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].

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported Q3 2024 results with revenue of 2.59 billion yuan, a year-on-year increase of 11.9%, and a net profit attributable to shareholders of 0.35 billion yuan, up 43.4% year-on-year [1] - The company expects domestic sales in Q3 to grow approximately 30% year-on-year, with a slight decline in price and a double-digit increase in volume [1] - The company is focusing on enhancing its direct sales channels and expects to improve its control over the consumer end [1] Revenue Analysis - Q1-Q3 revenue reached 7.01 billion yuan, a year-on-year increase of 23.2%, with net profit attributable to shareholders of 1.47 billion yuan, up 8.2% year-on-year [1] - The gross margin for Q3 was 53.95%, a decrease of 5.2 percentage points year-on-year, while the net margin was 13.57%, down 13.3 percentage points year-on-year [1] Profit Analysis - The company is experiencing fluctuations in profit margins due to various factors, including increased sales expenses and tariffs in the U.S. [1] - The report indicates that the company is in a transformative phase, adjusting pricing and increasing investment in direct sales to drive future revenue growth [1] Financial Forecast - The company’s revenue is projected to reach 10.78 billion yuan in 2024, 12.91 billion yuan in 2025, and 14.95 billion yuan in 2026, with year-on-year growth rates of 24.6%, 19.8%, and 15.8% respectively [4] - The net profit attributable to shareholders is expected to be 2.10 billion yuan in 2024, 2.37 billion yuan in 2025, and 2.74 billion yuan in 2026, with corresponding growth rates of 2.3%, 13.1%, and 15.4% [4]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has strengthened its business expansion, but its profitability has declined. For the first three quarters of 2024, the company achieved a revenue of 7.007 billion yuan, a year-on-year increase of 23.17%, and a net profit attributable to shareholders of 1.472 billion yuan, up 8.22% year-on-year. However, the non-recurring net profit decreased by 5.40% year-on-year to 1.186 billion yuan [1][2]. - In Q3 2024, the company reported a revenue of 2.591 billion yuan, an increase of 11.91% year-on-year, but the net profit attributable to shareholders fell by 43.40% year-on-year to 351 million yuan, with a non-recurring net profit decline of 45.25% year-on-year to 325 million yuan [1][2]. Financial Performance Summary - Revenue for 2022 was 6.629 billion yuan, which increased to 8.654 billion yuan in 2023, and is projected to reach 10.537 billion yuan in 2024, reflecting a year-on-year growth rate of 21.8% [3]. - The net profit attributable to shareholders was 1.183 billion yuan in 2022, increasing to 2.051 billion yuan in 2023, with an expected rise to 2.158 billion yuan in 2024, showing a growth rate of 5.2% [3]. - The latest diluted EPS is projected to be 11.68 yuan in 2024, with a net asset return rate of 16.8% [3]. Profitability Metrics - The gross margin for the first three quarters of 2024 decreased by 0.48 percentage points year-on-year to 53.86%, while the net profit margin fell by 2.90 percentage points year-on-year to 21.01% [2]. - The report indicates an increase in sales, management, R&D, and financial expense ratios, with the sales expense ratio rising to 22.31% for the first three quarters of 2024, up 2.63 percentage points year-on-year [2]. Future Profit Forecast - The company is expected to achieve net profits of 2.158 billion yuan in 2024, 2.501 billion yuan in 2025, and 2.887 billion yuan in 2026, with year-on-year growth rates of 5.2%, 15.9%, and 15.4% respectively [2].

Investment Rating - The report maintains a "Buy" rating for the company [1][5][25] Core Views - The company reported a revenue of 2.591 billion RMB in Q3 2024, a year-on-year increase of 11.91%, while the net profit attributable to shareholders was 351 million RMB, a decrease of 43.40% year-on-year. For the first three quarters, the company achieved a revenue of 7.007 billion RMB, up 23.17% year-on-year, and a net profit of 1.472 billion RMB, an increase of 8.22% year-on-year. Despite a significant decline in profit in Q3 due to increased marketing expenses for domestic and international markets, the globalization expansion logic remains valid, driving further revenue growth and releasing profit elasticity [1][2][3]. Summary by Sections Revenue Growth - In Q3 2024, the company's revenue grew by 11.91%, primarily driven by new autumn products in the domestic market and continued globalization efforts in overseas markets. Online retail sales in September increased by 68.67% year-on-year, outperforming the industry average of 23.71%. The company's market share in online retail reached 27.31%, up 7.28 percentage points year-on-year, leading the industry [2][4]. Profitability and Expenses - The gross margin for Q3 2024 was 53.95%, down 4.72 percentage points year-on-year. The selling expense ratio increased to 26.18%, up 7.29 percentage points year-on-year, leading to a decline in profitability. This decline is attributed to a high base effect and increased marketing expenses for new product promotions. The net profit margin for Q3 was 13.57%, down 13.26 percentage points year-on-year [3][5]. Market Strategy and Future Outlook - Short-term prospects look positive due to domestic promotional events and subsidies for smart home appliances, with online retail sales of floor cleaning machines increasing by 1945% during the first week of the Double Eleven shopping festival. The company is also seeing growth in overseas markets through partnerships with retailers like Target and Best Buy, which are expected to provide new revenue growth momentum [4][5]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted to 2.203 billion RMB, 2.411 billion RMB, and 2.711 billion RMB, respectively. The target price for 2025 is set at 326.25 RMB, based on a 25x PE ratio, reflecting the company's strong product advantages and steady globalization expansion [5][6].

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]