公司报告 | 年报点评报告 石头科技（688169） 证券研究报告 内外销快速增长，利润端静待改善 事件：公司 2024 年实现营业收入 119.45 亿元，同比+38.03%，归母净利润 19.77 亿元，同比-3.64%；其中 2024Q4 实现营业收入 49.38 亿元，同比 +66.54%，归母净利润 5.04 亿元，同比-26.99%。拟向全体股东每股派发现 金红利 1.07 元（含税）。 公司优化销售结构，内外销收入快速增长 分品类看，24A 智能硬件收入同比+37.95%，主要由于公司进一步丰富了产 品矩阵和价格矩阵，并在主流价格段重点突破，同时公司通过积极的市场 策略，进一步优化销售结构，实现了公司国内和海外业务收入大幅提升。 其他智能电器收入同比+93.13%，主要原因是本年多款新品上市，销售规模 扩大所致。分地区看，24A 内外销收入同比+25.39%/+51.06%，内外销均实 现快速增长。 关税增加影响利润水平，公司加大品牌投入 2024 年公司毛利率为 50.14%，同比-5pct，净利率为 16.55%，同比-7.16pct； 其中 2024Q4 毛利率为 44.86%，同比-11 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][30] Core Views - The company achieved revenue growth that exceeded expectations in Q4 2024, with a year-on-year increase of 66.5% to reach 4.94 billion yuan. However, the net profit for the same period decreased by 27.0% to 500 million yuan [4][12][30] - The company plans to repurchase shares worth 50 to 100 million yuan in 2025, reflecting confidence in its development [4][30] - The company is expected to maintain strong revenue growth due to proactive product and sales strategies, with limited impact from North American tariffs [4][5][30] Summary by Sections Revenue and Profitability - In 2024, the company achieved total revenue of 11.94 billion yuan, a year-on-year increase of 38.0%, while the net profit attributable to shareholders was 1.98 billion yuan, down 3.6% [4][12][30] - For Q4 2024, the company reported revenue of 4.94 billion yuan, up 66.5%, and a net profit of 500 million yuan, down 27.0% [4][12][30] Market Performance - Domestic sales are expected to grow over 40% year-on-year in 2024, while international sales are projected to increase by approximately 35%, with North America showing a growth rate of around 60% [5][17][30] - The company has successfully opened nearly 200 offline experience stores in key domestic urban areas and has established a presence in 1398 Target and 900 Best Buy stores in North America by the end of 2024 [5][17][30] Financial Forecasts - The company has revised its profit forecasts for 2025-2027, expecting net profits of 2.30 billion, 2.97 billion, and 3.78 billion yuan respectively, with corresponding EPS of 12.45, 16.06, and 20.45 yuan [4][30] - The current stock price corresponds to P/E ratios of 18.2, 14.1, and 11.1 for 2025, 2026, and 2027 respectively [4][30] Cost and Margin Analysis - The gross margin for 2024 was 50.1%, down 5 percentage points, while the net margin was 16.5%, down 7.2 percentage points [21][22][30] - In Q4 2024, the gross margin was 44.9%, down 11.8 percentage points, and the net margin was 10.2%, down 13.1 percentage points [23][24][30]

Core Viewpoint - Stone Technology has shifted its business strategy from focusing on profitability to expanding revenue, aiming to capture a larger market share in the robotic vacuum cleaner sector, as evidenced by its significant revenue growth and product diversification efforts [1][3][4]. Financial Performance - In 2024, Stone Technology achieved a revenue of 11.945 billion yuan, a year-on-year increase of 38.03%, with a net profit of 1.977 billion yuan [1]. - The fourth quarter of 2024 saw revenue reach 4.938 billion yuan, nearly equal to the combined revenue of the second and third quarters, representing a year-on-year growth of 66.54% compared to 2.965 billion yuan in the same period of 2023 [2][3]. Market Strategy - The company has enriched its product and pricing matrix, focusing on mainstream price segments, which has led to significant revenue growth in both domestic and international markets [3][4]. - Stone Technology has prioritized markets with high demand for smart home products, particularly in developed countries, and has adopted a dual online and offline sales strategy [4]. Competitive Position - According to IDC, Stone Technology ranked first globally in both shipment volume and sales value in 2024, with a market share of 16% in shipments and 22.3% in sales value, marking a 20.7% year-on-year increase in shipment volume [4]. - The company has consistently ranked first in global robotic vacuum cleaner shipments since the second quarter of the previous year, indicating a strong market presence and aggressive expansion strategy [4]. Challenges and Adjustments - Factors negatively impacting profitability in Q4 2024 included product shortages due to high demand, tariffs affecting sales in the U.S., increased marketing expenses, and rising R&D costs [6]. - Despite a slight decrease in net profit of less than 4%, the company’s strategy of sacrificing high profit margins for revenue and market share growth is expected to stabilize net profit margins in the future [6]. Future Outlook - Analysts suggest that Stone Technology's previous high-profit strategy has laid a solid foundation for its current aggressive expansion, and the company is expected to continue this momentum into 2025 [7]. - The competitive landscape in the robotic vacuum cleaner market is intense, necessitating that Stone Technology seizes fleeting market opportunities to solidify its position as an industry leader [7].

