科沃斯(603486)：收入业绩高增 被忽视的新消费公司

Core Insights - The company expects to achieve a net profit attributable to shareholders of 960-990 million yuan for the first half of 2025, representing a year-on-year increase of 57.64% to 62.57% [1] - The company anticipates a revenue growth of approximately 25% year-on-year for the first half of 2025, with a nearly 40% increase expected in the second quarter [1] - The company has improved its profit margins significantly through operational efficiency and product structure optimization [2] Financial Performance - The expected net profit for Q2 2025 is between 48.532-51.532 million yuan, with a year-on-year growth of 55.9% to 65.6% [1] - The net profit margin for Q2 2025 is projected to be 9.9% to 10.5%, an increase of 1 to 1.6 percentage points year-on-year [2] - The company forecasts net profits attributable to shareholders of 2.02 billion yuan, 2.46 billion yuan, and 2.9 billion yuan for the years 2025, 2026, and 2027, respectively [3] Business Growth - The core business has performed well, with new business segments contributing significantly to revenue growth [3] - The introduction of innovative products, particularly the X and T series of vacuum robots, has led to strong sales and market recognition [1] - The company’s new product categories have maintained high growth momentum, with the Ecovacs brand seeing over 60% revenue growth in Q2 2025 [1]