Investment Rating - The report maintains a "Buy" rating for the company, reflecting confidence in its growth prospects and market position [5] Core Views - The company's Q2 domestic sales grew at a single-digit rate, accounting for about 30% of total revenue, while overseas sales saw rapid growth, particularly in the US, with Asia-Pacific and Europe also showing strong growth [2] - The company's new products, such as the P20 Pro and P10S Pure, demonstrate leading product capabilities, which are expected to strengthen its competitive advantage in the market [7] - The company's global market share is expected to continue growing, supported by its technological leadership, multi-price segment strategy, and rapid overseas channel expansion [7] Financial Performance - In H1 2024, the company reported revenue of 4.416 billion yuan, a year-on-year increase of 30.90%, and net profit attributable to shareholders of 1.121 billion yuan, up 51.57% year-on-year [7] - Q2 2024 revenue reached 2.575 billion yuan, a year-on-year increase of 16.33%, with net profit attributable to shareholders of 722 million yuan, up 34.91% year-on-year [7] - The company's gross margin in Q2 2024 increased by 1.93 percentage points to 51.89%, driven by a higher proportion of direct sales channels [7] Product and Market Strategy - The company launched the P20 Pro in August 2024, featuring an intelligent chassis that significantly improves obstacle-crossing capabilities, with a pre-sale price of 3,999 yuan [7] - The P10S Pure, priced at 2,499 yuan, targets the 2,000 yuan price segment with a streamlined design, offering a competitive product in the mid-range market [7] - The company's overseas expansion, particularly in the US, France, and Italy, is progressing well, with increased SKUs and entry into more retail stores like Best Buy and Target [7] Future Outlook - The report forecasts the company's revenue for 2024-2026 to be 10.5 billion, 12.5 billion, and 15.0 billion yuan, respectively, with year-on-year growth rates of 21%, 19%, and 20% [7] - Net profit attributable to shareholders is expected to reach 2.52 billion, 2.93 billion, and 3.40 billion yuan for 2024-2026, with growth rates of 23%, 16%, and 16%, respectively [7] - The company's EPS for 2024-2026 is projected to be 13.68, 15.88, and 18.40 yuan, with corresponding P/E ratios of 16.5x, 14.3x, and 12.3x [7]

| --- | --- | --- | |---------------------------------------|---------------|-------| | | | | | [Table_Rank] 投资评级：买入（维持） | | | | 报告日期： 2024-08-29 | | | | [Table_BaseData] 收盘价（元） | 219.98 | | | 近 12 个月最高 / 最低（元） | 469.99/193.00 | | | 总股本（百万股） | 184 | | | 流通股本（百万股） | 184 | | | 流通股比例（ % ） | 100.00 | | | 总市值（亿元） | 406 | | | 流通市值（亿元） | 406 | | | | | | [公司价格与沪深 Table_Chart] 300 走势比较 -26% 3% 33% 62% 91% 8/23 11/23 2/24 5/24 石头科技 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：成浅之 执业证书号：S00 ...

| --- | --- | --- | |---------------------------------------|---------------|-------| | | | | | [Table_Rank] 投资评级：买入（维持） | | | | 报告日期： 2024-08-29 | | | | [Table_BaseData] 收盘价（元） | 219.98 | | | 近 12 个月最高 / 最低（元） | 469.99/193.00 | | | 总股本（百万股） | 184 | | | 流通股本（百万股） | 184 | | | 流通股比例（ % ） | 100.00 | | | 总市值（亿元） | 406 | | | 流通市值（亿元） | 406 | | | | | | [公司价格与沪深 Table_Chart] 300 走势比较 -26% 3% 33% 62% 91% 8/23 11/23 2/24 5/24 石头科技 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：成浅之 执业证书号：S00 ...

证券代码：688169 证券简称：石头科技 公告编号：2024-069 北京石头世纪科技股份有限公司 关于调整公司 2020 年限制性股票激励计划 授予价格及授予数量的公告 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 8 月 28 日 召开第二届董事会第三十次会议、第二届监事会第二十八会议，审议通过了《关 于调整公司 2020 年限制性股票激励计划授予价格及授予数量的议案》，同意根 据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《上海证券 交易所科创板股票上市规则》（以下简称"《上市规则》"）、公司《2020 年限 制性股票激励计划（草案修订稿）》以下简称"《激励计划》"）的有关规定， 对 2020 年限制性股票的授予价格由 24.641 元/股调整为 13.608 元/股，授予数量 由 112.8088 万股调整为 157.9323 万股。具体情况如下： 一、限制性股票激励计划已履行的相关审批程序 1、2020 年 7 月 31 日，公司 ...

