石头科技：产品矩阵不断丰富，经营利润率有所提升

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Views - The company reported a significant revenue increase of 30.90% year-on-year, achieving 4.416 billion yuan in revenue for the first half of 2024. The net profit attributable to shareholders reached 1.121 billion yuan, up 51.57% year-on-year, while the net profit excluding non-recurring items was 861 million yuan, reflecting a 30.42% increase [5][6]. - The product matrix has been enriched, leading to a steady increase in market share and substantial revenue growth. The company launched new products that received positive feedback, enhancing brand recognition among consumers [5][6]. - The gross margin for the first half of 2024 was 53.81%, an increase of 2.74 percentage points year-on-year, indicating effective cost and expense management [6]. Summary by Sections Financial Performance - In 2024H1, the company achieved a revenue of 4.416 billion yuan, a year-on-year increase of 30.90%. For Q2 2024, revenue was 2.575 billion yuan, up 16.33% year-on-year. The net profit attributable to shareholders for Q2 was 722 million yuan, reflecting a 34.91% increase year-on-year [5][6]. - The company’s gross margin for 2024H1 was 53.81%, with domestic and international gross margins at 48.79% and 58.46%, respectively [6]. Product Development - The company has expanded its product offerings, launching new models such as G20S, V20, and P10S, which have been well-received in the market. The introduction of P20 Pro and P10S Pure in August further enhances the product lineup [5][6]. - The company’s online and offline sales share reached 25.1% and 18.8%, respectively, with online sales leading the market [5]. Investment Outlook - The company is positioned as a leader in the cleaning appliance sector, with a strong brand presence and technological advancements driving product upgrades. The market for robotic vacuum cleaners is expected to grow, providing opportunities for increased market share and profitability [6]. - Forecasted net profits for 2024-2026 are 2.577 billion, 2.938 billion, and 3.489 billion yuan, with corresponding price-to-earnings ratios of 16.5, 14.4, and 12.2 times [6].