石头科技（688169）、科沃斯（603486）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][45]. Core Insights - The global industry opportunity lies in deepening domestic sales through price and product innovation, while overseas markets focus on volume growth through cost reduction [3]. - Stone Technology is expected to maintain a stable profit level supported by cost reduction and scale effects, with a projected PE of 16/14X [3]. - Ecovacs is focusing on profit elasticity and product strategy, with a projected PE of 17/14X [3]. Summary by Sections Domestic Sales: Model Market, High-End Downstream - Domestic sales growth for Stone Technology is projected at +20% in Q1 and +8% in Q2, while Ecovacs shows slight declines in Q2 [7][9]. - Innovations in pricing bands are expected to activate the 4K market segment, with both companies launching new products targeting this price range [9][10]. - The 3.5-4.5K price band has become a significant market contributor, reflecting the downscaling of previously high-end products [11]. Overseas Sales: Emerging Dividends, Potential in Europe and America - Stone Technology's overseas sales are expected to grow by +80% in Q1 and +20% in Q2, with significant contributions from Europe and the Americas [15]. - Ecovacs is projected to see +13%/+10% growth in its brand and +37%/+27% for the Tineco brand in overseas sales [15]. - The report highlights the competitive landscape, noting that domestic brands are increasingly capturing market share from established foreign brands [18]. Profitability: Summary of Overseas Pricing and Profitability - Stone Technology's gross margin is stable, with a Q2 margin of 51.9%, while Ecovacs shows an upward trend in gross margin, reaching 51.1% in Q2 [33][35]. - Profitability for Stone Technology is driven by increased overseas sales and cost reductions, while Ecovacs benefits from improved cost management and marketing strategies [37][39]. - The report anticipates that both companies will see improvements in net profit margins, with Stone Technology projected at 24% and Ecovacs at 12% under optimistic scenarios [39][42].