上 市 公 司 ——2024 年报点评：收入超预期增长，新产品有望贡献 成长级 报告原因：有业绩公布需要点评 | 投资要点： | | --- | 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8,654 | 11,945 | 15,966 | 19,276 | 23,708 | | 同比增长率（%） | 30.6 | 38.0 | 33.7 | 20.7 | 23.0 | | 归母净利润（百万元） | 2,051 | 1,977 | 2,222 | 2,613 | 3,127 | | 同比增长率（%） | 73.3 | -3.6 | 12.4 | 17.6 | 19.6 | | 每股收益（元/股） | 15.66 | 10.77 | 12.03 | 14.15 | 16.93 | | 毛利率（%） | 55.1 | 50.1 | 48.9 | 48.4 | 47.5 | | ROE（%） | 18.0 | 15.4 | 15.1 | 15.5 | ...

Core Viewpoint - The Robot Index ETF has shown a significant increase of 21.60% over the past three months, indicating strong investor interest in the robotics sector [2] Fund Flows - The latest net inflow for the Robot Index ETF is 1.9541 million, with a total of 26.518 million accumulated over the last 20 trading days [2] Index Composition - The Robot Index closely tracks the CSI Robot Index, which includes system solution providers, digital workshop and production line integrators, automation equipment manufacturers, and other robotics-related listed companies [2] - As of March 31, 2025, the top ten weighted stocks in the CSI Robot Index are Huichuan Technology, iFlytek, Stone Technology, Dahua Technology, Zhongkong Technology, Shuanghuan Transmission, Dazhong Laser, Robot, Julun Intelligent, and Tuobang Technology, collectively accounting for 50.95% of the index [2] Industry Insights - According to Guojin Securities, embodied intelligence is considered the strongest application of AI, with intelligent driving and humanoid robots being the two most important directions [2] - In 2024, the robotics industry is expected to be dominated by major players, as robotics is a key battleground for large model companies, serving as both an entry point for real-world data and an exit for commercial monetization [2] - By 2025, the trend of open-source large models, represented by DeepSeek, is anticipated to accelerate, leading to a decrease in costs and barriers, with robots as application terminals entering a phase of diversification [2] - The barriers in the robotics sector are gradually shifting from cognitive logic to hardware iteration and scenario-specific challenges [2]

中国经济网北京4月7日讯石头科技(688169.SH)4月4日披露的2024年年度报告显示，公司2024年实现营 业收入119.45亿元，同比增长38.03%；归属于上市公司股东的净利润19.77亿元，同比下降3.64%；归属 于上市公司股东的扣除非经常性损益的净利润16.20亿元，同比下降11.26%；经营活动产生的现金流量 净额17.34亿元，同比下降20.68%。 石头科技的保荐人(主承销商)为中信证券股份有限公司，保荐代表人为王彬、曾春。石头科技发行费用 合计15,054.00万元(不含税)，其中中信证券获得保荐费及承销费13146.09万元。 石头科技2022年6月30日披露的分红方案显示，公司每10股派息(税前)21元，转增4股；2023年7月14日 披露的分红方案显示，公司每10股派息(税前)12.7元，转增4股；2024年8月1日披露的分红方案显示，公 司每10股派息(税前)46.7067元，转增4股。 经公司第三届董事会第四次会议、第三届监事会第四次会议审议通过，公司2024年度拟以实施权益分派 股权登记日登记的总股本扣除公司回购专户中的股份数后为基数分配利润。本次利润分配方案及资本公 积转 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 275.50 RMB [7][8]. Core Views - The company reported a revenue of 11.945 billion RMB for 2024, a year-on-year increase of 38.03%, but a net profit of 1.977 billion RMB, down 3.64% year-on-year. The fourth quarter saw a revenue increase of 66.54% year-on-year, but net profit decreased by 26.99% [1][2]. - The domestic "trade-in" policy and overseas market expansion contributed to strong revenue growth, although profitability was impacted by intensified competition in Europe and increased tariff costs in North America. The net profit margin is expected to stabilize in 2025, despite ongoing tariff risks from the U.S. [1][3]. Summary by Sections Revenue and Profitability - Domestic sales revenue for 2024 is projected at 5.53 billion RMB, up 25.4% year-on-year, driven by the "trade-in" policy. Online sales of floor cleaning machines in Q4 increased by 87% year-on-year [2]. - Foreign sales revenue is expected to reach 6.34 billion RMB, a 51.1% increase year-on-year, due to the introduction of more cost-effective models. However, overseas gross margin decreased by 6.74 percentage points due to price competition and tariff costs [2][3]. Profit Forecast and Valuation - The company’s comprehensive gross margin for 2024 is estimated at 50.1%, down 3.8 percentage points year-on-year, primarily due to lower margins from new product lines and increased marketing expenses [3]. - Profit forecasts for 2025-2027 are 2.035 billion RMB, 2.321 billion RMB, and 2.828 billion RMB respectively, with corresponding EPS of 11.02 RMB, 12.57 RMB, and 15.31 RMB [4][6]. Market Position and Strategy - The company is transitioning its overseas channels to a "self-operated + distribution" model, successfully entering 1,398 Target and 900 Best Buy stores by the end of 2024. This expansion is expected to enhance growth potential in overseas markets in 2025 [2][3]. - The company’s global expansion strategy is showing results, with a projected average PE of 22x for comparable companies in 2025, while the company itself is given a PE of 25x, reflecting strong product capabilities [4][6].

