净利率同比提升。公司24 年实现销售毛利率39.29%，同比-1.04pcts。期间费用率方面，24 年公司销售 费用率同比-0.28pct 至18.20%，管理费用率/财务费用率同比分别+0.64/+0.68pct 至4.73%/-0.74%；研发 费用率同比-1.09pcts 至4.31%。24 年公司收到政府补助约7209 万元，同比大幅提升，增厚公司业绩， 最终录得24 年净利率12.75%，同比+0.82pct。25Q1 公司实现毛/净利率36.32%/9.49%，同比-2.15 /+1.83pcts。 维持"买入"投资评级。我们略微上调此前对于公司25-26 年的盈利预测（前值为9.29/9.88亿元），新增 27 年盈利预测，预计公司25-27 年分别可实现归母净利润9.49/10.00/10.54亿元，同比分别增长 5.1%/5.4%/5.4%，对应当前市盈率分别为12/12/11 倍，维持"买入"投资评级。 风险提示：原材料价格波动风险；行业竞争加剧风险；地产市场低迷风险。 投资要点： 25Q1 业绩超预期，分红比例持续提升。2024 年公司实现营业收入70.96 亿元，同比-8.96%，实 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 16.87 CNY, maintaining the rating [4][9]. Core Views - The company has experienced a decline in revenue and net profit in 2024, with a revenue of 1.557 billion CNY, down 7.78% year-on-year, and a net profit of 248 million CNY, down 24.07% year-on-year [2][9]. - Despite the overall market challenges, the company’s smart clothes drying rack sales have seen a year-on-year increase of 19.42% in 2024, driven by new product iterations and effective marketing strategies [3][9]. - The company is expected to benefit from the gradual implementation of national subsidies, which may stimulate demand in the second quarter of 2025 [3][9]. Financial Performance Summary - In 2024, the company's gross margin was 47.98%, a decrease of 3.37 percentage points year-on-year, with a significant drop in Q4 to 37.58% [4][8]. - The net profit margin for 2024 was 15.94%, down 3.42 percentage points year-on-year, with Q4 showing a net profit margin of 11.88% [8][9]. - The company’s revenue projections for 2025-2027 are 1.719 billion CNY, 1.921 billion CNY, and 2.156 billion CNY, respectively, with expected growth rates of 10.41%, 11.75%, and 12.25% [9][10]. Market Position and Strategy - The company is positioning itself as a leader in the smart home sector, focusing on enhancing its product offerings and expanding its online sales channels [3][9]. - The company is implementing a strategy to reduce reliance on traditional distribution models by transitioning to a direct sales approach [3][9]. - The ongoing development of a provincial operation platform and optimization of engineering channel structures are expected to support stable growth [9][10].

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company's Q1 2025 performance exceeded expectations, with a continuous increase in dividend payout ratio. For 2024, the company achieved total revenue of 7.096 billion yuan, a year-on-year decrease of 8.96%, and a net profit attributable to shareholders of 903 million yuan, a year-on-year decrease of 2.28%. In Q1 2025, the company reported total revenue of 1.491 billion yuan, a year-on-year decrease of 5.83%, and a net profit of 141 million yuan, a year-on-year increase of 16.77% [6] - The company announced a cash dividend of 0.9 yuan per share for 2024, totaling approximately 666.44 million yuan, which corresponds to a payout ratio of 73.8% of the net profit attributable to shareholders, an increase from 47.5% and 67.7% in 2022 and 2023 respectively, highlighting its strong dividend attributes [6] - The company is focusing on smart home trends and upgrading consumer scenarios, optimizing retail channels with "scenario-based solutions," and expanding its market presence through diversified product offerings and refined operations [6] - The company achieved a gross profit margin of 39.29% in 2024, with a net profit margin of 12.75%, reflecting a year-on-year increase of 0.82 percentage points [6] - The report slightly raises the profit forecast for 2025-2026, projecting net profits of 949 million yuan and 1 billion yuan for 2025 and 2026 respectively, with corresponding year-on-year growth rates of 5.1% and 5.4% [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 7.096 billion yuan, with a forecasted revenue of 7.454 billion yuan for 2025, reflecting a year-on-year growth of 5.0% [5] - The company expects to achieve a net profit of 949 million yuan in 2025, with a projected earnings per share of 1.27 yuan [5] - The gross profit margin is expected to improve to 39.7% in 2025, with a return on equity (ROE) of 13.5% [5]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2024年年报及2025年一季报。2024年公司实现营业总收入165亿元（YoY+7%），归母净利润/扣 非归母净利润8/7亿元（YoY+32%/+48%）；其中24Q4公司实现营业总收入63亿元（YoY+27%），归母净 利润/扣非归母净利润1.9/1.9亿元（YoY+2178%/+584%）；25Q1实现营收39亿元（YoY+11%），归母净 利润/扣非归母净利润约为4.7/3.6亿元（YoY+59%/+24%）。2024年度利润分配方案为每10股派现4.5元 （含税），现金分红率为32%。 点评： 双品牌保持增长，海外增长较快 2024年科沃斯/添可品牌营收81/81亿元，同比+5%/+11%，分地区看： ...

