证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 石头科技（688169.SH） 积极市场策略下收入进一步提速，短期盈利水平下滑 风险提示：消费恢复不及预期、行业竞争加剧、新品开拓不及预期。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8,654 | 11,945 | 16,060 | 19,355 | 22,995 | | 增长率 yoy（%） | 30.5 | 38.0 | 34.5 | 20.5 | 18.8 | | 归母净利润（百万元） | 2,051 | 1,977 | 2,080 | 2,542 | 3,071 | | 增长率 yoy（%） | 73.3 | -3.6 | 5.2 | 22.2 | 20.8 | | EPS 最新摊薄（元/股） | 11.10 | 10.70 | 11.26 | 13.76 | 16.63 | | 净资产收益率（%） | 18.0 | 15.4 | 14.1 | 14.9 ...

编号：2025-002 | | √特定对象调研 □分析师会议 | | --- | --- | | 投 资 者 关 系 活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | █其他 投资机构线上交流 | | 参 与 单 位 名 称 及人员姓名 | 长江证券、中信证券、广发证券、国泰海通证券、国金证券、中金公 生证券、华创证券、华安证券、东方证券、华福证券、英大证券、方 | | | 司、国信证券、华泰证券、西南证券、申万宏源证券、国投证券、光 | | | 大证券、太平洋证券、开源证券、中信建投证券、国盛证券、国联民 | | | 正证券、华西证券、中泰证券、中国银河证券、贝莱德基金、华商基 | | | 金、泓德基金、鑫元基金、南方基金、交银施罗德基金、国投瑞银基 | | | 金、盈峰资本、创金合信基金、广州市航长投资、深圳广汇缘资产管 | | | 理、浙江浙商证券资产管理、浙江三耕资产管理、长江养老保险、中 | | | 汇人寿保险等 61 方接入电话会议。 | | 时间 | 2025 年 4 月 29 日 | | 地点 | 电话线上交流 | | | 董事 ...

丨证券研究报告丨 [Table_Summary] 截至 2025 年 4 月 23 日，发布 2024 年分红预案的公司数量超过三分之一，统计数据发现，半 数以上的行业分红率实现提升，红利策略继续挖掘"新红马"。从一级行业看，截至 2025 年 4 月 23 日，我们自下而上统计得到的行业 2024 年与 2023 年分红率差值，结果发现半数以上行 业分红率实现提升，其中预期股息率超过 3.5%的行业中，家电制造、交通运输等行业 2024 年 分红率提升较多；细分行业看，小家电、快递、楼宇设备等行业分红率提升靠前。 分析师及联系人 [Table_Author] SAC：S0490524010002 SFC：BTR264 戴清 胡飞 投资策略丨专题报告 [Table_Title] 价值策略周报：分红率普涨，寻觅"新红马" 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 价值策略周报：分红率普涨，寻觅"新红马" [Table_Summary2] 上市公司分红预案跟踪：行业分红率普遍提升，继续挖掘"新红马" 2024 年上市公司 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company achieved a revenue of 1 billion yuan in Q1 2025, representing a year-on-year increase of 21.33%, while the net profit attributable to the parent company was 81 million yuan, down 4.97% year-on-year [1] - The automotive motor business showed significant growth, and despite uncertainties in international trade, the company expects continued high growth in automotive parts revenue due to sufficient orders on hand [1][2] - The company is actively pursuing market opportunities, with dishwasher products already certified by CQC and EU CE, and other product categories are also being developed [1] - The automotive parts segment is expected to improve long-term profitability, with a gross margin of 15.8% in Q1 2025, down 1.6 percentage points year-on-year [2] - The company plans to expand its customer base and overseas production capacity, including new facilities in Vietnam and Thailand, to ensure stable and flexible product supply [3] Financial Summary - Revenue is projected to grow from 2,775.13 million yuan in 2023 to 7,081.52 million yuan in 2027, with growth rates of 43.19%, 47.56%, 24.62%, 18.62%, and 16.98% respectively [4] - The net profit attributable to the parent company is expected to increase from 322.18 million yuan in 2023 to 722.29 million yuan in 2027, with growth rates of 7.92%, 27.51%, 22.24%, 21.45%, and 18.42% respectively [4] - The company’s earnings per share (EPS) is projected to rise from 0.87 yuan in 2023 to 1.94 yuan in 2027 [4] - The price-to-earnings (P/E) ratio is expected to decrease from 21.99 in 2023 to 9.81 in 2027, indicating an attractive valuation over time [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company has maintained high revenue growth, with a reported revenue of 4.095 billion yuan in 2024, representing a year-on-year increase of 47.56%. The net profit attributable to shareholders was 411 million yuan, up 27.51% [5] - In Q1 2025, the company achieved a revenue of 1 billion yuan, reflecting a growth of 21.33%, while the net profit attributable to shareholders decreased by 4.97% to 81 million yuan [5] - The company is accelerating its capacity expansion in Southeast Asia, with plans to