Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's revenue performance was below expectations, with Q1-Q3 2024 revenue at 7.007 billion yuan, a year-on-year increase of 23%. The net profit attributable to shareholders was 1.472 billion yuan, up 8% year-on-year, while the net profit after deducting non-recurring items decreased by 5% year-on-year [6] - The decline in net profit in Q3 was primarily due to increased sales and R&D expenses as the company expanded its domestic and international market presence and launched new products [6] - The company experienced a mixed performance across regions, with domestic sales expected to grow by 30% year-on-year, while European sales declined by 10% due to changes in sales channel structures [7] - The company is expected to see a rebound in revenue performance in Q4 due to strong pre-sales for the Double Eleven shopping festival and high growth rates in overseas markets [7] - The company has adjusted its profit forecasts for 2024-2026, now projecting net profits of 2.128 billion, 2.439 billion, and 2.868 billion yuan respectively, with corresponding year-on-year growth rates of 3.7%, 14.6%, and 17.6% [8] Financial Summary - For the first three quarters of 2024, the company reported total revenue of 7.007 billion yuan, with a year-on-year growth rate of 23.2%. The net profit attributable to shareholders was 1.472 billion yuan, reflecting an 8.2% increase year-on-year [9] - The company’s gross margin for Q1-Q3 2024 was 53.9%, with a projected PE ratio of 20 for 2024, which is below the average PE of 27 for comparable companies in the cleaning appliance sector [8][9]

编号：2024-005 证券代码：688169 证券简称：石头科技 北京石头世纪科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------|--------------------------------------------|-------------------------------------------------------------------------------------------------------------------| | 投资者关系活动 \n类别 | □ \n□ 媒体采访 \n□ \n□ 现场参观 \n□ 其他 | 特定对象调研 £分析师会议 \n£ 业绩说明会 \n新闻发布会 £路演活动 \nR 电话会议 | | 参与单位名称 | 245 家机构 516 | 人次 （详见附件《与会清单》） | | 时间 | 2024 年 10 月 | 30 日 | | 地点 | 电话会议 | | | 上市公司接待人 员姓名 | 石头科技 证券事务代表 石睿 | 石头科技 董事、董事会秘书 孙佳 | | 投 资 者 ...

石头科技（688169.SH） 小家电 证券研究报告/公司点评报告 2024 年 10 月 31 日 思路更进取、更积极谋求增长 ——石头科技 24 年三季报点评 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

公司报告 | 季报点评 内销表现较好，产品结构改变+加大品牌投入带来利润率降低 事件：公司 2024 年前三季度实现营业收入 70.07 亿元，同比+23.17%，归 母净利润 14.72 亿元，同比+8.22%；其中 2024Q3 实现营业收入 25.91 亿元， 同比+11.91%，归母净利润 3.51 亿元，同比-43.4%。 内销表现较好，外销增速或有所放缓 分区域看，Q3 内销表现较好。根据奥维数据显示，24Q3 石头线上扫地机 销售同比+42%，内销实现快速增长。综合整体收入增速看，我们预计公司 外销增速有所放缓。根据奥维数据显示，24W40-42（9/30-10/20）线上石 头扫地机销售同比+1243%，同比大幅提升，随着 Q4 大促叠加国补落地， 预计内销增速有望继续向好。 性价比机型占比提升，均价同比下降带来毛利率下降 2024 年前三季度公司毛利率为 53.86%，同比-0.48pct，净利率为 21.01%， 同比-2.9pct；其中 2024Q3 毛利率为 53.95%，同比-5.16pct，净利率为 13.57%，同比-13.26pct。公司价格扩张，产品定价更有性价比使毛利率同 ...

石头科技（ [Table_StockNameRptType] 688169） 公司点评 蓄力长期 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------|-------------------------------|--------------------|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 31 年 月 日 石头科技（688169.SH） 业务拓展进一步加强，盈利水平有所下滑 事件：公司发布 2024 年三季度报告。公司 2024Q1-Q3 实现营业收入 70.07 亿元，同比+23.17%；实现归母净利润 14.72 亿元，同比+8.22%。 扣非归母净利润 11.86 亿元，同比-5.40%。单季度来看，2024Q3 实现营 收 25.91 亿元，同比+11.91%；归母净利润 3.51 亿元，同比-43.40%；扣 非归母净利润 3.25 亿元，同比-45.25%。 业务拓展进一步加强，毛利率下滑、销售费率上升，盈利水平有所下 滑。1）毛利率：2024Q1-Q3/24Q3 同比-0.48pct/-5.16pct 至 53.86%/53.95%。2）费率端：2024Q1-Q3 销售/管理/研发/财务费率同 比+2.63pct/+0.32pct/+1.26pct/+0.30pct 至 22.31%/3.33%/9.14%/- 1.65%；24Q3 销售/管理/研发/财务费率同比 +6.85pct/+1.16pct/+1.92 ...

证券研究报告 资料来源:Wind 石头科技 (688169 CH) 24Q3 利润下滑,继续看好全球化逻辑 | --- | --- | |---------------------------------|----------| | 年春研究 | 李报点评 | | 2024 年 10 月 31 日 \| 中国内地 | 小家电 | 公司公布三季度业绩：收入 25.91 亿元，同比+11.91%，归母净利润 3.51 亿元,同比-43.40%。前三李度公司实现收入 70.07 亿元,同比+23.17%, 归母净利润 14.72 亿元,同比+8.22%。加大国内外市场费用投放,24Q3 利润同比下滑明显,但全球化扩张逻辑依旧成立,并驱动营收规模进一步增 长，释放利润弹性。维持"买入"评级。 新品带动营收增长，产品领先优势明显 24Q3 公司营收同比+11.91%,其中国内业务的增长主要靠秋季新品驱动, 海外业务仍旧是靠全球化扩张。根据奥维云网的监测,在秋季新品的加持下, 9 月石头的线上零售额同比+68.67%，优于行业（+23.71%）。相应的，9 月石头的线上零售额市占率为 27.31%，份额同比提升+7.28 ...

