太平洋：给予科沃斯买入评级

Core Viewpoint - The report highlights that Ecovacs (科沃斯) is experiencing significant growth in profits and revenue, particularly in the second quarter of 2025, driven by strong sales in service robots and new product categories like lawn mowers and window cleaning robots [2][4]. Financial Performance - In H1 2025, Ecovacs achieved revenue of 8.676 billion yuan, a year-on-year increase of 24.37%, and a net profit of 979 million yuan, up 60.84% [2]. - In Q2 2025, the company reported revenue of 4.818 billion yuan, reflecting a 37.58% increase, and a net profit of 505 million yuan, which is a 62.19% growth [2]. - The gross margin for Q2 2025 was 49.73%, showing a slight decline of 1.32 percentage points year-on-year, while the net margin improved to 10.48%, an increase of 1.59 percentage points [3]. Business Segments - Revenue from service robots, smart home appliances, and other products in H1 2025 was 4.849 billion yuan (+42.76%), 3.727 billion yuan (+6.26%), and 100 million yuan (+39.02%) respectively [2]. - The global shipment of Ecovacs-branded service robots reached 1.876 million units (+55.5%), and the Tineco-branded floor washers reached 1.974 million units (+17.5%) [2]. Market Expansion - The company reported domestic and overseas revenues of 5.145 billion yuan (+24.54%) and 3.532 billion yuan (+24.13%) respectively in H1 2025, indicating strong market synergy [2]. - In Q2 2025, overseas business growth accelerated, with the Ecovacs brand achieving a growth rate of 66.6% [5]. New Product Development - New business segments, including window cleaning and lawn mowing robots, have entered a harvest phase, with overseas revenue from new categories growing by 120.6% year-on-year in H1 2025 [4]. - The company is investing in a "robot core components and robot body manufacturing project" with a planned investment of 200 million yuan [4]. Investment Outlook - The company is expected to benefit from industry policies supporting the sweeping robot sector and is positioned to capture market share with its dual-brand strategy of Ecovacs and Tineco [6]. - Forecasted net profits for 2025, 2026, and 2027 are 1.818 billion yuan, 2.118 billion yuan, and 2.520 billion yuan respectively, with corresponding EPS of 3.16, 3.68, and 4.38 yuan [6].