科沃斯(603486)：扫地机增速亮眼 盈利能力持续修复

Core Insights - The company reported a strong performance in the first half of 2025, with revenue reaching 8.68 billion yuan, a year-on-year increase of 24.4%, and a net profit attributable to shareholders of 980 million yuan, up 60.8% [1] - The company's gross margin improved significantly, with a gross margin of 49.7% in the first half of 2025, an increase of 0.6 percentage points year-on-year [2] - The company is expected to continue its profit growth, with projected net profits of 2.05 billion, 2.54 billion, and 3.09 billion yuan for 2025-2027, representing year-on-year growth of 154.9%, 23.8%, and 21.6% respectively [2] Financial Performance - In Q2 2025, the company achieved revenue of 4.82 billion yuan, a year-on-year increase of 37.6%, and a net profit of 500 million yuan, up 62.2% [1] - The company's non-recurring net profit for Q2 2025 was also 500 million yuan, reflecting an increase of 86.3% year-on-year [1] - The company's net profit margin for the first half of 2025 was 11.3%, an increase of 2.6 percentage points year-on-year [2] Business Segments - The floor cleaning robot business showed remarkable growth, with revenues of 4.805 billion yuan for Ecovacs and 3.661 billion yuan for Tineco in the first half of 2025 [1] - The company launched new products, including the X9/T80 floor cleaning robot, which performed well in the market [1] - Internationally, Ecovacs' brand saw a 66.6% year-on-year growth in Q2 2025, with significant increases in the European and American markets [1] Cost and Efficiency - The company's overall expense ratio improved, with sales, management, R&D, and financial expense ratios at 30.0%, 3.2%, 5.8%, and -1.9% respectively for the first half of 2025 [2] - The gross margin for Ecovacs improved by 5.3 percentage points year-on-year due to high-end product expansion and cost reduction measures [2] - The company’s net profit margin for Q2 2025 was 10.5%, an increase of 1.6 percentage points year-on-year [2]