石头科技（688169）：2024年年报点评：积极打法延续，营收增长亮眼，利润率有所回落

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a total revenue of 11.945 billion yuan for 2024, representing a year-on-year growth of 38.03%. However, the net profit attributable to shareholders decreased by 3.64% to 1.977 billion yuan, and the net profit after deducting non-recurring items fell by 11.26% to 1.620 billion yuan [2][4] - In Q4 2024, the company achieved a revenue of 4.938 billion yuan, a significant increase of 66.54% year-on-year, but the net profit attributable to shareholders dropped by 26.99% to 504 million yuan [2][4] - The company has successfully maintained a leading position in the global vacuum cleaner market, achieving first place in both volume and revenue, with a market share of 16% in volume and 22.3% in revenue [10] Summary by Sections Financial Performance - For the full year 2024, the company's revenue was 11.945 billion yuan, with a gross profit margin of 50.36%, down 3.75 percentage points from 2023. The net profit margin was 16.55%, a decrease of 7.16 percentage points year-on-year [10] - The company’s sales expenses increased significantly, with a sales expense ratio of 24.84%, reflecting a 5.05 percentage point increase compared to the previous year [10] Market Strategy - The company has adopted an aggressive market strategy, leading to impressive growth in both domestic and international sales. The domestic sales grew by 25.39%, while international sales surged by 51.06% [10] - The introduction of a trade-in program has significantly boosted domestic demand for vacuum cleaners, contributing to a 70.29% year-on-year increase in sales in Q4 2024 [10] Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 2.218 billion yuan, 2.961 billion yuan, and 3.614 billion yuan for 2025, 2026, and 2027 respectively. The corresponding price-to-earnings ratios are estimated to be 15.4, 11.5, and 9.4 times [10]