2024 年 11 月 12 日 公司点评 买入/维持 石头科技(688169) 昨收盘:223.00 Q3 内销增长延续，蓄势全球市场拓张 ◼ 走势比较 (20%) (4%) 12% 28% 44% 60% 23/11/1324/1/2424/4/524/6/1624/8/2724/11/7 石头科技 沪深300 ◼ 股票数据 总股本/流通(亿股) 1.85/1.85 总市值/流通(亿元) 411.93/411.93 12 个月内最高/最低价 (元) 469.99/193 相关研究报告 <<石头科技（688169）24 年一季报点 评：24Q1 业绩超预期，海内外成长性 持续兑现>>--2024-04-28 <<石头科技（688169）23 年年报点评： 23 年业绩亮眼，海外迈入加速成长 期>>--2024-03-29 <<石头科技（688169）23 年业绩预告 点评：23 年业绩超预期，海外销售持 事件：公司发布 2024 年三季报，前三季度营业收入 70.07 亿元，同 比增长 23.17%；归属于上市公司股东的净利润 14.72 亿元，同比增长 8.22%；扣除非经常性损益后的净利润 11.86 ...

688169 2024 议案一：《关于变更2024年度会计师事务所的议案》 议案二：《关于变更注册资本、企业类型、增加公司经营范围及修订<公司 章程>并办理工商变更登记的议案》 议案三：《关于公司董事会换届选举第三届董事会非独立董事的议案》 3.01《关于选举昌敬先生为公司第三届董事会非独立董事的议案》 3.02《关于选举孙佳女士为公司第三届董事会非独立董事的议案》 议案四：《关于公司董事会换届选举第三届董事会独立董事的议案》 4.01《关于选举黄益建先生为公司第三届董事会独立董事的议案》 六、股东及股东代理人要求发言时，不得打断会议报告人的报告或其他股东及 股东代理人的发言，在股东大会进行表决时，股东及股东代理人不再进行发言。股 东及股东代理人违反上述规定，会议主持人有权加以拒绝或制止。 4.02《关于选举蒋宇捷先生为公司第三届董事会独立董事的议案》 议案五：《关于公司监事会换届选举第三届监事会非职工代表监事的议案 》 5.01《关于选举李琼女士为公司第三届监事会非职工代表监事的议案》 5.02《关于选举江海峰先生为公司第三届监事会非职工代表监事的议案》 为了维护全体股东的合法权益，确保股东大会的正常秩序和 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong position in the cleaning appliance market and potential for future growth [3] Core Views - The company achieved revenue of 7.007 billion yuan in the first three quarters of 2024, a year-on-year increase of 23.17% [3] - Net profit attributable to the parent company was 1.472 billion yuan, up 8.22% year-on-year, while non-GAAP net profit was 1.186 billion yuan, down 5.40% [3] - In Q3 2024, revenue reached 2.591 billion yuan, up 11.91% year-on-year, but net profit declined significantly by 43.40% to 351 million yuan [3] - The company's aggressive pricing strategy and increased marketing expenses impacted profitability, with Q3 gross margin dropping 5.16 percentage points to 53.95% [4] Product and Market Performance - The company launched multiple new products across different categories, including the P20 Pro and G20S Ultra robotic vacuum cleaners, Q1 mini washer-dryer, and A30 series floor cleaner [3] - Market share in the online robotic vacuum cleaner segment reached 23.9%/24.6%/27.3% from July to September 2024, ranking first in the industry [3] - Overseas market growth was under pressure due to the transition from distribution to direct sales in Europe, affecting revenue recognition timing [3] Financial Projections - The report forecasts net profit attributable to the parent company of 2.175 billion yuan, 2.548 billion yuan, and 3.081 billion yuan for 2024-2026 respectively [5] - Corresponding PE ratios are projected at 18.6x, 15.9x, and 13.1x for 2024-2026 [5] - Revenue is expected to grow from 10.658 billion yuan in 2024 to 15.046 billion yuan in 2026 [10] Competitive Strategy - The company adopted an aggressive pricing strategy to gain market share, leading to increased sales expenses and reduced profitability [4] - Q3 2024 sales expense ratio reached a historical high of 26.18%, up 5.43 percentage points year-on-year [4] - Management is focusing on strengthening brand building and market expansion both domestically and internationally [4]