raise up to 1.524 billion yuan for various projects, including the production of home appliances and high-performance motors [5] - The automotive motor segment is expected to see significant growth, with revenue from this segment increasing by 104.5% year-on-year in 2024 [5] Financial Summary - The company reported a gross margin of 17.36% in 2024, with the automotive motor segment showing a significant increase in gross margin due to scale effects [6] - The projected revenues for 2025, 2026, and 2027 are 5.248 billion yuan, 6.520 billion yuan, and 7.867 billion yuan, respectively, with year-on-year growth rates of 28.2%, 24.2%, and 20.7% [7] - The earnings per share (EPS) are expected to be 1.35 yuan in 2025, 1.70 yuan in 2026, and 2.10 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 14.8, 11.7, and 9.5 [7]

九阳股份（002242）公告，2025年第一季度营收为20亿元，同比下降3.17%；净利润为1.01亿元，同比 下降21.91%。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's profit exceeded expectations, with 2024 revenue reaching 16.82 billion yuan, a year-on-year increase of 15%, and net profit attributable to shareholders at 1.05 billion yuan, up 8% year-on-year. The first quarter of 2025 saw revenue of 3.83 billion yuan, a 10% increase year-on-year, and net profit of 247 million yuan, a significant 43% increase year-on-year [6] - The company has established a new appliance research institute to develop emerging product categories, with overseas revenue showing strong growth, particularly in small home appliances, while domestic sales faced challenges due to a sluggish market [6] - The gross profit margin decreased to 20.9% in 2024, down 1.8 percentage points year-on-year, primarily due to product mix adjustments, while expense ratios remained stable [6] - The company is expected to see continued growth in profitability, with forecasts for net profit of 1.17 billion yuan in 2025, 1.26 billion yuan in 2026, and 1.37 billion yuan in 2027, reflecting year-on-year growth rates of 11.0%, 7.6%, and 8.6% respectively [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 16.82 billion yuan, with a year-on-year growth rate of 14.8%. For 2025, revenue is expected to reach 18.33 billion yuan, reflecting an 8.9% increase [2] - The net profit attributable to shareholders for 2024 is estimated at 1.05 billion yuan, with a growth rate of 7.8%. The forecast for 2025 is 1.17 billion yuan, indicating an 11.0% increase [2] - Earnings per share for 2024 is projected at 1.29 yuan, increasing to 1.44 yuan in 2025 [2] - The company's return on equity (ROE) is expected to be 12.9% in 2025, with a price-to-earnings (P/E) ratio of 9 [2] Market Data - As of April 28, 2025, the closing price of the company's stock is 13.00 yuan, with a market capitalization of 10.51 billion yuan [3] - The company has a price-to-book ratio of 1.3 and a dividend yield of 3.08% [3]

事件：公司2024 年全年实现营业收入168.21 亿元，同比+14.84%，归母净利润10.53亿元，同比 +7.75%；其中2024Q4 实现营业收入41.31 亿元，同比+6.15%，归母净利润2.68 亿元，同比+11.07%。公 司2025 年Q1 全年实现营业收入38.34 亿元，同比+10.36%，归母净利润2.47 亿元，同比+43.02%。24 年 公司向全体股东每 10 股派发现金红利 4.50元（含税），分红比例42.02%。 风险提示：新品销售不及预期；自有品牌销售不及预期；外销订单不及预期；原材料价格上涨及运费上 涨导致利润下滑。 海外需求旺盛带动外销增长，内销增长有所承压分地区看， 24A 公司内外销收入同比-4.42%/+21.68% ， 其中24Q4 内外销同比-11.3%/+14.1%。2024 年海外小家电总体需求比较旺盛，外销增速较好；内销 受国内消费市场景气度低迷等因素影响表现较弱。25Q1 内外销收入同比-4.94%/+15.77% ，外销延续较 好的增长趋势，内销仍有所承压。