ECOVACS(SH:603486) Xin Lang Cai Jing·2025-04-29 02:40Core Insights - The company reported a revenue of 16.54 billion yuan for 2024, representing a year-on-year increase of 6.7%, and a net profit attributable to shareholders of 0.81 billion yuan, up 31.7% year-on-year [1] - In Q4 2024, the company achieved a revenue of 6.32 billion yuan, a year-on-year increase of 27.1%, and a net profit of 0.19 billion yuan, which is a significant increase of 2178.0% year-on-year [1] - For Q1 2025, the company reported a revenue of 3.86 billion yuan, up 11.1% year-on-year, and a net profit of 0.47 billion yuan, an increase of 59.4% year-on-year [1] Revenue Breakdown - In 2024, the revenue from the Ecovacs brand service robots, the Tineco brand smart home appliances, OEM/ODM cleaning appliances, and other businesses were 8.08 billion yuan, 8.06 billion yuan, 0.26 billion yuan, and 0.14 billion yuan, with year-on-year changes of +5.2%, +10.9%, -34.0%, and +43.4% respectively [1] - The domestic and international revenue for 2024 were 9.43 billion yuan and 7.11 billion yuan, reflecting year-on-year increases of 5.0% and 9.1% respectively [1] - Online and offline revenue for 2024 were 11.1 billion yuan and 5.44 billion yuan, with year-on-year changes of +14.7% and -6.6% respectively [1] Profitability Analysis - The gross margin for 2024 increased by 1.94 percentage points to 46.5%, with service robots, smart home appliances, and other products having gross margins of 45.0%, 48.6%, and 13.4% respectively [2] - The net profit margin for 2024 increased by 0.9 percentage points to 4.9% [2] - For Q1 2025, the gross margin rose by 2.5 percentage points to 49.7%, and the net profit margin increased by 3.7 percentage points to 12.3% [3] Future Projections - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 1.386 billion yuan, 1.630 billion yuan, and 1.900 billion yuan respectively, with year-on-year growth rates of 71.9%, 17.6%, and 16.6% [3]