《关于北京石头世纪科技股份有限公司 股票交易严重异常波动有关事项的询证函》的回函 致：北京石头世纪科技股份有限公司 本人已收到贵司发来的《关于北京石头世纪科技股份有限公司股票交易严重 异常波动有关事项的询证函》，经认真自查，现就有关情况回复如下： 本人在股票交易严重异常波动期间不存在买卖贵司股票的情况。 特此回复。 （以下无正文） 控股股东、实际控制人：昌敬 截至本函签署日，作为贵司的控股股东、实际控制人，除贵司已公开披露的 重大事项外，不存在影响上市公司股票交易严重异常波动的重大事项；不存在应 披露而未披露的重大事项，包括但不限于重大资产重组、股份发行、债务重组、 业务重组、资产剥离和资产注入等重大事项。 2024 年 11 月 11 日 ...

证券代码：688169 证券简称：石头科技 公告编号：2024-084 重要内容提示： 北京石头世纪科技股份有限公司（以下简称"公司"）股票连续 30 个 交易日内收盘价格跌幅偏离值累计达到 70%，主要系科创 50 指数连续 30 个交 易日涨幅达到 67%，公司股票连续 30 个交易日跌幅达到 5%。根据《上海证券 交易所科创板股票上市规则》（以下简称"《科创板上市规则》"）《上海证 券交易所交易规则》《上海证券交易所科创板股票异常交易实时监控细则》的 有关规定，属于股票交易严重异常波动情形。 经公司自查并向控股股东、实际控制人书面询证，截至本公告披露日， 公司经营情况正常，未发生重大变化，不存在应披露而未披露的重大事项。 截至 2024 年 11 月 11 日，公司收盘价为 223 元/股。根据中证指数有限 公司发布的公司最新市盈率为 19.71 倍，公司所处的小家电行业最近一个月平 均静态市盈率为 21.73 倍。股票价格可能受到宏观经济、市场环境、行业发 展、公司经营情况及投资者偏好等多重因素影响，敬请广大投资者注意二级市 场交易风险，审慎决策，理性投资。 一、股票交易严重异常波动的具体情况 公司股 ...

石头科技(688169) 业绩短期承压,静待盈利能力修复 -石头科技 2024 年三季度点评报告 投资事件: 石头科技发布 2024年三季报。单 Q3公司实现营业收入 25.9 亿元,同比+11.9%,归 母净利润 3.5 亿元，同比-43.4%，扣非后归母净利润 3.2 亿元，同比-45.3%。 投资要点: □ Q3 收入增速放缓,内销较快增长 单 Q3 公司收入同比+11.9%,我们预计公司外销增速有所放缓,内销维持较快增长, 奥维云网数据显示 Q3 石头科技扫地机线上销售额同比+42.8%。展望 Q4,内销国补 刺激效果显著，京东自营多款石头扫地机产品出现断货，奥维云网数据显示公司双 11 前两周扫地机累计销售额同比+41%，海外同步上线新品迎接四季度大促，收入端 有望迎来较快增长。 □ 利润率短期承压或与产品价格带布局、渠道结构变化有关 公司 Q3 毛销差同比-12.0pct,我们预计毛利率的压力主要来自公司在性价比价格带进 行了产品的延伸布局,销售费用率提升或主要由于:1）自营渠道投流带来的费率增 加(Prime Day 期间德亚销售量同比+100%);2)为了应对市场竞争采取更积极的投 放;3)北 ...