针对美国对华加征关税政策，近年来公司也在印度尼西亚进行了产能 布局，设立了两个制造基地，以应 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company achieved a total revenue of 16.82 billion yuan in 2024, representing a year-on-year increase of 14.84%, and a net profit attributable to shareholders of 1.05 billion yuan, up 7.75% year-on-year [1]. - The company is experiencing strong overseas demand, leading to significant growth in exports, while domestic sales are under pressure due to a sluggish consumer market [2]. - The gross margin for 2024 was 20.91%, a decrease of 1.82 percentage points year-on-year, while the net margin was 6.63%, down 0.51 percentage points year-on-year [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 4.13 billion yuan, a 6.15% increase year-on-year, and a net profit of 268 million yuan, up 11.07% year-on-year [1]. - For Q1 2025, the company achieved revenue of 3.83 billion yuan, a 10.36% increase year-on-year, and a net profit of 247 million yuan, a significant increase of 43.02% year-on-year [1]. Sales and Revenue Breakdown - In 2024, the company's domestic sales decreased by 4.42% while international sales increased by 21.68%. In Q4 2024, domestic sales fell by 11.3% and international sales grew by 14.1% [2]. - For Q1 2025, domestic sales declined by 4.94% while international sales rose by 15.77%, indicating a continued trend of strong export growth despite domestic challenges [2]. Cost and Margin Analysis - The company's gross margin for 2024 was 20.91%, down from the previous year, while the net margin was 6.63% [3]. - In Q4 2024, the gross margin was 19.38%, a decline of 4.01 percentage points year-on-year, but the net margin slightly improved to 7.01% [3]. Expense Management - The company maintained good control over its expense ratios in 2024, with sales, management, R&D, and financial expense ratios at 3.6%, 4.94%, 3.94%, and -0.52% respectively [3]. - For Q1 2025, the expense ratios were 3.9% for sales, 5.8% for management, and 3.36% for R&D, indicating a slight increase in management expenses [4]. Future Outlook - The company expects to see gradual recovery in domestic sales due to a low base, while external orders are anticipated to continue driving overall revenue growth [4]. - The projected net profits for 2025, 2026, and 2027 are 1.21 billion yuan, 1.37 billion yuan, and 1.51 billion yuan respectively, with corresponding P/E ratios of 8.74x, 7.68x, and 6.99x [4].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 17.10 CNY for the next six months [4][6]. Core Views - The company has shown strong growth in overseas sales, with a year-on-year increase of 15.8% in Q1, driven by robust demand for small household appliances and increased inventory needs due to uncertainties in U.S. tariff policies [2]. - Domestic sales have shown marginal improvement, with a year-on-year decline of 4.9% in Q1, compared to a decline of 11.2% in Q4 2024, supported by government subsidies for replacing old appliances [2]. - The company's profitability has improved, with a net profit margin of 6.4% in Q1, up by 1.5 percentage points year-on-year, attributed to better investment returns and a favorable exchange rate [3]. Financial Performance Summary - In 2024, the company achieved a revenue of 16.82 billion CNY, a year-on-year increase of 14.8%, and a net profit of 1.05 billion CNY, up by 7.7% [1]. - For Q1 2025, the company reported a revenue of 3.83 billion CNY, a year-on-year increase of 10.4%, and a net profit of 0.25 billion CNY, up by 43.0% [1][3]. - The company's gross profit margin improved by 0.5 percentage points year-on-year, indicating better cost management and product mix [3]. Future Outlook - The company is expected to benefit from ongoing government subsidies for small household appliances, which will likely enhance domestic sales [4]. - The establishment of a manufacturing base in Indonesia is anticipated to mitigate trade policy risks and support stable growth in overseas sales [2]. - The projected earnings per share (EPS) for 2025 to 2027 are estimated to be 1.43 CNY, 1.62 CNY, and 1.88 CNY respectively, indicating a positive growth trajectory [7].