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]

Revenue and Profit - Revenue for the third quarter reached 2,590,596,693 yuan, an increase of 11.91% year-over-year[2] - The company's total revenue from the beginning of the year to the end of the reporting period was 7,006,608,107 yuan, an increase of 23.17% year-over-year[2] - Total revenue for the first three quarters of 2024 reached 7,006,608,107 RMB, a significant increase from 5,688,620,887 RMB in the same period of 2023[17] - Net profit attributable to shareholders of the listed company for the third quarter was 351,441,434 yuan, a decrease of 43.40% year-over-year[2] - The company's net profit attributable to shareholders from the beginning of the year to the end of the reporting period was 1,472,198,842 yuan, an increase of 8.22% year-over-year[2] - Net profit for the first three quarters of 2024 was 1,472,199,820 RMB, compared to 1,360,353,642 RMB in the same period of 2023[18] - Comprehensive income for the first three quarters of 2024 reached 1,467,111,070 yuan, compared to 1,368,799,328 yuan in the same period last year[19] R&D Investment - R&D investment for the third quarter was 230,584,249 yuan, an increase of 42.78% year-over-year, accounting for 8.90% of revenue[4] - The company's R&D investment from the beginning of the year to the end of the reporting period was 640,188,421 yuan, an increase of 42.87% year-over-year, accounting for 9.14% of revenue[4] - Research and development expenses increased to 640,188,421 RMB in the first three quarters of 2024, up from 448,080,208 RMB in the same period of 2023[17] Assets and Liabilities - Total assets as of the end of the reporting period were 16,730,831,087 yuan, an increase of 16.38% compared to the end of the previous year[4] - The company's total assets increased to RMB 16,730,831,087, up from RMB 14,376,641,614 in the previous year[14] - Current assets totaled RMB 10,528,062,792, compared to RMB 8,896,867,854 in the previous year[14] - Non-current assets amounted to RMB 6,202,768,295, up from RMB 5,479,773,760[14] - Total liabilities as of the end of Q3 2024 were 4,428,970,533 RMB, up from 2,995,138,697 RMB at the end of Q3 2023[15] - Total equity attributable to the parent company's shareholders increased to 12,300,882,781 RMB in Q3 2024, compared to 11,380,526,122 RMB in Q3 2023[16] - Contract liabilities stood at 142,735,950 RMB in Q3 2024, up from 85,119,642 RMB in Q3 2023[15] - Unallocated profits increased to 7,026,199,310 RMB in Q3 2024, compared to 6,168,518,213 RMB in Q3 2023[16] Cash Flow - Net cash flow from operating activities for the period from the beginning of the year to the end of the reporting period was 1,059,785,049 yuan, a decrease of 38.77% year-over-year[2] - Net cash flow from operating activities for the first three quarters of 2024 was 1,059,785,049 yuan, compared to 1,730,889,087 yuan in the same period last year[20] - Cash received from sales of goods and services in the first three quarters of 2024 was 7,952,429,795 yuan, a significant increase from 5,966,024,957 yuan in the same period last year[20] - Cash received from investments in the first three quarters of 2024 was 5,717,671,803 yuan, up from 4,174,442,326 yuan in the same period last year[20] - Net cash flow from investing activities for the first three quarters of 2024 was -684,867,352 yuan, compared to -1,762,251,828 yuan in the same period last year[21] - Net cash flow from financing activities for the first three quarters of 2024 was -91,975,659 yuan, compared to 230,914,789 yuan in the same period last year[21] - The ending balance of cash and cash equivalents as of the end of the third quarter of 2024 was 1,132,058,107 yuan, up from 981,912,755 yuan at the same time last year[21] Earnings and Returns - Basic earnings per share for the third quarter were 1.92 yuan, a decrease of 43.20% year-over-year[4] - Weighted average return on equity for the third quarter was 2.91%, a decrease of 3.04 percentage points year-over-year[4] - Basic earnings per share for the first three quarters of 2024 were 8.03 yuan, up from 7.41 yuan in the same period last year[19] Financial Assets and Liabilities - Monetary funds increased to RMB 1,198,211,807 from RMB 892,971,675[13] - Trading financial assets rose to RMB 5,368,511,755 from RMB 5,024,402,722[13] - Accounts receivable slightly increased to RMB 282,146,986 from RMB 274,689,701[13] - Prepayments surged to RMB 170,318,404 from RMB 62,620,430[13] - Other receivables grew to RMB 913,023,723 from RMB 693,055,656[13] - Inventory increased significantly to RMB 1,719,046,001 from RMB 928,189,371[14] - Short-term borrowings stood at RMB 500,000,000[14] - Financial expenses showed a net benefit of -115,368,873 RMB in the first three quarters of 2024, compared to -110,857,849 RMB in the same period of 2023[17] Sales and Expenses - Sales expenses rose to 1,563,515,910 RMB in the first three quarters of 2024, compared to 1,070,542,547 RMB in the same period of 2023[17]