Investment Rating - Strong Buy (Maintained) with a target price of 280 CNY [1] Core Views - Revenue growth slowed in Q3 2024 due to timing differences in European revenue recognition, with Q3 revenue reaching 2.59 billion CNY, up 11.9% YoY [1] - Domestic sales outperformed the industry, with a 15.4% YoY increase in Q3 2024 for the domestic sweeping robot market, driven by new product launches and channel expansion [1] - Overseas sales in the US showed strong growth due to expanded offline channels and Amazon Prime Day promotions, while European sales were pressured by the transition from a distribution model to a direct sales model [1] - Net profit in Q3 2024 declined by 43.4% YoY to 350 million CNY, primarily due to lower average selling prices and adjustments in accounting standards, which reduced gross margin by 5.2 percentage points to 53.9% [1] - Operating expenses increased significantly, with sales/management/R&D/financial expense ratios at 26.2%/3.8%/8.9%/-0.5%, respectively, leading to a net margin decline of 13.3 percentage points to 13.6% [1] - The company expects improved performance in Q4 2024, driven by promotional activities and scale effects, with revenue and profitability expected to stabilize and recover [1] Financial Forecasts - Revenue for 2024E is projected at 10.936 billion CNY, with a YoY growth of 26.4%, while net profit is expected to reach 2.167 billion CNY, up 5.6% YoY [2] - EPS for 2024E is forecasted at 11.73 CNY, with a P/E ratio of 20x [2] - Gross margin is expected to remain stable at around 54.3% in 2024E, with a net margin of 19.8% [5] - ROE is projected at 17.0% for 2024E, with a ROIC of 228.6% [5] Market Performance - The company's stock price has shown a 13% decline over the past 12 months, underperforming the CSI 300 index [4] - The stock's 12-month high and low prices were 465.10 CNY and 198.91 CNY, respectively [3] Strategic Adjustments - The company has adjusted its organizational structure and strategy, focusing on aggressive market expansion in the US and domestic channels like Douyin, which have shown positive results [1] - Despite competitive pressures, the company maintains a strong brand presence and first-mover advantage in overseas markets, particularly in Europe [1]

Summary of the Conference Call for Stone Technology Company Overview - Stone Technology adopts a professional manager system, with President Qian Gang responsible for daily operations and Chairman Chang focusing on strategic direction. The company aims to become a multi-category enterprise in the home appliance sector, targeting a revenue scale of 100 billion [1][3] Key Points and Arguments - **Business Structure and Strategy**: The company restructured its business units by establishing a cleaning division and a washing machine division, with leadership adjustments made to align with future development goals [1][3] - **Performance and Risks**: Stone Technology has shown strong performance with a net profit margin exceeding 20%. However, competition from emerging players like Chasing has created pressure, as they pursue market share aggressively, often at the cost of profitability [1][4] - **Competitive Response**: To counter competition, Stone Technology plans to optimize its product line, enhance technological innovation, and strengthen brand building and channel expansion. The company will also adjust sales strategies to adapt to varying market conditions across different regions [1][5] - **European Market Challenges**: The company faces intense competition in Europe, particularly from Chasing, which has significantly impacted its market share, dropping from over 40% to around 30% in Germany [4][7] - **Sales Strategy Adjustments**: Stone Technology is implementing a more aggressive sales strategy, including increasing expenditure and providing greater profit margins to distributors. This includes changing its sales model on platforms like Amazon to a self-operated model [2][7][10] - **Channel Strategy**: The company employs a localized distributor model, enhancing profitability for distributors through subsidies and targeted marketing efforts in various countries [9][11] Additional Important Insights - **Market Share and Pricing Strategy**: Stone Technology is expanding its product range to include lower-priced items to capture more market segments, particularly in competitive markets like Italy and Spain [13][15] - **Profit Margin Expectations**: The company anticipates varying profit margins across regions, with expectations of 10% in the US, 15%-20% in Europe, and 20%-25% in the Asia-Pacific region [20][21][26] - **Future Outlook**: The company expects a recovery in its European market performance, with projections of 25%-30% revenue growth due to increased direct channel sales and improved market strategies [25][27] Conclusion - Stone Technology is strategically positioned to enhance its market share and revenue growth by adjusting its product offerings and sales strategies in response to competitive pressures. The company is committed to maintaining a balance between profitability and market expansion, with a clear focus on long-term growth prospects.

