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） 2025 年 4 月 29 日 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 ...

前十大流通股东累计持有： 6623.7万股，累计占流通股比： 34.6%，较上期变化： 353.66万股。 | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 厦门鑫合创投资有限公司 | 1701.00 | 8.89 | 不变 | | 缪国栋 | 1639.34 | 8.56 | 不变 | | 侯宏强 | 1050.31 | 5.49 | 不变 | | 厦门兴联集团有限公司 | 536.19 | 2.80 | 不变 | | 厦门汉云投资管理有限公司-汉云股票精选二期私募证 | | | | | 券投资基金 | 449.31 | 2.35 | 新进 | | 庄伟 | 354.60 | 1.85 | 不变 | | 徐兆鹏 | 287.57 | 1.50 | 不变 | | 赵宏 | 231.67 | 1.21 | -20.00 | | 肖晓 | 189.79 | 0.99 | 35.47 | | 厦门市启诚和阳投资合伙企业(有限合伙) | 183.92 | 0.96 | 不变 | | 较上个报告期退出前十大股 ...

一、主要会计数据和财务指标 | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 浙江联翔智能家居股份有限公司回购专用证券账户 | 333.22 | 7.84 | 退出 | 三、分红送配方案情况 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.1100 | -0.1300 | 184.62 | 0.3900 | | 每股净资产（元） | 5.47 | 6.01 | -8.99 | 6.28 | | 每股公积金(元) | 3.33 | 3.33 | 0 | 3.33 | | 每股未分配利润(元) | 1.28 | 1.33 | -3.76 | 1.61 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 2.16 | 1.56 | 38.46 | 2 | | 净利润(亿元) | 0.11 | -0.13 | 184 ...

Core Insights - The company, 好太太, reported strong performance in its 2024 annual report, achieving a revenue of 1.557 billion yuan and a net profit of 248 million yuan, demonstrating resilience amid external economic challenges [1] - The company has maintained a leading position in the smart home sector, with significant increases in both production and sales of smart products, including smart drying racks and smart locks, reflecting its strong market competitiveness [1] - The company emphasizes shareholder returns, proposing a cash dividend of 2.0 yuan per 10 shares, totaling 80.7823 million yuan, which represents 32.51% of the net profit [2] Group 1: Financial Performance - In 2024, the company achieved a revenue of 1.557 billion yuan and a net profit of 248 million yuan, showcasing its ability to navigate market challenges [1] - The proposed cash dividend of 2.0 yuan per 10 shares reflects the company's commitment to shareholder returns and confidence in future growth [2] Group 2: Product and Market Strategy - The company reported significant growth in the production and sales of smart products, with core products receiving widespread market acclaim [1] - Continuous optimization of product structure and quality has attracted more consumer attention, solidifying the company's leading position in the smart home market [1] Group 3: Innovation and R&D - The company has increased R&D investment and introduced high-end talent, leading to the development of industry-leading smart home products, enhancing user experience and market share [2] Group 4: Channel and Quality Management - The company has successfully implemented a comprehensive channel strategy, enhancing brand awareness and market share through collaboration with traditional distributors and online platforms [3] - A robust quality management system ensures high product quality and service levels, earning consumer trust and recognition [3]

会议现场，全国交通建筑产业大国工匠、广东省劳动模范、中建深装总工程师曹亚军以《智能家居赋能 开启好房子新生态》为题发表主旨演讲。他指出，智能化技术正从建筑装饰的"附加值"转变为"必需 品"，通过数字化设计、装配式施工及智慧运维，可实现建筑全生命周期降本增效。例如，中建深装自 主研发的"镁翼复合板""装配式墙板"等产品，具备循环安装、绿色环保等特性，还能高度集成结构、维 护体系、机电等工序模块，为居住空间赋予"感知力"。曹亚军强调："未来的'好房子'应兼具绿色低碳基 底与智能交互内核，让科技真正服务于人的健康与舒适。" 会上，中建深装与笋岗街道签署合作协议，双方将围绕"智慧潮流街区"建设展开深度合作。中建深装将 依托其专业力量，为街区提供从设计、施工到运维的全链条智能建造解决方案，构建应用场景和消费场 景，培养"场景体验-技术创新-政策驱动"的闭环生态，探索传统家居产业转型升级道路，共同推进"智慧 潮流街区"建设，为深圳打造智能家居产业示范高地注入新动能。(通讯员陈晨) 4月27日，以"罗湖新生态?智家筑未来"为主题的罗湖"智能家"产业发展投资促进大会在深圳笋岗街道举 行。大会聚焦智能家居产业升级与技术创新，共 ...

Core Insights - Chengdu Qusleep Technology Co., Ltd. successfully transitioned from scale growth to quality improvement in 2024, achieving significant growth in key financial metrics [1] - The company reported a revenue of 347 million yuan, a year-on-year increase of 13.93%, and a net profit attributable to shareholders of 28.97 million yuan, up 21.4% [1] - Cash flow from operating activities reached 23.91 million yuan, marking a substantial increase of 68.79%, with total cash reserves (including financial products) amounting to 838 million yuan, also showing growth [1] Financial Performance - In 2024, the company’s revenue from smart home products rose significantly, accounting for 41.68% of total revenue, establishing itself as a quality supplier in the smart sleep sector [1][2] - The company’s R&D investment represented 3.13% of revenue, continuing to increase year-on-year, with a focus on a three-tier R&D system [2] - The total cash dividend proposed is 8.968 million yuan, with a cash dividend and share buyback total of 20.873 million yuan, representing 72.06% of the annual net profit attributable to shareholders [3] Strategic Initiatives - Qusleep Technology has built a comprehensive smart home product matrix, successfully entering the mid-to-high-end health sleep market [2] - The company launched a smart bedside cabinet that achieved sales exceeding 4 million yuan, with a crowdfunding success rate of over 800%, indicating strong market demand [2] - As a strategic partner in the Xiaomi ecosystem, the company aims to deepen collaboration with Xiaomi's AI+ strategy, focusing on sleep health scenarios and the integration of generative AI in smart home applications [2]