Financial Performance - The company reported a half-year revenue of 1.2 billion RMB, representing a 15% increase compared to the same period last year[1]. - The company has set a revenue guidance of 2.5 billion RMB for the full year, reflecting a projected growth of 10%[1]. - The company's operating revenue for the first half of 2024 reached ¥4,416,011,414, representing a 30.90% increase compared to ¥3,373,652,877 in the same period last year[21]. - Net profit attributable to shareholders for the same period was ¥1,120,757,408, a 51.57% increase from ¥739,420,226 year-on-year[21]. - Basic earnings per share increased by 51.49% to CNY 6.12 compared to the same period last year[22]. - Diluted earnings per share rose by 50.37% to CNY 6.03 year-on-year[22]. - The total profit for the period was 110,667.03 million yuan, an increase of 42.19% compared to the previous year[111]. - The net profit attributable to the parent company reached 112,075.74 million yuan, marking a 51.57% year-on-year increase[111]. User Growth and Market Expansion - User data indicates a growth in active users to 5 million, up 20% year-over-year[1]. - The company continues to expand its market presence through new product development and technological advancements[14]. - Future outlook includes a focus on enhancing user experience and increasing market share in the smart home sector[14]. - The company is exploring potential mergers and acquisitions to strengthen its competitive position in the market[14]. - The company is expanding its global presence, with products now available in over 170 countries and regions, serving more than 15 million households[113]. - Market expansion efforts are focused on Southeast Asia, with plans to enter three new countries by the end of the year[1]. Research and Development - The company is investing 200 million RMB in R&D for AI and machine learning technologies to enhance product capabilities[1]. - The company invested 410 million RMB in R&D in the first half of 2024, a year-on-year increase of 42.92%, with R&D personnel increasing by 57.52% to 786[36]. - The company's R&D investment as a percentage of operating income increased by 0.79 percentage points to 9.28%[22]. - The company has filed 1,290 new patent applications during the period, with 363 patents granted, bringing the cumulative totals to 5,957 applications and 2,798 granted patents[95]. - The company has developed a new generation of self-cleaning technology that uses rotating water flow to effectively remove lint from filters, minimizing user intervention[87]. Product Development and Innovation - New product launches include the latest generation of smart vacuum cleaners, which have received positive market feedback[1]. - The company launched a new all-functional base station for its robotic vacuum cleaners, enhancing features such as self-cleaning and dust collection[28]. - The company developed a new washing and drying integrated machine using molecular sieve adsorption technology, improving drying efficiency and user experience[29]. - The company has introduced a noise reduction design in the base station to further decrease dust collection noise[93]. - The company has launched multiple new high-performance products, including smart vacuum cleaners and washing machines, enhancing its product matrix[112]. Strategic Acquisitions and Partnerships - The company has completed a strategic acquisition of a robotics firm for 300 million RMB to bolster its technology portfolio[1]. - The company is considering strategic acquisitions to enhance its product portfolio, with a target of identifying at least two potential candidates by the end of the year[170]. - The company has established local subsidiaries in key overseas markets, including the US, UK, Japan, and Germany, to improve market position and customer service[113]. Risk Management - The management highlighted potential risks related to supply chain disruptions and increased competition in the smart home market[1]. - The company is actively monitoring overseas market risks, including political and economic factors, as it expands its global marketing network[123]. - The company has established a comprehensive accounts receivable management mechanism to mitigate risks associated with uncollectible accounts[125]. - The company is implementing lean inventory management to optimize stock levels and reduce the risk of inventory obsolescence[126]. Corporate Governance and Compliance - The management team has pledged to adhere to all regulatory requirements and ensure transparency in financial reporting[170]. - The company emphasizes its commitment to transparency and accountability in its financial disclosures and corporate governance[162]. - The company has established a framework for monitoring and reporting any potential conflicts of interest arising from related party transactions[171]. - The company has committed to not transferring or entrusting the management of its shares for 36 months from the date of its stock listing, with an automatic extension of 6 months if the stock price falls below the issue price for 20 consecutive trading days within the first 6 months[155]. Environmental and Social Responsibility - The company has established environmental protection mechanisms and did not invest any funds in environmental protection during the reporting period[151]. - The company has taken measures to reduce carbon emissions, although specific data on CO2 equivalent reductions is not applicable[154]. Financial Management and Investments - The total amount of raised funds is CNY 4,518,666,757, with a net amount after deducting issuance costs of CNY 4,368,126,771[180]. - The company has approved the use of up to RMB 1.8 billion of temporarily idle raised funds for cash management from April 2, 2023, to April 1, 2024[188]. - The cash management investments include RMB 200 million in a bank product with an expected annual yield of 1.85% or 2.50% and RMB 100 million in structured deposits with an expected yield of 1.65% or 2.75%[190].

