业绩高成长性或开始回归，科沃斯一度涨超9%

Company Overview - Ecovacs, a leading player in the cleaning appliance sector, has seen its stock price rise significantly, with an intraday increase of over 9% and a trading volume of 1.496 billion yuan, reflecting strong market expectations for its high growth potential [1] - The company projects a net profit attributable to shareholders of 960 million to 990 million yuan for the first half of 2025, representing a year-on-year growth of 57.64% to 62.57%, with revenue expected to increase by approximately 25% [3] Performance Drivers - The core driver of Ecovacs' performance is its brand business, which saw revenue growth exceeding 60% year-on-year in Q2, primarily due to strong sales of robotic vacuum cleaners and high growth in new product categories [3] - The company has adopted a comprehensive strategy involving "innovative product combinations, multi-price range coverage, and full-channel collaboration," which has facilitated balanced development in both domestic and international markets [3] Product Highlights - The X series and T series of pressure-constant water roller washing robots have continued their strong sales momentum from Q4 2024, establishing themselves as benchmarks in the high-end market [3] - The TianKe brand has strengthened its position in the mid-to-high-end market with its artist series washing machines, contributing to improved profitability [3] - During the 618 shopping festival, the combined sales of both brands exceeded 3.25 billion yuan, with over 310,000 units of roller washing machines sold, achieving a market share of 44% in the price segment above 5,000 yuan [3] Industry Trends - The robust demand for cleaning appliances, both domestically and internationally, supports Ecovacs' high growth trajectory. In the domestic market, increased policy subsidies and rising product awareness have been key factors [4] - Online retail sales of robotic vacuum cleaners saw a year-on-year increase of 70.4% from June 30 to July 6, with no signs of slowdown in the second half of the subsidy policy [4] - The company is expected to see its net profit margin recover to between 9.9% and 10.5% in Q2, benefiting from optimized operational efficiency and improved fair value of external investments [4]