Investment Rating - Buy rating maintained for the company [1] Core Views - The company is expected to achieve high growth in both domestic and international markets in 2024Q4, driven by proactive market strategies and strong performance in key regions [1] - Domestic sales are projected to grow by approximately 30% in 2024Q3, with the company leading in multiple price segments [1] - North American sales are expected to grow by around 50%, while European sales may face slight pressure due to channel restructuring [1] - Asia-Pacific sales are anticipated to grow by about 20%, with strong performance in key markets like Japan and Australia [1] Financial Performance - 2024Q3 revenue reached 25.9 billion yuan, an increase of 11.9% year-over-year [2] - Net profit attributable to the parent company in 2024Q3 was 3.5 billion yuan, a decrease of 43.4% year-over-year [2] - Gross margin in 2024Q3 was 53.9%, down 5.2 percentage points due to broader product pricing and accounting adjustments [1] - Net profit margin in 2024Q3 was 13.6%, a significant decrease of 13.3 percentage points [1] Market Performance - The company's online sales in the domestic market grew by 42% in 2024Q3, with a market share of 25.6% [1] - In North America, the company's sales on Amazon increased by 39% in 2024Q3 [1] - In Europe, despite channel restructuring, the company achieved a 100% increase in sales during the Prime Day period [1] - In the Asia-Pacific region, the company's sales on Amazon Japan grew by 12% in 2024Q3 [1] Future Projections - Revenue for 2024 is projected to be 111.06 billion yuan, a year-over-year increase of 28.3% [3] - Net profit attributable to the parent company for 2024 is expected to be 21.78 billion yuan, a year-over-year increase of 6.2% [3] - Gross margin for 2024 is forecasted to be 54.5%, slightly down from 55.1% in 2023 [3] - The company's EPS for 2024 is projected to be 11.81 yuan, with a P/E ratio of 18.8 [3] Strategic Initiatives - The company is focusing on high-end brand building and accelerating new product launches, which has led to increased sales expenses [1] - The company is adjusting its channel strategy in Europe, which has temporarily impacted revenue recognition [1] - The company is leveraging promotional events like Double Eleven to drive sales growth [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved revenue of 7.01 billion yuan in the first three quarters of 2024, a year-on-year increase of 23.2%, with net profit attributable to the parent company of 1.47 billion yuan, up 8.2% year-on-year [1] - Domestic sales of robotic vacuum cleaners drove double-digit revenue growth, with Q3 domestic online sales reaching 1.68 billion yuan, up 18% year-on-year [2] - The company's market share in the domestic robotic vacuum cleaner market reached 25.6% in Q3 2024, ranking first, with retail volume increasing by 41.9% year-on-year [2] - Overseas markets, particularly in North America, showed strong growth, with the company enhancing its brand influence and expanding offline channels [2] - The company's gross margin in Q3 2024 was 53.9%, down 5.2 percentage points year-on-year, mainly due to changes in accounting standards and the launch of more cost-effective products [2] - The company's net profit margin in Q3 2024 was 13.6%, down 13.3 percentage points year-on-year, reflecting increased market and product strategy expenses [2] Financial Performance and Forecast - The company's revenue for 2024 is projected to be 11.015 billion yuan, with a year-on-year growth rate of 27.29% [4] - Net profit attributable to the parent company is expected to be 2.279 billion yuan in 2024, up 11.11% year-on-year [4] - The company's ROE (Return on Equity) is forecasted to be 16.98% in 2024, with a P/E ratio of 17.8x [4] - Revenue growth is expected to continue, with 2025 and 2026 revenues projected at 13.176 billion yuan and 15.738 billion yuan, respectively [4] Market and Product Strategy - The company is actively expanding its product portfolio, including robotic vacuum cleaners, washing and drying machines, and floor cleaning machines [2] - The company is transitioning its European Amazon channel from a distribution model to a self-operated model to enhance channel control [2] - The company's sales, management, and R&D expense ratios increased in Q3 2024, reflecting a more aggressive market and product strategy [2] Valuation and Growth Potential - The company's net profit is expected to grow to 2.978 billion yuan by 2026, with a compound annual growth rate of 17.5% [3] - 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 [3] - The current stock price corresponds to a P/E ratio of 18x for 2024, 16x for 2025, and 14x for 2026 [3]

证券代码：688169 证券简称：石头科技 公告编号：2024-079 北京石头世纪科技股份有限公司 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。 北京石头世纪科技股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召开第二届董事会第三十一次会议，审议通过了《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》，现将有 关情况公告如下： 一、变更注册资本情况 2024 年 5 月 17 日，公司召开第二届董事会第二十五次会议和第二届监事会 第二十三次会议，审议通过了《关于调整公司 2022 年限制性股票激励计划授予 价格的议案》《关于公司 2022 年限制性股票激励计划第二个归属期符合归属条 件的议案》《关于作废部分已授予尚未归属的限制性股票的议案》。2024 年 6 月 3 日，公司 2022 年限制性股票激励计划第四个归属期第二批次归属的股份上市 流通。该次符合归属条件，申请 ...