石头科技：2024年中报业绩预告点评：业绩延续较快增长，税收优惠增厚利润

Investment Rating - The investment rating for Stone Technology (688169) is "Buy" [6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.0 to 1.2 billion, representing a year-on-year increase of 35.2% to 62.3% for the first half of 2024 [1]. - The company has shown strong performance in both domestic and international markets, with significant growth in sales and market share [2][4]. - Tax incentives from the government are expected to enhance profitability, contributing approximately 100 million to the quarterly performance [3]. Summary by Sections Financial Performance - For the first half of 2024, the expected net profit is between 1.0 to 1.2 billion, with a year-on-year growth of 35.2% to 62.3%, and the non-recurring net profit is projected to be between 800 million to 950 million, reflecting a growth of 21.2% to 43.9% [1]. - The second quarter of 2024 is anticipated to yield a net profit of 600 million to 800 million, with a year-on-year increase of 12.3% to 49.7% [1]. Market Expansion - The company has seen a notable increase in its domestic sales, with a projected 20% year-on-year growth in domestic revenue, driven by strong sales of new products and an increase in the sales volume of washing machines [2]. - Internationally, the company is expanding its market share, with overseas revenue growth outpacing domestic growth due to improved channel coverage and product pricing strategies [2][4]. Product Performance - The new vacuum cleaner model P10S Pro has performed well in sales, contributing to the overall revenue growth despite increased marketing costs in North America and Europe [3]. - The company has successfully entered major retail chains in the U.S., such as Best Buy and Target, enhancing its competitive position in the market [4]. Profitability Forecast - Revenue forecasts for 2024 to 2026 are projected at 107.48 billion, 134.43 billion, and 169.49 billion respectively, with year-on-year growth rates of 24%, 25%, and 26% [5]. - Net profit forecasts for the same period are 2.584 billion, 3.106 billion, and 3.753 billion, with growth rates of 25.97%, 20.21%, and 20.81% respectively [5].