4月27日，深圳市罗湖区举办以"罗湖新生态?智家筑未来"为主题的"智能家"产业发展投资促进大会，从 空间赋能、资本赋能、服务赋能、场景赋能、政策赋能等5个方面，推介罗湖区"智能家"招商体系，发 布《罗湖区支持"智能家"产业集聚发展若干措施》。 活动同期，罗湖区正式发布支持智能家产业集聚发展的若干措施，从全产业链发展支持、市场拓展支 持、应用示范支持、产业生态发展支持四个方面，全方位对智能家产业集聚发展提供支持。 深圳市罗湖区商务局副局长颜坤鹏介绍，罗湖区将对智能家产业相关的研发、设计、终端销售等企业给 予企业发展支持，推动全产业链集聚发展。其中，对智能家产业科学研究和技术服务业企业，按经营资 质、发展情况、带动效应、集聚能力等维度进行综合评估，分档给予最高1亿元支持；对智能家产业工 程设计与技术服务业企业，根据经营情况，分档给予最高300万元支持；对智能家产业零售企业，按条 件给予最高1000万元支持。 在全球数字化浪潮与消费升级的双重驱动下，全球智能家居产业正迎来爆发式增长。近年来，罗湖区积 极布局"智能家"产业，加快打造"智能家"产业集聚区。据介绍，罗湖区笋岗片区自1996年"中华第一 仓"启幕以来，已吸 ...

晚上10点，儿子睡了，手机安静了，杭州某互联网公司运营总监陈琳终于拥有了属于自己的时间。 但对于更多普通消费者而言，智能床怎么就能"哄睡"了？动辄价格数万元的智能床，真的不是智商税吗？ 最早出圈于2022年初北京冬奥会冬奥村，床体可升降调节，还配有按摩、升降、防打鼾、睡眠监测等诸多功能的智能床，近两年开始频繁"入驻"如陈琳这 样的中产家庭卧室。 她轻触遥控选择智能床的"阅读模式"，背部被缓缓抬起到55度，腿部则微抬至30度，放松地看了半小时电子书，快11点了，切换到"哄睡模式"。 "躺平"的她感受到床垫微妙的高度调节，身体进入宛如失重般的放松状态，最后在轻柔的摇晃震动中入眠。 第二天早晨，刺耳的闹钟没有响起，取而代之的是上身被床垫缓缓托起，享受了一把温柔叫醒服务，陈琳打开手机App，显示"深睡眠时长比上周增加 21%"。 床头与床尾微微抬起的智能床。图/小红书@李李歪歪de装修日记 头豹研究院数据显示，中国智能床市场规模持续增长，预计到2026年接近40亿元。申万宏源也在研报中称，去年四季度以来国内头部企业竞相 发力智能床垫品类，2025年有望成为智能床垫爆发的元年。 这届中产，靠床哄睡？ 北京2022年冬奥 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 15.57 billion yuan in 2024, a year-on-year decrease of 7.78%, and a net profit attributable to shareholders of 248 million yuan, down 24.07% year-on-year [2] - The company is facing operational pressure due to weak overall industry demand and intensified competition, but performance is expected to gradually improve with national subsidies and increased industry concentration favoring leading companies [2][5] - The company has maintained a leading position in product innovation with over 1,600 patents, and the recent increase in consumer subsidies is anticipated to boost downstream demand [5] Summary by Sections Financial Performance - In 2024, the company's overall revenue declined, with smart home products accounting for 85.24% of total revenue despite a 7.39% year-on-year decrease [3] - The gross margin for 2024 decreased by 3.37 percentage points to 47.98%, primarily due to intensified competition and accounting adjustments [4] - The company plans to distribute a cash dividend of 2 yuan per 10 shares (tax included) [2] Market Position and Strategy - The company is enhancing its online sales channels and optimizing offline channels to cope with market pressures, with a focus on new product iterations [3] - The company has launched several new products, including the GW-129 and GW-118 series, to strengthen its position in the smart drying sector [3] Future Outlook - Revenue forecasts for 2025-2027 are adjusted to 16.35 billion yuan, 18.22 billion yuan, and 20.65 billion yuan respectively, with corresponding EPS estimates of 0.68 yuan, 0.76 yuan, and 0.90 yuan [7] - The company is expected to benefit from the rapid development of the smart home sector and its status as a leading player [7]