Core Insights - The company reported a revenue of 347 million yuan for 2024, marking a year-on-year increase of 13.93% and a net profit attributable to the parent company of 28.97 million yuan, up 21.40% [1] - The company has successfully transformed into a quality supplier in the smart sleep sector, with smart home product revenue accounting for 41.68% of total revenue, a 36.32% increase year-on-year [1] - The company has achieved significant growth in its smart product line, with notable sales during major shopping events, and a new crowdfunding record for a smart bedside table product [1] Financial Performance - The net profit attributable to shareholders after deducting non-recurring gains and losses was 18.75 million yuan, reflecting a year-on-year growth of 46.41% [1] - The company plans to distribute a cash dividend of 2.26 yuan per 10 shares, totaling 8.97 million yuan [2] R&D and Innovation - The company increased its R&D investment intensity to 3.13%, a rise of 35.47 percentage points year-on-year, and established a three-tier R&D system [2] - The company holds 287 valid patents, with 13 new patents added during the reporting period, including 5 invention patents [2] - The company aims to deepen collaboration with Xiaomi in the AI+ strategy, focusing on sleep health scenarios and integrating generative AI into smart home applications [2]

正在举行的第137届中国进出口商品交易会(简称"广交会")上，来自多国的采购商穿梭于展位之间。他 们肤色不同，语言各异，却怀揣同一个目标——在全球贸易新形势中寻找商机。 截至24日中午，已经有来自全球218个国家和地区的近20万境外采购商汇聚于此，这场贸易盛会的吸引 力不仅在于"人流量"，更在于中国外贸企业将"流量"转化为"留量"的底气与实力。 4月25日，境外采购商在广交会上寻找商机。 中新社记者陈楚红摄 佛山市迅亚建材有限公司董事长罗广灶称："人流量较上届增加，特别是南美洲地区的采购商很多。"多 年来，借助广交会的平台，迅亚建材被全球各地的采购商所熟知。在巩固欧洲、中东、东南亚等地区市 场的基础上，该公司还拓展南美洲和非洲等市场。罗广灶认为，参加广交会既能挖掘国际市场潜力，降 低对特定市场的依赖，又能建立新的合作关系，实现共同发展。 "公司这两天接待了很多新客户，这提振了我们的信心，比如塞尔维亚、印度等国都是此前未及深耕的 市场，现在机会来了。"深圳市福兴业进出口有限公司负责人文婷说，除传统市场外，公司近年来还加 大对共建"一带一路"国家市场的开拓力度，积极拥抱市场多元化。 为更好地将"人流量"转化为"留 ...

机器人从二维平面空间到三维立体空间，复杂度要比平面高出很多，还需要突破很多技术。 日前云鲸智能宣布完成新一轮1亿美元融资并开启Pro-IPO轮融资，此轮融资的重点不只在扫地机器人，云鲸智能创始人张峻彬向第一财经记者表示，新一轮 融资资金将用于公司具身智能产品开发、全球市场扩张等。 除了云鲸智能在做业务扩展，面对扫地机器人这个渗透率还比较低、但竞争已十分激烈的市场，其他厂商也在寻找新增长曲线，各家锚定的方向各异。今年 3月AWE（中国家电及消费电子博览会）上，追觅展示了冰箱、空调、洗衣机等家电，从单一智能硬件拓展至全屋家电。此前，石头科技已经在做洗衣机， 科沃斯则进入割草机领域。 从扫地机器人出发，什么拓展方向才是最好的，市场还需要等一个答案。但随着具身智能领域变得越来越活跃，AI泛化能力肉眼可见地增强，要不要做、 怎么做具身智能，恐怕是扫地机器人厂商绕不开的话题。 在此之前，市场经历过徘徊。GfK、中怡康等机构数据显示，2021年全球扫地机器人市场规模同比增长18%，后续两年增长动力不足，分别同比持平和增长 0.8%。国内市场更是出现过高速增长后的销量下滑。据奥维云网数据，2020年及2021年，国内扫地机器 ...

Core Viewpoint - The company, Lege Co., Ltd., has reported its annual financial results, highlighting its main business segments, including smart home and office products, as well as cross-border logistics services, which have contributed to revenue growth. Company Overview - Lege Co., Ltd. focuses on smart home and office products, utilizing linear drive technology to enhance ergonomic design for health and comfort [4][6] - The company has expanded its product line to include height-adjustable desks, ergonomic chairs, electric sofas, and smart electric beds, catering to the growing demand for health-conscious and comfortable living and working environments [4][6][7] Financial Performance - The company has received a standard unqualified audit opinion from KPMG Huazhen [2] - The profit distribution plan approved by the board includes a cash dividend of 3 yuan per 10 shares, based on a total of 341,308,620 shares [3] - The company has not reported any need for retrospective adjustments or restatements of previous financial data [7] Business Segments - The smart home and office products segment has seen significant growth due to increased consumer demand for ergonomic solutions [4][6] - The cross-border logistics service segment has expanded rapidly since its inception in 2020, serving over 1,000 cross-border e-commerce sellers and benefiting from the growth of e-commerce penetration in the U.S. and China [7] Convertible Bonds - The company has successfully issued convertible bonds, with the latest adjustments to the conversion price reflecting changes in stock performance and incentive plans [12][14] - The current conversion price of the bonds has been adjusted to 33.23 yuan per share, effective from November 1, 2024 [14] - The company has reported no valid redemption requests for the convertible bonds during the recent redemption period [14]