来源：环球网 研发方面，2024年石头科技研发投入高达9.71亿元，创历史新高，同比增长56.93%，占营收比例为 8.13%。自2016年以来，公司累计研发投入高达32.38亿元，且占营收比重基本呈逐年提升态势。（闻 辉） 【环球网财经综合报道】日前，石头科技（688169.SH）发布2024年报。年报数据显示，受益于国内和 海外市场业务的共同发展，石头科技2024年实现营业收入119.45亿元，较上年同期增长38.03%；净利润 达19.77亿元。 石头科技表示，营收增长主要系报告期内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的大幅提 升。 分区域而言，2024年石头科技境内主营业务收入达55.31亿元，较上年同期增长25.39%；境外达63.88亿 元，同比增长51.06%。 国际数据公司IDC报告称，2024年石头科技扫地机器人斩获全球销量和销额双第一，全年出货量同比增 长20.7%，是全球前三中唯一实现正增长的品牌。石头科技在丹麦、芬兰、德国、韩国、挪威、瑞典、 土耳其等国家均为销量、销售额双第一。 除扫 ...

据了解，2024年，石头科技持续践行"走出去"战略，在国内外市场推出一系列新品，带动整体业绩增 长。 长江商报消息 ●长江商报记者 汪静 曾经的"扫地茅"石头科技（688169.SH），在去年创下了营收新高。 4月3日晚间，石头科技发布2024年财报数据显示，公司营收119.45亿元，同比增长38.03%；净利润 19.77亿元，同比下降3.64%。 IDC报告显示，2024年全球扫地机器人市场出货量同比增长11.2%，中国厂商前五占四席。石头科技全 球量额位居首位，出货量上首度超过美国企业Irobot拔得头筹。 2024年，石头科技境内主营业务收入达55.31亿元，同比增长25.39%；境外达63.88亿元，同比增长 51.06%，占比53.48%。境外业务占比从2019年的不足14%飙升至2024年的首次过半。 与此同时，公司持续投入研发，2024年，石头科技研发投入9.71亿元，同比增长56.93%，占营收比例为 8.13%。截至2024年末，公司拥有2560名员工，其中包括1043名研发人员，占员工总数比例为40.74%。 全年营收近120亿 4月3日晚间，石头科技发布2024年财报数据显示，公司营收 ...

