石头科技&科沃斯海外专题：如何看待清洁电器海外趋势？

Investment Rating - The report assigns a "Buy" rating for both Stone Technology and Ecovacs, with expected growth rates of +21%/+18% for Stone Technology and +129%/+17% for Ecovacs in the coming years [3][56]. Core Insights - The global industry opportunity lies in deepening domestic sales and leveraging price to gain volume in overseas markets, supported by rapid cost reductions in products [3]. - Stone Technology focuses on long-term revenue share growth, with a stable profit level in 2023 and expected revenue growth supporting profit stability [3][56]. - Ecovacs emphasizes profit elasticity and product strategy, with a low profit base in the second half of 2023 and expected improvements from cost reductions and channel adjustments [3][56]. Summary by Sections Domestic Sales: Model Market, High-End Downstream - Domestic sales growth is shifting towards overseas markets, with Stone Technology and Ecovacs both experiencing pressure in Q2 [6][12]. - Innovations in pricing bands are expected to activate new market segments, with Stone Technology targeting the 3K price range and Ecovacs focusing on cost reduction strategies [12][14]. Overseas Sales: Emerging Dividends, Potential in Europe and America - Stone Technology's overseas sales are projected to grow significantly, with Q1 and Q2 growth rates of +80% and +20% respectively, driven by product price expansion and new channel development [20]. - Ecovacs is also seeing growth in overseas markets, particularly in Europe, with Q1 and Q2 growth rates of +13% and +10% for its brand [20][23]. Profitability: Summary of Overseas Pricing and Profitability - Stone Technology's gross margin remains stable, with a Q2 gross margin of 51.9%, while Ecovacs shows an upward trend in gross margin due to cost reduction strategies [41][44]. - The report highlights that both companies are expected to benefit from increased overseas sales, with Stone focusing on revenue growth and Ecovacs on profit elasticity [56].