华安证券：给予科沃斯买入评级

Core Insights - Company reported strong Q2 performance with revenue of 4.818 billion (+37.6%) and net profit of 505 million (+62.2%) [1] - For H1 2025, revenue reached 8.676 billion (+24.4%) and net profit was 979 million (+60.8%) [1] Revenue Analysis - External sales growth outpaced internal sales, with expected Q2 internal/external sales growth of +58%/+67% compared to Q1's +11%/+35% [2] - European and American markets showed significant growth, with expected Q2 increases of +89% and +87% respectively [2] - New product categories such as window cleaning machines and lawn mowers are anticipated to contribute to revenue growth [2] Profitability Analysis - Q2 net profit margin was 10.5%, showing a year-on-year increase of 2 percentage points [5] - Gross margin for Q2 was 49.7%, with a slight decrease due to tariff impacts on certain products [5] - The company is focusing on cost-effective product strategies and improving operational efficiency [5] Investment Recommendations - The company is expected to continue improving operational efficiency, with a projected revenue of 19.847 billion, 22.069 billion, and 24.158 billion for 2025-2027, representing growth rates of +20.0%, +11.2%, and +9.5% respectively [6] - Net profit forecasts for the same period are 2.086 billion, 2.439 billion, and 2.719 billion, with significant year-on-year growth [6] - The company maintains a "buy" rating based on its operational improvements and market positioning [6]