Market News - The National Bureau of Statistics will release March CPI and PPI data on April 10, with February figures showing a month-on-month CPI decrease of 0.2% and a year-on-year decrease of 0.7%, while PPI decreased by 0.1% month-on-month and 2.2% year-on-year [2] - The People's Bank of China has 763.4 billion yuan in reverse repos and 150 billion yuan in treasury cash deposits maturing this week, with specific amounts maturing each day [3] - The U.S. will release March CPI data on April 10, which is expected to be a significant test for the dollar, as persistent inflation could support the dollar and raise concerns about further interest rate cuts by the Federal Reserve [4] Sector Events - The 10th China Science and Technology Finance Forum will be held in Beijing on April 7, focusing on summarizing reform achievements and innovative paths for the future of technology finance [6] - The 2025 Global 6G Technology and Industry Ecosystem Conference will take place in Nanjing from April 10 to 12, gathering global leaders in the 6G field to discuss innovation and future industry development [7] - The Ministry of Commerce has announced export controls on seven categories of medium and heavy rare earths, effective immediately, to safeguard national security and fulfill international obligations [8] - Amazon plans to launch its first batch of 27 satellites for its Project Kuiper on April 9, entering competition with SpaceX's Starlink [9] Company News - HeXin Instruments plans to acquire a 56% stake in Shanghai Liangxi Technology Co., Ltd. through a combination of share issuance and cash payment [11] - Shengnong Development intends to acquire a 54% stake in Anhui Sun Valley Food Technology Group for 1.126 billion yuan, enhancing its integrated industry chain [12] - Lier Chemical expects a net profit of 145 to 155 million yuan for Q1 2025, representing a year-on-year increase of 203.08% to 223.98% due to rising sales and prices [13] - Stone Technology reported a revenue of 11.945 billion yuan for 2024, a year-on-year increase of 38.03%, and a net profit of 1.977 billion yuan, a decrease of 3.64% [14] - Chengdi Xiangjiang announced a contract worth 4.452 billion yuan for a data center project with China Mobile, with a cooperation period of seven years plus an uncertain duration [15] Restricted Shares - This week, 24 companies in the A-share market will have a total of 1.735 billion shares released from restrictions, with a total market value of 35.015 billion yuan, an increase of 12.411 billion yuan week-on-week [17] New Stock Calendar - Two new stocks are set to be issued this week, with a total of approximately 42.6 million shares and expected fundraising of 1.161 billion yuan [21] Market Outlook - Dongfang Securities suggests the market may see a turning point post-holiday, with potential for a rebound as policy benefits are released in Q2 [24] - Founder Securities believes A-shares may perform better than global markets due to positive macro policies and recovering domestic demand [25] - Dongguan Securities anticipates a range-bound market in the short term due to global volatility and upcoming earnings reports [26] - Guojin Securities recommends a shift in investment strategy towards large-cap value stocks, focusing on "profit bottom" logic in the upcoming quarter [27]

2024年全球扫地机市场规模稳步增长。Euromonitor数据显示，2024年全球扫地机零售额达74亿美元，同比增长7%，延续了2023年的高速增长趋势。 在这个渗透率逐渐提升的市场中，中国扫地机品牌无疑引领了全球市场，并持续抢占份额。 究其原因，中国扫地机品牌在产品功能、技术创新等方面已形成对全球市场的引领，海外市场份额持续提高，尤其在高端市场优势明显。 在中国一众扫地机器人厂商中，石头科技(688169.SH)无疑是那颗"皇冠上的明珠"。 4月3日晚间，石头科技(688169.SH)发布2024年报。年报数据显示，受益于国内和海外业务的共同发展，石头科技2024年实现营业收入119.45亿元，较上年同 期增长38.03%;录得净利润19.77亿元。 石头科技表示，营收增长主要系报告期内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的大幅提升。 分区域而言，2024年石头科技境内主营业务收入达55.31亿元，较上年同期增长25.39%;境外达63.88亿元，同比增长51.06%。 石头科技在全球主要市场"遥遥领先" ...

Investment Rating - The investment rating for the company is "Buy" [6][17] Core Views - The company achieved a revenue of 11.945 billion yuan in 2024, representing a year-on-year growth of 38.03%, while the net profit attributable to shareholders was 1.977 billion yuan, a decrease of 3.64% year-on-year [1] - The company is experiencing rapid growth in both domestic and international sales, with a significant increase in revenue from smart hardware and other smart appliances [2] - The company has initiated a new round of share buybacks, planning to use 50 million to 100 million yuan to maintain company value and shareholder rights [4] Financial Performance - In 2024, the company's gross margin was 50.14%, down by 5 percentage points year-on-year, and the net margin was 16.55%, down by 7.16 percentage points year-on-year [3] - The company reported a revenue of 8.654 billion yuan in 2023, with a projected revenue of 16.292 billion yuan in 2025, indicating a growth rate of 36.39% [5] - The earnings per share (EPS) for 2024 is projected to be 10.70 yuan, with a price-to-earnings (P/E) ratio of 21.12 [5] Sales and Market Strategy - The company has optimized its sales structure, leading to a 25.39% increase in domestic sales and a 51.06% increase in international sales in 2024 [2] - The company has increased its investment in brand promotion and research and development to support long-term growth [4] Shareholder Returns - The company plans to distribute a cash dividend of 1.07 yuan per share to all shareholders [1]

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]