Core Viewpoint - The company's 2024 performance was below expectations, while 1Q25 performance exceeded expectations, driven by new product launches and improved gross margins [1][2]. Financial Performance - In 2024, the company reported revenue of 16.542 billion, a year-on-year increase of 6.7%, and a net profit of 806 million, up 31.7% [1]. - For 4Q24, revenue reached 6.316 billion, showing a year-on-year growth of 27.1%, with net profit soaring to 191 million, a significant increase of 2178% [1]. - In 1Q25, revenue was 3.858 billion, reflecting an 11.1% year-on-year growth, and net profit was 475 million, up 59.4% [1]. Business Segmentation - In 2024, the revenue growth for the brands Ecovacs and Tineco was 5% and 11% respectively, with overseas growth outpacing domestic growth [2]. - The overseas revenue for Ecovacs and Tineco brands increased by 12.6%, accounting for 42% of total revenue, with significant growth in the European market, where Ecovacs and Tineco saw revenue increases of 52% and 64% respectively [2]. Profitability and Cost Management - The company improved its gross margin in 2024, with a 4 percentage point increase for the Ecovacs brand due to a higher proportion of new products, leading to a 2 percentage point increase in overall gross margin [3]. - In 1Q25, the apparent gross margin rose by 3 percentage points to 49.7% [3]. - The company managed to control expenses, resulting in a decrease in sales, management, and R&D expense ratios in 2024 [3]. Development Trends - Domestic sales are driven by national subsidies and new product launches, with the introduction of mid-to-high-end products like the T80 and X9, as well as a new low-end product, the mini [4]. - The company anticipates that new products will penetrate overseas markets, with limited impact from tariffs [4]. Earnings Forecast and Valuation - The company maintains its earnings forecasts for 2025 and 2026, with the current stock price corresponding to 22.2 times and 19.9 times the earnings for 2025 and 2026 respectively [5]. - The target price remains at 62.68, implying an 18% upside potential from the current stock price [5].

Core Viewpoint - The company reported a revenue of 16.542 billion yuan for 2024, a year-on-year increase of 6.71%, and a net profit attributable to shareholders of 806 million yuan, up 31.70% year-on-year, although below expectations due to significant asset impairment losses [1] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue growth of 11.06% year-on-year and a net profit growth of 59.43% year-on-year [1] - The adjusted gross margin for 2024 was 46.52%, an increase of 2.0 percentage points year-on-year, primarily due to effective cost reduction measures [3] - The adjusted selling expense ratio was 30.33%, a decrease of 0.92 percentage points year-on-year, reflecting the company's focus on cost control [3] Group 2: Brand Performance - For 2024, the Ecovacs brand generated revenue of 8.082 billion yuan, a year-on-year increase of 5.22%, while the Tineco brand revenue was 8.061 billion yuan, up 10.87% year-on-year [2] - In Q4 2024, the Ecovacs and Tineco brands saw shipment increases of 47.5% and 32.7% year-on-year, respectively, benefiting from national subsidy policies [2] - The flagship products of the Ecovacs brand, T50 and X8 series, sold 294,000 and 206,000 units in Q4 2024, significantly enhancing market share in the mid-to-high price segment [2] Group 3: Strategic Initiatives - The company plans to invest 200 million yuan in establishing the Yinfeng Lanxiu Fund, focusing on investments in robotics and AI, with a total fund size of 500 million yuan [4] - The company aims to accelerate its global expansion and seek new market opportunities while improving operations through investments in industry funds [1][4] Group 4: Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders of 1.468 billion yuan, 1.665 billion yuan, and 2.053 billion yuan for 2025-2027, with corresponding EPS of 2.55, 2.89, and 3.57 yuan [5] - The average PE ratio for comparable companies in 2025 is expected to be 19.34 times, with the company being assigned a target price of 63.75 yuan based on a 25x PE ratio for 2025 [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown continuous improvement in operations, with significant growth in overseas sales. The total revenue for 2024 reached 16.5 billion yuan, a year-on-year increase of 7%, with net profit increasing by 32% [5][6] - The company is expected to maintain a strong growth trajectory, with an upward revision of net profit forecasts for 2025 and 2026 by 9% and 15% respectively, reflecting confidence in its product strength and market expansion [7] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 6.3 billion yuan, a year-on-year increase of 27%, and net profit of 190 million yuan, a staggering increase of 2178% [5] - For Q1 2025, revenue was 3.9 billion yuan, up 11% year-on-year, with net profit around 470 million yuan, reflecting a 59% increase [5] Brand Performance - The dual-brand strategy (科沃斯 and 添可) continues to show growth, with revenues of 8.1 billion yuan each, representing increases of 5% and 11% respectively. Notably, overseas revenue grew by 13%, with European markets seeing increases of 52% and 64% for the respective brands [6] Profitability Metrics - The gross margin improved to 46.5% in 2024 and 49.7% in Q1 2025, driven by product and cost structure optimization. The net profit margin also improved to 4.9% in 2024 and 12.3% in Q1 2025 [7][21] Future Projections - The company is projected to achieve revenues of 18.4 billion yuan in 2025 and 20.3 billion yuan in 2026, with net profits expected to reach 1.3 billion yuan and 1.6 billion yuan respectively [9][19] - The report anticipates a continued positive trend in profitability, with a projected net profit margin of 7.2% in 2025 and 7.7% in 2026 [21] Valuation - The current stock price corresponds to a P/E ratio of 23 for 2025, 20 for 2026, and 17 for 2027, indicating a favorable valuation based on expected growth [7][9]