证券代码：688169 证券简称：石头科技 公告编号：2024-071 北京石头世纪科技股份有限公司 关于作废部分已授予尚未归属的限制性股票的公告 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 8 月 28 日 召开第二届董事会第三十次会议、第二届监事会第二十八次会议，审议通过了《关 于作废部分已授予尚未归属的限制性股票的议案》，现将相关事项公告如下： 一、限制性股票激励计划已履行的相关审批程序 1、2020 年 7 月 31 日，公司召开第一届董事会第十七次会议，会议审议通 过了《关于公司<2020 年限制性股票激励计划（草案）>及其摘要的议案》《关于 公司<2020 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东 大会授权董事会办理 2020 年限制性股票激励计划相关事宜的议案》等与本激励 计划相关的议案。公司关联董事对相关议案已进行回避表决，公司独立董事对此 发表了明确同意的独立意见。 2、2020 年 7 月 31 日，公司召开第一届 ...

证券代码：688169 证券简称：石头科技 公告编号：2024-068 北京石头世纪科技股份有限公司 2024 年半年度募集资金存放与实际使用情况的专项报告 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。 根据《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》、 《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》等有关法律法规 的规定并结合公司实际情况，北京石头世纪科技股份有限公司（以下简称"公司"或 "本公司"）董事会编制了自 2024 年 1 月 1 日至 2024 年 6 月 30 日止六个月期间的 《募集资金存放与实际使用情况的专项报告》，具体内容如下： | 项目 | | | | | | 金额(人民币元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2020 年 月上市发生收到的募集资金净额 | 2 | | | | | 4,368,126,770.51 | | | 减：使用的募集资金 | | | | | | -4,23 ...

证券代码：688169 证券简称：石头科技 公告编号：2024-067 北京石头世纪科技股份有限公司 第二届监事会第二十八次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 任。任。 北京石头世纪科技股份有限公司（以下简称"公司"）第二届监事会第二十八 次会议于 2024 年 8 月 28 日在公司会议室以现场方式召开。 本次会议的通知于 2024 年 8 月 16 日通过邮件方式送达全体监事。会议应出 席监事 3 人，实际到会监事 3 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、监事会会议审议情况 本次会议由监事会主席谢濠键先生主持，董事会秘书孙佳女士列席会议。与 会监事表决通过以下事项： （一） 审议通过《关于<2024 年半年度报告>及其摘要的议案》 经审核，监事会认为：公司 2024 年半年度报告及其摘要的编制和审议程序 符合相关法律、法规及《公司章程》 ...

北京石头世纪科技股份有限公司监事会 北京石头世纪科技股份有限公司 监事会关于2020年限制性股票激励计划 第四个归属期归属名单的核查意见 北京石头世纪科技股份有限公司（以下简称"公司"）监事会依据《中华人民 共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称 "《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《上 海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）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》"）等有关规定，对公司 2020 年限制性股票激励计划（以下简称"本激励计划"）第四个归属期符合归属条件的 激励对象名单进行审核，发表核查意见如下： 监事会对本激励计划第四个归属期 139 名激励对象进行了核查，认为各激励 对象符合《公司法》《证券法》等法律、法规和规范性文件及《公司章程》规定 的任职资格，符合《管理办法》《上市规则》等法律、法规和规范性文件规定的 激励对象条件，符合 2020 年限制性股票激励计划规定的激励对象范围，其绩效 考核结果合规、真实，不存在虚假、故意隐瞒等相关情况，本次激励计划 139 名 激励对象 ...

家用电器/小家电 公 司 研 究 P 系列新品直击消费者痛点，产品力持续保持引领 石头科技（688169.SH） 2024 年 08 月 27 日 投资评级：买入（维持） | --- | --- | |--------------------|---------------| | 日期 | 2024/8/26 | | 当前股价(元) | 222.48 | | 一年最高最低(元) | 469.99/193.00 | | 总市值(亿元) | 410.38 | | 流通市值(亿元) | 410.38 | | 总股本(亿股) | 1.84 | | 流通股本(亿股) | 1.84 | | 近 3 个月换手率(%) | 56.62 | 股价走势图 石头科技 沪深300 -30% 0% 30% 60% 90% 120% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《激励及持股计划推出，利于人才绑 定和长期发展—公司信息更新报告》 -2024.6.21 《2024Q1 收入、利润均超预期，海外 市场持续高增长—公司信息更新报 告》-2024.4.27 《发布扫地机新品 V20 和 G20S， ...