ECOVACS(SH:603486) Xin Lang Cai Jing·2025-05-06 09:08Core Insights - The company reported a revenue of 16.542 billion yuan and a net profit attributable to shareholders of 806 million yuan for 2024, reflecting year-on-year growth of +6.71% and +31.70% respectively [1] - The company’s Q4 2024 results showed significant growth, with revenue of 6.316 billion yuan and a net profit of 191 million yuan, marking year-on-year increases of +27.07% and +2178.04% respectively [1] - For Q1 2025, the company achieved a revenue of 3.858 billion yuan and a net profit of 475 million yuan, representing year-on-year growth of +11.06% and +59.43% respectively [1] Revenue Breakdown by Business - In 2024, revenue from the company's brand service robots was 8.082 billion yuan, while revenue from the Tineco brand smart home appliances was 8.061 billion yuan, with year-on-year growth of +5.22% and +10.87% respectively [1] - The OEM and ODM revenue for cleaning appliances was 258 million yuan, showing a decline of -33.99%, while other business revenue increased by +43.40% to 141 million yuan [1] Revenue Breakdown by Region - In 2024, domestic revenue was 9.430 billion yuan and overseas revenue was 7.112 billion yuan, with year-on-year growth of +5.00% and +9.06% respectively [2] Revenue Breakdown by Sales Model - The company reported online revenue of 11.102 billion yuan and offline revenue of 5.440 billion yuan in 2024, with year-on-year growth of +14.72% for online sales and a decline of -6.60% for offline sales [3] Sales Volume and Profitability - In 2024, the sales volume for service robots was 2.979 million units, and for smart home appliances, it was 5.593 million units, with year-on-year growth of +4.82% and +0.04% respectively [4] - The gross margin for 2024 was 46.52%, with Q4 2024 at 43.50% and Q1 2025 at 49.68%, showing a year-on-year change of -0.98%, -2.96%, and +2.51 percentage points respectively [4] Expense Ratios - The expense ratios for sales, management, R&D, and financial expenses in 2024 were 30.33%, 3.40%, 5.35%, and 0.16% respectively, with year-on-year changes of -3.84%, -0.36%, +0.03%, and +0.33 percentage points [4] Net Profit Margin - The net profit margin for 2024 was 4.87%, with Q4 2024 at 3.02% and Q1 2025 at 12.30%, reflecting year-on-year increases of +0.93%, +2.86%, and +3.72 percentage points respectively [6] Investment Outlook - The company is positioned as a leader in the vacuum and floor cleaning machine industry, expected to benefit from industry growth, with a dual-brand strategy of Ecovacs and Tineco covering multiple price segments and a comprehensive online and offline channel strategy [6] - Projected net profits for 2025-2027 are 1.798 billion yuan, 2.075 billion yuan, and 2.293 billion yuan, with corresponding PE ratios of 16.48, 14.28, and 12.92 times [6]