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 ...

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]

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 article discusses the challenges and frustrations consumers face with whole-home smart systems, highlighting issues such as device incompatibility, high repair costs, and misleading marketing claims about functionality [1][2][4][6]. Usage - Consumers like Mr. He and Ms. Zhang have invested significantly in smart home systems, spending over 20,000 yuan and 100,000 yuan respectively, but experience frequent malfunctions and poor user experience [2][4]. - Common issues include false triggers from sensors, ineffective voice commands, and the need for multiple apps to control different devices, leading to a cumbersome experience [2][8][10]. After-Sales Service - Repair costs for smart devices can be exorbitant, with some consumers reporting fees as high as 2,500 yuan for repairs, and difficulties in finding qualified technicians due to the specialized nature of smart devices [4][5]. - Delays in service and parts availability further exacerbate consumer dissatisfaction, with some waiting weeks for repairs [4][5]. Selection - There is a significant price disparity among service providers for whole-home smart systems, with quotes for similar services varying from 8,000 yuan to 20,000 yuan, raising concerns about quality and reliability [6][7]. - Consumers report experiences of being misled about the equipment installed versus what was quoted, indicating a lack of transparency in the industry [7]. Installation - The lack of interoperability between different brands' devices necessitates the use of multiple apps, complicating the user experience and undermining the promise of a seamless smart home [8][10]. - Major brands have specific requirements for their devices to work together, limiting consumer choices and further complicating the integration of various smart home products [9][10].

跨境电商品类持续扩张，表现亮眼。公司智能家居、健康办公产品品类不断丰富，在保持升降桌主打产 品优势的同时，利用线性驱动核心技术以及品牌、渠道协同优势，实现销售收入稳中有升。公司跨境电 商模式下，新品开拓卓有成效，且性价比不断提升，高中低不同价格带满足更多用户需求，2024 年跨 境电商销售收入20.26 亿元，同比增长14.28%，电动沙发、人体工学椅等新品类逐渐起量。 本报告导读： 公司业绩符合预期，自营海外仓的规模效应有望逐步显现。 投资要点： 调整盈利预期 ，维持"增持"评级。公司业绩低于我们的预期，考虑外贸环境的不确定性，我们下调公 司2025-2026 年盈利预期，并新增2027 年盈利预期，预计公司2025-2027 年EPS 为1.15/1.29/1.61元 （2025-2026 年原1.68/1.95 元），参考行业估值水平，考虑公司前瞻布局自建海外仓的成本优势赋予的 估值溢价，给予公司2025 年16xPE，下调目标价至18.44 元，维持"增持"评级。 海外仓业务保持高增长。2024 年公司海外仓实现营收24.23 亿元，同比增长154.76%，毛利率10.37%， 同比降低2.32pct ...