Core Viewpoint - Ecovacs Robotics Co., Ltd. has issued convertible bonds with a total scale of 10.40 billion RMB, with a current coupon rate of 1.50% and a maturity of 6 years, aimed at enhancing its financial flexibility and supporting business growth [1][2]. Group 1: Bond Overview - The bond code is 113633.SH, and it is named "Ecovacs Convertible Bond" with a total issuance of 10.40 billion RMB and a current balance of 10.40 billion RMB [1]. - The initial coupon rate was set at 0.30%, which has been adjusted to 1.50% for the current period [1]. - The bond is unsecured and has an issuer rating of AA, with the same rating for the bond itself [1]. Group 2: Financial Performance - As of the end of 2024, the total assets of the company reached 1,502,605.79 million RMB, reflecting a 12.24% increase from the previous year [3]. - The total liabilities increased by 14.47% to 782,932.42 million RMB, while net assets grew by 9.91% to 719,673.37 million RMB [3]. - The operating income for 2024 was reported at 1,654,222.85 million RMB, a 6.71% increase compared to the previous year, with a net profit of 80,567.03 million RMB, up 31.78% [3]. Group 3: Use of Proceeds - The company has utilized 77,303.91 million RMB of the raised funds, with a remaining balance of 31,571.08 million RMB as of the report date [5][6]. - The funds are primarily allocated towards projects related to smart home appliances and service robots, with a focus on enhancing technological capabilities and market expansion [5][6]. Group 4: Debt Servicing and Management - The company has established a dedicated department to oversee the repayment of the bonds, ensuring that funds for interest payments and principal repayment are allocated in the annual budget [9][12]. - A special account has been set up for managing the bond proceeds, adhering to regulatory requirements for transparency and accountability [9][12]. - The company has not encountered any significant adverse changes affecting its debt servicing capability, maintaining a stable financial structure [12].

财报图谱 注:添可品牌全球出货量 仅包括洗地机 研发加码: 年投人超25亿元 近两年 合增长率为9.05% HHETH SER. 2024年海外宣 双品牌欧洲营收 S FRADIO CRUES 科沃斯双品牌战略成效 研发投人8.85亿元驱 科沃斯2024年实现营收165.42亿元、净利润8.06亿元, 6.71%和31.78%。2025年一季度,公司净利润环比增 营现金流同比激增超10倍。双品牌战略成效显著,科沃斯 全年营收均超80亿元,合计贡献97.6%的营收,其中科 达5.22%,添可品牌营收增速达10.87%。 研发投入持续加码,2024年研发费用达8.85亿元,累计 项,研发人员占比达18.4%。 中国出海品牌50强 ● 全球最大的清洁明 . ● | 提质增效:2024年净利润同比增长 2025年一季度净利润玖 营业总收入(亿元) 净利润 营收同比变化(%) 净利润 (%)：(亿元) (亿元) - 20 20 - C 15 150 11.06 15 10 100 5 10 C 0 50 5 38.58 -5 0 -10 0 2022 2023 2024 202501 2022 2023 | 双品牌驱动 ...

Core Insights - The company reported a revenue of 16.54 billion yuan for 2024, representing a year-on-year increase of 6.7%, and a net profit attributable to shareholders of 0.81 billion yuan, up 31.7% year-on-year [1] - In Q4 2024, the company achieved a revenue of 6.32 billion yuan, a year-on-year increase of 27.1%, and a net profit of 0.19 billion yuan, which is a significant increase of 2178.0% year-on-year [1] - For Q1 2025, the company reported a revenue of 3.86 billion yuan, up 11.1% year-on-year, and a net profit of 0.47 billion yuan, an increase of 59.4% year-on-year [1] Revenue Breakdown - In 2024, the revenue from the Ecovacs brand service robots, the Tineco brand smart home appliances, OEM/ODM cleaning appliances, and other businesses were 8.08 billion yuan, 8.06 billion yuan, 0.26 billion yuan, and 0.14 billion yuan, with year-on-year changes of +5.2%, +10.9%, -34.0%, and +43.4% respectively [1] - The domestic and international revenue for 2024 were 9.43 billion yuan and 7.11 billion yuan, reflecting year-on-year increases of 5.0% and 9.1% respectively [1] - Online and offline revenue for 2024 were 11.1 billion yuan and 5.44 billion yuan, with year-on-year changes of +14.7% and -6.6% respectively [1] Profitability Analysis - The gross margin for 2024 increased by 1.94 percentage points to 46.5%, with service robots, smart home appliances, and other products having gross margins of 45.0%, 48.6%, and 13.4% respectively [2] - The net profit margin for 2024 increased by 0.9 percentage points to 4.9% [2] - For Q1 2025, the gross margin rose by 2.5 percentage points to 49.7%, and the net profit margin increased by 3.7 percentage points to 12.3% [3] Future Projections - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 1.386 billion yuan, 1.630 billion yuan, and 1.900 billion yuan respectively, with year-on-year growth rates of 71.9%, 17.6%, and 16.6% [3]

[Table_Title] 盈利能力恢复 [Table_Title2] 科沃斯(603486) [Table_Summary] 事件概述 公司发布 24 年年报&25 年一季报： 24 年：营业总收入 165.42 亿元（YOY+6.71%），归母净利润 8.06 亿元（YOY+31.70%），扣非后归母 净利润 7.16 亿元 （YOY+48.09%）。 24Q4：营业总收入 63.16 亿元（YOY+27.07%），归母净利润 1.91 亿元（YOY+2178.04%），扣非后归母净利润 1.85 亿元 （YOY+583.82%）。 25Q1：营业总收入 38.58 亿元（YOY+11.06%），归母净利润 4.75 亿元（YOY+59.43%），扣非后归母 净利润 3.56 亿元 （YOY+24.17%）。 分析判断 收入端：主要由量增贡献，外销增速快于内销，国补表现出较 强的拉动作用。24 年科沃斯品牌服务机器人销售收入 80.82 亿 元，同比增长 5%；添可品牌高端智能生活电器销售收入 80.61 亿元，同比增长 11%。收入主要由量增贡献，24 年科沃斯品牌 服务机器人产品全球出货达 295 万 ...

证券研究报告·公司点评报告·小家电 科沃斯（603486） 2024 年报及 2025 年一季报点评：2025Q1 归 母净利润同比+59%，盈利改善逻辑开始兑现 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 15,502 | 16,542 | 18,224 | 20,519 | 23,105 | | 同比（%） | 1.16 | 6.71 | 10.17 | 12.59 | 12.60 | | 归母净利润（百万元） | 612.08 | 806.09 | 1,201.98 | 1,483.65 | 1,819.70 | | 同比（%） | (63.96) | 31.70 | 49.11 | 23.43 | 22.65 | | EPS-最新摊薄（元/股） | 1.06 | 1.40 | 2.09 | 2.58 | 3.16 | | P/E（现价&最新摊薄） | 49.98 | 37.95 | 25.45 | 2 ...