2025 年 04 月 04 日 石头科技(688169.SH) 全球收入高速增长，盈利能力承压 事件：公司发布 2024 年年报。公司 2024 年实现收入 119.4 亿 元，YoY+38.0%，实现归母净利润 19.8 亿元，YoY-3.6%；经折算， 公司 2024Q4 单季度实现收入 49.4 亿元，YoY+66.5%，实现归母净 利润 5.0 亿元，YoY-27.0%。公司国内、海外收入高速增长，但是 因为竞争加剧，盈利能力有所下降。 2024Q4 公司收入高速增长：根据奥维数据，2024Q4 石头扫地机 国内线上销售额 YoY+104%，销量 YoY+104%，均价 YoY+0%。在国 补刺激下，公司内销增速环比 2024Q3 大幅提升（Q3 石头扫地机 国内线上销售额 YoY+43%，奥维）。在海外市场，公司主动调整销 售结构，提高自营渠道比例，海外业务亦实现较快增长。展望后 续，我们认为公司收入有望保持较快增长，因为：1）公司国内业 务在国补拉动下有望维持高增长，根据奥维数据，石头扫地机 1~2 月国内线上销售额 YoY+100%；2）公司在海外市场拓宽产品价格 段，深耕当地市场（已在美国、 ...

Group 1 - The core viewpoint of the article highlights that Stone Technology (688169.SH) achieved a revenue of 11.945 billion yuan in 2024, marking a year-on-year growth of 38.03%, while the net profit attributable to shareholders decreased by 3.64% to 1.977 billion yuan [1][2] - The clean appliance industry in China recorded a sales revenue of 42.3 billion yuan in 2024, with a year-on-year growth of 24.4% and a retail volume of 30.35 million units, reflecting a year-on-year increase of 22.8% [1] - Stone Technology's revenue from its main product, the smart vacuum cleaner, reached 10.848 billion yuan, growing by 34.17%, with a gross margin of 52.07%, which is a decrease of 2.87 percentage points [1][2] Group 2 - The revenue from other smart appliances, including washing machines and floor washers, was 1.07 billion yuan, showing a significant year-on-year increase of 93.13%, attributed to the launch of multiple new products [2] - In terms of regional performance, Stone Technology's domestic revenue was 5.531 billion yuan, up 25.39% year-on-year, while overseas revenue reached 6.388 billion yuan, growing by 51.06% [2] - The company invested 971 million yuan in R&D in 2024, representing a year-on-year increase of 56.93%, which accounts for 8.13% of its revenue [2]

Core Viewpoint - The company reported its 2024 performance, showing a revenue increase of 38.03% year-on-year, while net profit decreased by 3.64% [1] Financial Performance - For 2024, the company achieved a revenue of 11.945 billion yuan and a net profit of 1.977 billion yuan [1] - In Q4 2024, revenue reached 4.938 billion yuan, reflecting a year-on-year growth of 66.5%, while net profit was 504 million yuan, down 27.0% [1] Sales Performance - Both domestic and international sales exceeded market expectations in Q4 2024 [2] - Domestic sales were boosted by government subsidies, with an estimated year-on-year growth of 90%, particularly in floor cleaning machines (50% growth) and significant triple-digit growth in washing machines [2] - Internationally, revenue from overseas markets grew by over 50%, with Europe and the U.S. showing strong performance [2] Profitability Analysis - The company's strategy of prioritizing revenue growth over profit margins was evident in Q4 2024, with a gross margin of 45%, down 12 percentage points year-on-year [3] - Selling expenses increased to 28% of revenue, reflecting higher investments in emerging channels and brand marketing [3] - The net profit margin for Q4 2024 was 10%, down 13 percentage points year-on-year, influenced by lower-margin products and U.S. tariffs [3] Future Outlook - The company is expected to continue its aggressive strategy into 2025, with revenue growth driven by ongoing government subsidies and expansion into new channels [4] - Profitability improvement is anticipated through high-end market expansion and enhanced marketing management, although short-term challenges remain due to low-margin products and tariffs [4] Earnings Forecast and Valuation - The earnings forecast for 2025 and 2026 remains unchanged, with the current stock price corresponding to 18.1x and 15.3x P/E ratios for 2025 and 2026, respectively [5] - The company maintains a target price of 300 yuan, indicating a potential upside of 32.7% from the current stock price [5]

