行 业 及 产 业 家用电器 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 (8621)23297818× liujl@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 07 月 13 日 特朗普宣布加征 50%铜关税，科沃 斯发布业绩预增公告 看好 ——《2025/7/7-2025/7/11》家电周报 本期投资提示： A、清洁电器数据：扫地机、洗地机线上销售量额同比上升，均价表现分化。扫地机： 根据久谦天猫月度数据，2025 年 6 月扫地机实现线上销量 35.23 万台，同比上升 34.11%；实现销额 5.76 亿元，同比上升 44.07%；价格方面，整体线上市场均价同比 上升 7.43%至 1634.50 元/台。洗地机：根据久谦天猫月度数据，2025 年 6 月洗地机 实现线上销量 25.74 万台，同比上升 32.43%；实现销额 4.1 ...

证券代码：603486 证券简称：科沃斯 公告编号：2025-053 转债代码：113633 转债简称：科沃转债 科沃斯机器人股份有限公司 2025年半年度业绩预增公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本期业绩预告适用于实现盈利，且净利润与上年同期相比上升50%以上的情形。 ● 科沃斯机器人股份有限公司（以下简称"公司"）预计2025年半年度实现归属于母公司所有者的净利润 96,000万元到99,000万元，与上年同期相比将增加35,102万元到38,102万元，同比增加57.64%到 62.57%。归属于母公司所有者的扣除非经常性损益的净利润84,000万元到87,000万元，与上年同期相比 将增加28,264万元到31,264万元，同比增加50.71%到56.09%。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年6月30日。 （二）业绩预告情况 二、上年同期业绩情况 （一）利润总额66,474.34万元。归属于母公司所有者的净利润：60,897.54万元。归属 ...

Core Insights - The company expects to achieve a net profit attributable to shareholders of 960 million to 990 million yuan for the first half of 2025, representing a year-on-year growth of 57.64% to 62.57% [1] - The net profit excluding non-recurring gains and losses is projected to be between 840 million and 870 million yuan, reflecting a year-on-year increase of 50.71% to 56.09% [1] - The company anticipates a revenue growth of approximately 25% due to continuous growth in domestic and international business driven by innovative product combinations and a balanced online and offline strategy [1] Industry Analysis - The cleaning appliance market is benefiting from consumer upgrades and policy support, with increasing demand for smart cleaning devices [1] - Technological advancements are driving products towards multifunctionality and intelligence, with AI and interactive technologies expanding market opportunities [1] - The company's growth is a reflection of both industry benefits and its competitive strengths, including dual-brand synergy and comprehensive price coverage [1] Product Performance - The company's X and T series of cleaning robots have gained wider market recognition through innovative technology and differentiated user experiences, continuing their strong sales momentum since Q4 of the previous year [2] - The company’s brand achieved a GMV of 3.25 billion yuan during the 618 shopping festival, maintaining its leading position in the cleaning appliance industry [2] - In the high-end market segment above 5000 yuan, the company's vacuum robots accounted for over 44% of both sales volume and revenue, indicating strong consumer acceptance of its technology [2]

Core Insights - The company expects to achieve a net profit attributable to shareholders of 960-990 million yuan for the first half of 2025, representing a year-on-year increase of 57.64% to 62.57% [1] - The company anticipates a revenue growth of approximately 25% year-on-year for the first half of 2025, with a nearly 40% increase expected in the second quarter [1] - The company has improved its profit margins significantly through operational efficiency and product structure optimization [2] Financial Performance - The expected net profit for Q2 2025 is between 48.532-51.532 million yuan, with a year-on-year growth of 55.9% to 65.6% [1] - The net profit margin for Q2 2025 is projected to be 9.9% to 10.5%, an increase of 1 to 1.6 percentage points year-on-year [2] - The company forecasts net profits attributable to shareholders of 2.02 billion yuan, 2.46 billion yuan, and 2.9 billion yuan for the years 2025, 2026, and 2027, respectively [3] Business Growth - The core business has performed well, with new business segments contributing significantly to revenue growth [3] - The introduction of innovative products, particularly the X and T series of vacuum robots, has led to strong sales and market recognition [1] - The company’s new product categories have maintained high growth momentum, with the Ecovacs brand seeing over 60% revenue growth in Q2 2025 [1]

