或重大遗漏。 我们的责任是在执行鉴证工作的基 ...

2024年03月29日 公 司点评 公 买入 / 维持 司 石头科技(688169) 研 究 目标价: 昨收盘:341.93 23 年业绩亮眼，海外迈入加速成长期 事件：公司 23 年实现营业收入 88.54 亿元，同比增长 3055%；归母 ◼ 走势比较 净利润20.51 亿元，同比增长 73.32%；扣非后归母净利润 18.26 亿元， 同比增长52.46%。23Q4实现营业收入29.65亿元，同比增长32.60%；归 10% 母净利润6.91亿元，同比增长110.33%；扣非后归母净利润5.72亿元， 太 0% 同比增长68.62%。 (10%)92/3/32 01/6/32 22/8/32 3/11/32 51/1/42 82/3/42 平 23年业绩高速增长，海外市场步伐加速。分地区来看，公司内销/外 销收入分别为44.12亿元/42.29亿元，同比增长41.01%/21.42%；分产品 洋 (20%) 来看，公司智能扫地机/其他智能电器收入分别为80.85亿元/5.54亿元， 证 (30%) 同比增长27.41%/109.40%。公司欧美地区产品+渠道布局逐步完善，凭借 券 (40%) 领先产品力 ...

证券研究报告 公 2024年03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 当前价格： 341.93元 份额盈利齐升，业绩表现亮眼 年 目标价格： 405.94元 报 点 事件： 评 基本数据 石头科技披露 2023 年年报：2023 年营收 86.5 亿元，同比+30.6%，业绩 总股本/流通股本(百万股) 131.48/131.48 20.5 亿元，同比+73.3%，扣非业绩 18.3 亿元，同比+52.5%；四季度营收 流通A股市值(百万元) 44,956.09 29.7 亿元，同比+32.6%，业绩 6.9 亿元，同比+110.3%，扣非业绩 5.7 亿 每股净资产(元) 86.56 元，同比+68.6%。公司拟派发现金红利6.1亿元，占全年业绩30.0%，叠加 资产负债率(%) 20.83 半年度现金红利与累计回购，年内合计分红金额8.4亿元，占业绩40.9%。 一年内最高/最低(元) 379.99/238.00 ➢ 基本盘与新业务共振，Q1有望延续优异增长 2023年，公司扫地机业务收入+27.4%至80.9亿，量/价同比+15 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Insights - The company's performance in 2023 exceeded expectations, with a revenue of 8.654 billion yuan, a year-on-year increase of 30.55%, and a net profit of 2.051 billion yuan, up 73.32% year-on-year [6] - The company has seen significant growth in overseas markets, particularly in Europe and Asia-Pacific, contributing to high profit margins [6] - The company has increased its cash dividend payout ratio to 40.85% in 2023, reflecting a strong commitment to shareholder returns [6] Summary by Sections Market Data - Closing price: 341.93 yuan - One-year high/low: 368.5/238 yuan - Price-to-book ratio: 4.0 - Dividend yield: 0.27 - Circulating A-share market value: 44,956 million yuan [2] Financial Data - Net asset per share: 86.56 yuan - Debt-to-asset ratio: 20.83% - Total shares: 131 million [3] Performance Highlights - The company achieved a significant increase in revenue and net profit in Q4 2023, with revenue of 29.65 billion yuan, up 32.6% year-on-year, and net profit of 6.91 billion yuan, up 110.33% year-on-year [6] - The gross margin improved by 6 percentage points to 55.32% due to better supply chain cost control and an increase in high-end product sales [6] Future Projections - The company forecasts revenues of 11.131 billion yuan in 2024, with a year-on-year growth rate of 28.6% [7] - The net profit is projected to reach 2.447 billion yuan in 2024, reflecting a growth rate of 19.3% [7] - The company aims to continue expanding its market share in both domestic and international markets, particularly in the smart appliance category [6]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [8]. Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 86.54 billion yuan, a year-on-year increase of 30.55%, and net profit of 20.51 billion yuan, up 73.32% [1]. - The company has expanded its market presence both domestically and internationally, with domestic and overseas revenues of 44.11 billion yuan and 42.29 billion yuan respectively, reflecting year-on-year growth of 41.01% and 21.42% [1]. - The company has improved its profitability, achieving a gross margin of 55.13% in 2023, an increase of 5.87 percentage points year-on-year [1]. - The company plans to distribute a cash dividend of 4.68 yuan per share, totaling 6.15 billion yuan, resulting in a dividend payout ratio of 40.85% for the year [1]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 29.65 billion yuan, a year-on-year increase of 32.60%, and a net profit of 6.91 billion yuan, up 110.33% [1]. - The company’s gross margin improved to 56.65% in Q4, reflecting a year-on-year increase of 5.94 percentage points [1]. - The company’s net profit margin for 2023 was 23.70%, an increase of 5.85 percentage points year-on-year [1]. Sales and Market Expansion - The company sold 2.5952 million smart vacuum cleaners in 2023, a year-on-year increase of 15.54%, while other smart appliance sales surged by 109.80% [1]. - The company has established a global distribution network, including brand stores on platforms like Amazon and Target in the U.S., with over 180 Target stores now carrying its products [1]. Cash Flow and Dividends - The company reported a significant increase in operating cash flow, reaching 21.86 billion yuan in 2023, a year-on-year increase of 95.09% [1]. - The total cash dividend for 2023, including the interim distribution, amounts to 8.38 billion yuan [1]. Future Projections - Revenue projections for 2024-2026 are estimated at 108.18 billion yuan, 127.19 billion yuan, and 146.57 billion yuan, representing year-on-year growth rates of 25.0%, 17.6%, and 15.2% respectively [2]. - Net profit forecasts for the same period are 25.12 billion yuan, 29.62 billion yuan, and 33.59 billion yuan, with corresponding growth rates of 22.5%, 17.9%, and 13.4% [2].

公司研究 | 年报点评 石头科技 688169.SH 买入 （维持） 业绩表现亮眼，新品竞争力突出 股价（2024年03月29日） 342.57元 目标价格 404.41元 52周最高价/最低价 355/193.02元 总股本/流通A股（万股） 13,148/13,148 A股市值（百万元） 45,040 国家/地区 中国 核心观点 行业 造纸轻工 事件：公司公告2023年年报，2023年公司实现营业收入86.54亿元，同比 报告发布日期 2024年03月29日 增长30.6%，实现归母净利润20.51亿元，同比增长73.3%。四季度公司实 现营业收入29.65亿元，同比增长32.6%，实现归母净利润6.91亿元，同比 增长110.3%。 1周 1月 3月 12月 ⚫ 扫地机内、外销均有亮眼表现，新兴品类逐步贡献收入增量。收入分产品，2023年 绝对表现% 4.99 5.16 21.07 32.19 公司智能扫地机及配件/其他智能电器产品分别实现营收80.85亿元/5.54亿元，同比 相对表现% 5.2 4.55 17.97 43.89 分别+27%/+109%。扫地机分地区来看：①内销方面，公司通过G20系 ...