科沃斯：营收规模同比回落，盈利能力阶段承压

Investment Rating - The investment rating for the company is "Buy" and it is maintained [3][4]. Core Views - The company's revenue for the first three quarters of 2024 was 10.226 billion yuan, a year-on-year decline of 2.90%, while the net profit attributable to the parent company was 615 million yuan, a year-on-year increase of 1.88% [3][4]. - The decline in revenue is attributed to changes in revenue recognition timing and inventory reduction in overseas markets, which have pressured profitability [3][4]. - Despite the challenges, the company is expected to recover in scale and profit growth after experiencing temporary setbacks due to inventory adjustments [4]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 3.250 billion yuan, a year-on-year decline of 4.06%, and a net profit of 6.0388 million yuan, down 69.21% year-on-year [3][4]. - The gross profit margin improved by 0.4 percentage points year-on-year for the first three quarters of 2024, while the operating profit for the same period was 501 million yuan, a decline of 7.64% year-on-year [3][4]. - The operating cash flow net amount decreased by 72.95% year-on-year for the first three quarters of 2024 [3][4]. Strategic Initiatives - The company is actively promoting a multi-category layout, focusing on service robots and smart home appliances, which have received positive feedback from both domestic and international users [4]. - The company aims to enhance its product offerings and market presence, particularly in the service robot sector, which is expected to drive future growth [4]. Future Outlook - The company forecasts net profits attributable to the parent company for 2024-2026 to be 1.221 billion, 1.498 billion, and 1.868 billion yuan, respectively, with corresponding price-to-earnings ratios of 24.2, 19.7, and 15.8 times [4].