Core Insights - The widespread adoption of household embodied intelligent service robots is expected to occur after 2030, with home appliance companies needing to address weaknesses in AI algorithms and motion control to capitalize on this opportunity [1][9][10] Group 1: Industry Trends - Leading home appliance companies, including Midea, Haier, and Hisense, are accelerating their investments in humanoid robots, viewing this as a new growth avenue [1][3][5] - Midea plans to invest at least 50 billion yuan in R&D over the next three years, focusing on AI models, robotics, and health care [3] - Haier is exploring partnerships in the robotics sector and has already made strides in cleaning robots, with future plans for humanoid robots [4][5] Group 2: Competitive Landscape - Hisense has expanded its business scope to include the development of intelligent and service robots, and is involved in national robotics standardization efforts [5] - Other companies like Ecovacs and Roborock are also entering the humanoid robot space, leveraging their existing expertise in cleaning robots [5][9] - The competition is characterized by a mix of traditional home appliance manufacturers and specialized cleaning robot companies, each with distinct advantages and challenges [9] Group 3: Strategic Considerations - Home appliance companies possess advantages such as extensive household data, brand recognition, and supply chain management, which can facilitate the development and commercialization of humanoid robots [8][9] - The transition to humanoid robots is seen as a natural extension for cleaning robot companies, which already have experience in navigation and environmental sensing technologies [9] - The industry is expected to evolve with different paths for home appliance giants focusing on comprehensive service solutions, while cleaning robot firms may prioritize specific functional modules [9]

7月10日，由南方都市报主办的"2025高品质消费品牌TOP100创新生态大会"在上海举行。科沃斯成功入 选"2025高品质消费品牌TOP100"，并荣获"年度十大高品质消费品牌"。 2025年7月11日晚间，科沃斯（603486.SH）发布公告称，公司预计2025年半年度实现归母净利润9.60亿 元到9.90亿元，同比增长57.64%到62.57%；扣非净利润8.40亿元到8.70亿元，同比增长50.71%到 56.09%。 对于业绩预增的主要原因，科沃斯在公告中表示，公司报告期内通过创新产品组合、多价格带布局及线 上线下并重等举措，实现国内外业务的持续稳步增长，带动公司收入预计同比增长约25%。此外，科沃 过优化运营结构和效率，提升经营效率，推动整体经营利润率的提升。 今年以来，科沃斯恒压活水滚筒洗地机器人通过创新技术方案和差异化用户体验，持续赢得更广泛消费 群体和市场的认可，延续去年四季度以来的畅销势头。添可品牌也在艺术家系列洗地机产品的带动下， 进一步巩固和提升了其在中高端市场的收入和盈利表现。 根据科沃斯此前披露的618战报显示，科沃斯双品牌全渠道GMV高达32.5亿元，稳居清洁电器行业第 一；科沃 ...

产业在线数据显示2025年4-5月彩电内外销出货量同比均小幅波动，值得关注的是受益于补贴政策推动 MiniLED渗透率持续提升，彩电是家电提价幅度最大的品类之一，产品结构显著优化，对应线上、线下 行业整体均价分别同比+10.5%、+6.5%，叠加中国彩电龙头凭借面板产业链优势抢占海外市场，该行预 计龙头收入或将延续稳健增长，且产品结构优化、面板价格同比下滑背景下，其盈利弹性值得期待。 厨电：国补支撑需求，分体烟灶走势平稳 国联民生（601456）证券发布研报称，维持家电行业"强于大市"投资评级。站在当前时点，家电行业内 需提振预期向上，且板块整体对美敞口或不高，龙头结构升级、全球产能布局等应对空间充裕，叠加龙 头经营高质量且高股息，建议积极关注家电投资价值。重点推荐：一是经营高质量，高股息的白电龙 头;二是品牌与产品实力领先的彩电龙头;三是关注经营边际改善、业绩弹性可期的小家电标的。 国联民生证券主要观点如下： 白电：内销趋势向上，龙头份额提升 国补政策带动下，2025Q2白电内销有望实现高单至双位数增长，终端快于出货，产业良性运行;出口方 面，关税影响下外销短期有所放缓，不过前期订单对收入或有支撑。空调龙头 ...