2025 年 4 月 29 日 公司研究 经营持续改善，外销维持高增 ——科沃斯（603486.SH）2024 年年报及 2025 年一季度业绩点评 买入（维持） 当前价：53.18 元 作者 分析师：洪吉然 执业证书编号：S0930521070002 021- 52523793 hongjiran@ebscn.com 联系人：周方正 021- 52523855 zhoufangzheng@ebscn.com 市场数据 | 总股本(亿股) | 5.75 | | --- | --- | | 总市值(亿元)： | 305.94 | | 一年最低/最高(元)： | 36.25/68.39 | | 近 3 月换手率： | 84.12% | 股价相对走势 -12% 5% 23% 40% 57% 04/24 07/24 10/24 01/25 科沃斯 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -10.80 | 25.30 | 12.62 | | 绝对 | -14.50 | 24.51 | 17.12 | | 资料来 ...

Investment Rating - The report maintains a "Recommended" rating for the smart home industry [8][27]. Core Insights - The smart home industry is experiencing rapid growth driven by three main factors: continuous release of demand for consumption upgrades and elderly-friendly renovations, technological innovations, and strong policy support [27]. - Recent policy changes in Fujian Province have expanded the scope of the old-for-new appliance program, providing a 15% subsidy on the final sales price for 21 categories of home appliances [3][18]. - The first quarter saw a 19.3% year-on-year growth in the retail sales of household appliances and audio-visual equipment, indicating the effectiveness of the consumption upgrade policies [4][19]. Summary by Sections Market Review - In the past two weeks (April 14-25, 2025), the Shanghai Composite Index rose by 1.76%, while the smart home index (399996.SZ) increased by 1.06%, underperforming the Shanghai Composite by 0.69 percentage points [2][13]. - Year-to-date, the smart home index has gained 0.22%, outperforming the Shanghai Composite by 1.91 percentage points [13][14]. Industry Policy Tracking - On April 22, 2025, Fujian Province announced an adjustment to the old-for-new appliance policy, expanding the subsidy to 21 categories of appliances, with a maximum subsidy of 2000 yuan per product [3][18]. Industry News Tracking - The first quarter's retail sales of household appliances and audio-visual equipment showed a significant increase of 19.3% year-on-year, reflecting the positive impact of the old-for-new policy [4][19]. - Gree Electric's board of directors has undergone a leadership change, with Dong Mingzhu re-elected as chairperson [20]. - Cixi's small home appliance sector has shown resilience against U.S. tariff pressures, with domestic sales growing over 30% [21]. Investment Recommendations - Leading home appliance companies like Haier, Midea, Gree, and Hisense are demonstrating strong resilience due to their globalized operations and localized production capabilities [5][26]. - The report emphasizes that the smart home industry is set to benefit from the ongoing consumption upgrade and technological advancements, maintaining a "Recommended" rating for the industry [27].

Investment Rating - The report maintains a "Recommended" rating for the smart home industry [8][27]. Core Insights - The smart home industry is experiencing rapid growth driven by three main factors: continuous release of demand for consumption upgrades and elderly-friendly renovations, technological innovations, and strong policy support [27]. - Recent policy changes in Fujian Province have expanded the scope of the old-for-new appliance program, providing a 15% subsidy on the final sales price for 21 categories of home appliances [3][18]. - The first quarter saw a 19.3% year-on-year growth in the retail sales of household appliances and audio-visual equipment, indicating the effectiveness of the consumption upgrade policies [4][19]. Summary by Sections Market Review - In the two weeks from April 14 to April 25, 2025, the Shanghai Composite Index rose by 1.76%, while the smart home index increased by 1.06%, underperforming the Shanghai index by 0.69 percentage points [2][13]. - Year-to-date, the smart home index has increased by 0.22%, outperforming the Shanghai Composite Index by 1.91 percentage points [13][14]. Industry Policy Tracking - On April 22, 2025, Fujian Province announced an adjustment to the old-for-new appliance policy, expanding the subsidy to 21 categories of appliances, with a maximum subsidy of 2000 yuan per product [3][18]. Industry News Tracking - The first quarter of 2025 saw significant growth in the household appliance sector, with a 19.3% increase in retail sales, reflecting the positive impact of the old-for-new policy [4][19]. - Gree Electric's board of directors has undergone a leadership change, with Dong Mingzhu re-elected as chairperson [20]. - Cixi's small appliance sector has shown resilience against U.S. tariff pressures, with domestic sales growing over 30% [21]. Investment Recommendations - Leading home appliance companies like Haier, Midea, Gree, and Hisense are demonstrating strong resilience due to their globalized operations and localized production capabilities [5][26]. - The report emphasizes that the smart home industry is set to benefit from the ongoing demand for smart home solutions, driven by technological advancements and changing consumer preferences [27].