新品效应显著，扫地机消费加速回暖

Investment Rating - The investment rating for Stone Technology is "Buy" with a target price of 345.50 CNY [1][10][11] Core Insights - The report highlights a significant rebound in the demand for robotic vacuum cleaners, driven by new product launches, with online retail sales in September showing a year-on-year increase of 23.07% in volume and 23.71% in revenue [2][3] - The report anticipates continued growth in online sales for the fourth quarter, supported by promotional events and consumer subsidies in various regions, which will likely enhance the performance of cleaning appliances [5][11] - Stone Technology is expected to achieve stable domestic revenue growth in the second half of the year, aided by the positive impact of new products [5][11] Summary by Sections Robotic Vacuum Cleaners - In September, online retail sales of robotic vacuum cleaners reached 220,800 units, up 23.07% year-on-year, with revenue of 721 million CNY, also up 23.71% [2] - The top-selling models included the Yunji J5 series and the Stone P20 Pro series, which together accounted for 32.73% of the monthly online sales [3] - Stone and Yunji's online retail revenue in September increased by 68.67% and 47.75% year-on-year, respectively, outperforming the industry average [3] Floor Washing Machines - The online retail revenue for floor washing machines in September decreased by 11.12% year-on-year, indicating a weaker market performance [4] - The market is evolving towards diversification, with innovative designs catering to consumer needs, particularly in the 2500-3000 CNY price range, which saw positive sales growth [4] Market Outlook - The report projects that the online sales data will continue to improve, with the cleaning appliance sector's valuation expected to recover [5] - The overall online sales volume and revenue for robotic vacuum cleaners in the first three quarters grew by 16.04% and 19.39% year-on-year, respectively [5]