编号：2024-004 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 | 135 家机构 243 | 人次 （详见附件《与会清单》） | | 时间 | 2024 年 9 月 26 | 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 | | 投 资 者 关 系 活 动 | 一、公司经营情 ...

[Table_Contacts] [Table_Page] 跟踪研究|小家电 证券研究报告 | --- | --- | --- | |-----------------------------------------|----------------------------|-------------| | [Table_Title] 石头科技（ 688169.SH ） | [ 公司评级 Table_Invest] | 买入 | | | 当前价格 | 237.03 元 | | 新品密集发布，技术领先与性价比兼备 | 合理价值 | 276.14 元 | | | 前次评级 | 买入 | | [Table_Summary] 核心观点： | 报告日期 | 2024-09-15 | ⚫ 8 月以来，石头密集发布扫地机新品。据天猫旗舰店信息，国内：具体 包括 P20 Pro（8 月 26 日发布，最新价格 3999 元）、P10S Pure（8 月 26 日发布，最新价格 2499 元）、G20s Ultra（9 月 5 日发布，最新 价格 4999 元）三个型号，突破性技术与中端性价比兼备。海外方面， 据官网信息，8 ...

干源证券 家用电器/小家电 公 司 研 究 全球扫地机龙头，有望在更积极策略下迎来再起航 石头科技（688169.SH） 2024 年 09 月 11 日 投资评级：买入（维持） ——公司深度报告 日期 2024/9/10 | --- | --- | |-------------------------|---------------| | | | | 当前股价 ( 元 ) | 227.52 | | 一年最高最低 ( 元 ) | 469.99/193.00 | | 总市值 ( 亿元 ) | 419.68 | | 流通市值 ( 亿元 ) | 419.68 | | 总股本 ( 亿股 ) | 1.84 | | 流通股本 ( 亿股 ) | 1.84 | | 近 3 个月换手率 (%) | 60.35 | 股价走势图 石头科技 沪深300 -32% -16% 0% 16% 32% 48% 64% 2023-09 2024-01 2024-05 数据来源：聚源 开 源 证 券 证 券 研 究 报 告 公司深度报告 相关研究报告 《2024Q2 业绩超预告中枢，盈利能力 保 持 提 升 — 公 司 信 息 更 新 报 告 ...

石头科技（688169.SH） 优于大市 2024 年中报点评：外销增长动能充足，盈利持续提升 营收利润维持较快增长，盈利持续提升。公司 2024H1 实现营收 44.2 亿 /+30.9%，归母净利润 11.2 亿/+51.6%，扣非归母净利润 8.6 亿/+30.4%。其 中 Q2 收入 25.8 亿/+16.3%，归母净利润 7.2 亿/+34.9%，扣非归母净利润 5.2 亿/+4.4%；非经常性收益主要来自于重点软件企业退税等。Q2 在高基数下， 公司业绩增速有所放缓，但依然实现较快增长，扫地机行业龙头成长性较强。 扫地机内销加速回暖，公司产品力突出拉动份额。奥维云网数据显示，2024H1 在新品的拉动下，扫地机行业迎来量价齐升，零售额/量同比分别增长 19%/12%，增速环比 2023 年（额/量分别+10%/4%）明显提升。石头 H1 在国 内发布 P10S 系列、G20S 系列及 V10 系列等多款新品，价格带进一步扩宽， 带动市占率持续提升。2024Q2 石头线上零售额份额达到 27.0%，份额居于首 位。针对下半年，公司推出 P20 Pro、P10S Pure 及迷你洗衣机 Q1 系列、分 ...