科沃斯：外销增长快于内销，盈利水平提升

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown a faster growth in overseas sales compared to domestic sales, leading to an improvement in profitability levels [1]. - The company reported a revenue of 6.09 billion yuan in H1 2024, a year-on-year increase of 4.26% in net profit [1]. - The forecast for net profit from 2024 to 2026 is expected to grow significantly, with projections of 14.1 billion yuan, 17.0 billion yuan, and 19.6 billion yuan respectively, indicating a growth rate of 130.5%, 20.4%, and 15.1% [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 69.76 billion yuan, a decrease of 2.35% year-on-year, while the net profit attributable to shareholders was 6.09 billion yuan, an increase of 4.26% [1]. - The company's gross margin improved to 49.12% in H1 2024, up by 0.15 percentage points year-on-year [1]. - The net profit margin for H1 2024 was 8.73%, reflecting a year-on-year increase of 0.56 percentage points [1]. Sales Breakdown - For H1 2024, the company's revenue from the Ecovacs brand was 33.97 billion yuan, a decrease of 3.07%, while the Tineco brand saw an increase of 2.42% to 33.59 billion yuan [1]. - Domestic sales accounted for 41.31 billion yuan, a year-on-year increase of 9.6%, while international sales reached 28.45 billion yuan, up by 10.5% [1]. - Online sales contributed 43.46 billion yuan, a decrease of 2.7%, while offline sales increased by 13.5% to 26.29 billion yuan [1]. Profitability Metrics - The company’s selling, general and administrative expenses as a percentage of revenue decreased by 2.87 percentage points to 29.27% in H1 2024 [1]. - The R&D expense ratio increased by 0.93 percentage points to 6.39% in H1 2024 [1]. - The financial expense ratio showed a slight increase of 0.49 percentage points, reaching -0.30% in H1 2024 [1].