Group 1: Company Performance - Stone Technology reported a revenue of 11.945 billion yuan in 2024, a year-on-year increase of 38.03%, but net profit decreased by 3.64% to 1.977 billion yuan, indicating cost pressures [1] - Xiwang Food's revenue for 2024 was 4.972 billion yuan, a decline of 9.43%, with a net loss of 444 million yuan, an increase in loss by 2530% year-on-year, highlighting significant volatility in performance [4] - Guangzhou Restaurant's revenue grew by 4.55% in 2024, but net profit fell by 10.29%, reflecting challenges in cost control and increased competition [5][6] Group 2: Corporate Actions - Stone Technology plans to distribute a cash dividend of 1.07 yuan per share and increase capital by converting every 10 shares into 4 additional shares, demonstrating a commitment to shareholder returns [1] - San Nong Development intends to acquire 54% of Sun Valley for 1.126 billion yuan, aiming for full ownership to enhance its industry chain and market competitiveness [2] - Lingnan Co. reported an increase in overdue debt of 447 million yuan, accounting for 21.25% of its audited net assets, and is seeking solutions to address liquidity issues [3]

证券代码：688169 证券简称：石头科技 公告编号：2025-018 北京石头世纪科技股份有限公司 关于以集中竞价交易方式回购公司股份的回购报告书 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。 重要内容提示： ● 回购股份金额：回购资金总额不低于人民币 5,000 万元（含），不超过人民 币 10,000 万元（含）； ● 回购股份资金来源：自有资金； ● 回购股份用途：用于实施员工持股计划及/或股权激励，并在股份回购实施 结果暨股份变动公告后三年内予以转让；若公司未能在股份回购实施结果暨股份 变动公告日后三年内使用完毕已回购股份，尚未使用的已回购股份将予以注销； ● 回购股份价格：不超过人民币 373.74 元/股（含），该价格不高于公司董事 会审议通过回购决议前 30 个交易日公司股票交易均价的 150%； ● 回购股份方式：集中竞价交易方式； 经公司发函问询，截至本公告披露日，公司董监高、控股股东、实际控制人、 持股 5%以上股东在未来 3 个月、未来 6 个月暂不存在减持公司股份的计划。若上 述主体未来拟实施股 ...

北京石头世纪科技股份有限公司 已审财务报表 2024年度 北京石头世纪科技股份有限公司 目 录 | | 页 | | 次 | | --- | --- | --- | --- | | 审计报告 | 1 | - | 6 | | 已审财务报表 | | | | | 合并资产负债表 | 7 | - | 8 | | 合并利润表 | 9 | - | 10 | | 合并股东权益变动表 | 11 | - | 12 | | 合并现金流量表 | 13 | - | 14 | | 公司资产负债表 | 15 | - | 16 | | 公司利润表 | | 17 | | | 公司股东权益变动表 | 18 | - | 19 | | 公司现金流量表 | 20 | - | 21 | | 财务报表附注 | 22 | - | 115 | | 补充资料 | | | | | 1.非经常性损益明细表 | | 1 | | | 2.净资产收益率和每股收益 | | 1 | | 审计报告 安永华明（2025）审字第70056174_A01号 北京石头世纪科技股份有限公司 北京石头世纪科技股份有限公司全体股东： 二、形成审计意见的基础 我们按照中国注册会计师审计准则的 ...

中信证券股份有限公司 关于北京石头世纪科技股份有限公司 2024 年度募集资金存放与实际使用情况的专项核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为北 京石头世纪科技股份有限公司（以下简称"石头科技"或"公司"）首次公开 发行股票并在科创板上市的保荐机构及持续督导机构，根据《上海证券交易所 科创板股票上市规则（2024 年 4 月修订）》《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（2022 年修订）》《上海证券交易所科 创板上市公司自律监管规则适用指引第 1 号——规范运作（2023 年 12 月修 订）》《科创板上市公司持续监管办法（试行）》等有关规定，对石头科技 2024 年度募集资金的存放和使用情况进行了专项核查，核查情况如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 根据中国证券监督管理委员会出具的《关于同意北京石头世纪科技股份有 限公司首次公开发行股票注册的批复》（证监许可〔2020〕99 号），公司获准 向境内投资者首次公开发行人民币普通股 1,666.6667 万股，每股面值人民币 1.00 元，每股发行价为人民币 271 ...