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 259.69 RMB, down from the previous target of 321.25 RMB [4] Core Views - The company's Q3 2024 performance was below expectations due to timing mismatches in revenue and expenses, as well as a more aggressive market expansion strategy [2][3] - Long-term growth potential remains strong, with the company well-positioned to expand its global market share [2][3] - The company's EPS forecasts for 2024-2026 have been revised downward to 11.62/12.98/13.37 RMB, representing decreases of 14%/19%/29% respectively [3] Financial Performance - Q3 2024 revenue was 25.91 billion RMB, up 11.91% YoY, while net profit attributable to shareholders was 3.51 billion RMB, down 43.4% YoY [3][14] - Gross margin for Q3 2024 was 53.95%, down 5.16 percentage points YoY but up 2 percentage points QoQ [3][16] - Sales, management, R&D, and financial expense ratios for Q3 2024 were 26.18%, 3.8%, 8.9%, and -0.49% respectively, all showing YoY increases [3][17] Regional Performance - Domestic, US, and Asia-Pacific markets met expectations, with Q3 revenue growth of +30%, +50%, and +20% respectively [3][15] - European market underperformed, with Q3 revenue down 10% YoY, attributed to a shift from distributor to direct sales model [3][15] Strategic Positioning - The company has adopted a more aggressive strategy for overseas market expansion since June 2024, leading to increased short-term expenses but faster global brand building [3][17] - Inventory levels increased significantly by 86.65% YoY to 1.719 billion RMB, indicating active preparation for Q4 sales promotions [18] Market Outlook - Domestic market is expected to benefit from Double 11 shopping festival and government subsidies in Q4 [3][18] - Overseas markets are anticipated to see growth from new product cycles during major sales promotions [3][18] Valuation - The company is valued at 20x PE for 2025, based on comparable companies in the industry [3][19] - Current market capitalization stands at 41.459 billion RMB, with a P/B ratio of 3.4 and a P/S ratio of 3.77 [5][6]

Investment Rating - The report maintains a "Buy" rating for Stone Technology [4][6]. Core Views - Stone Technology's performance has been affected by multiple factors, including revenue recognition issues, increased brand promotion, and intensified competition. However, with favorable subsidy policies, the company is expected to see improved performance in the fourth quarter [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, Stone Technology achieved revenue of 7.007 billion yuan, a year-on-year increase of 23.17%. The net profit attributable to shareholders was 1.472 billion yuan, up 8.22% year-on-year, while the net profit excluding non-recurring items was 1.186 billion yuan, down 5.40% year-on-year. In Q3 2024, revenue reached 2.591 billion yuan, an increase of 11.91% year-on-year, but the net profit attributable to shareholders fell by 43.40% to 351 million yuan [6][8]. Market Dynamics - The company experienced double-digit revenue growth despite a narrowing growth rate quarter-on-quarter. Domestic sales showed rapid growth, while international sales, particularly in North America, continued to perform well due to successful entry into major retail channels. However, European sales may face challenges due to a shift from a distribution model to a self-operated model, delaying revenue recognition [6][8]. Profitability Analysis - The gross margin in Q3 2024 decreased by 4.72 percentage points year-on-year, attributed to price adjustments and increased competition. The sales expense ratio increased by 7.29 percentage points due to heightened brand marketing efforts and the transition to a self-operated model in Europe. Overall, the net profit margin fell by 13.26 percentage points year-on-year, leading to a decline in performance [6][9]. Future Outlook - The report anticipates a recovery in demand driven by favorable policies, with significant sales growth observed in the online market. The company is actively expanding its presence in various channels, which is expected to boost revenue. Despite short-term profit declines due to competitive pressures, the company is expected to achieve stable profit growth in the long term [6][9]. Revenue and Profit Forecast - The report projects revenues of 11 billion yuan, 13.475 billion yuan, and 16.19 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 28%, 22%, and 20%. The net profit attributable to shareholders is expected to be 2.205 billion yuan, 2.502 billion yuan, and 2.846 billion yuan for the same years, with corresponding growth rates of 7%, 13%, and 14% [6][7].