证券研究报告 | 2025年07月07日 家电行业周报（25 年第 27 周） 优于大市 二季度家电内销景气环比提升，海外家电零售表现稳健 本周研究跟踪与投资思考：2025H1 我国家电内销迎来较快增长，Q2 景气环 比有所上行，其中空调、油烟机、燃气灶、扫地机等零售额增长超 15%。 上半年家电零售需求向好，空调、扫地机景气最高。2025H1 受益于国补拉动， 家电内销需求延续良好增长，Q2 增速更是有所上升，显示出家电行业强大的 活力。据奥维云网数据显示，2025 年前 26 周（截至 6 月 29 日），空调线上 /线下零售额同比分别+23.0%/+15.3%，冰箱线上/线下零售额同比 -5.8%/+10.0%，洗衣机线上/线下零售额同比+9.9%/+16.8%；油烟机、燃气 灶线上线下零售额增长超 20%，洗碗机线上线下同比分别+8.8%/+22.5%；厨 房小家电线上零售明显回暖，电饭煲线上线下零售额同比+16.1%/+9.1%，空 气炸锅、搅拌机线上增长超 10%；扫地机及洗地机延续较快增长趋势，线上 零售额增长均超 40%，线下同样实现强劲增长。 5 月家电内销出货增长良好，外销有所承压。产业在 ...

Core Viewpoint - The recent secondary listing of Stone Technology on the Hong Kong stock market raises questions about potential value reassessment, especially as the company's stock price has significantly declined, indicating possible investor sentiment issues [1][3]. Group 1: Financial Performance - Stone Technology's revenue for 2022, 2023, and 2024 is projected to be approximately 6.611 billion, 8.639 billion, and 11.918 billion RMB respectively, with net profits of about 1.183 billion, 2.051 billion, and 1.977 billion RMB during the same periods [3]. - The sales revenue from smart vacuum cleaners increased from 6.346 billion RMB in 2022 to 8.085 billion RMB in 2023, and is expected to reach 10.848 billion RMB in 2024, reflecting a compound annual growth rate of 27.4% and 34.2% respectively [3]. - The company's overall revenue surged from 4.5 billion RMB in 2020 to an estimated 11.9 billion RMB in 2024, marking an increase of over 160% [4]. Group 2: Market Position and Competition - Stone Technology holds the largest market share in the global smart vacuum cleaner industry, with a 23.4% share by GMV and 16.7% by unit sales in 2024 [8]. - Despite strong sales growth, the company faces challenges with profitability, as indicated by fluctuating gross margins of 47.9%, 54.1%, and 50.4% for 2022, 2023, and 2024 respectively [6][9]. - The competitive landscape remains intense, with Stone Technology's market share closely contested by other major players like iRobot and Ecovacs, which have shares of 13.7% and 13.5% respectively [13][14]. Group 3: Pricing and Profitability Issues - The company has experienced a decline in net profit margins, dropping from 30.23% in 2020 to 16.55% in 2024, with the first quarter of 2024 showing a further decline to 7.8% [11]. - The average selling price of smart vacuum cleaners has seen minimal increases, with prices rising only 10% and 1% over the past two years, despite a significant increase in sales volume [11]. - Price competition is evident, with significant price reductions for key models, indicating a potential price war in the market [15]. Group 4: Corporate Governance and Investor Sentiment - The chairman of Stone Technology has faced backlash for selling shares while urging investors to remain patient, highlighting a potential disconnect between management and investor confidence [20]. - Major shareholders, including those from the Xiaomi group, have significantly reduced their holdings, raising concerns about the company's future and investor trust [21].

6月27日，北京石头世纪科技股份有限公司（以下简称"石头科技"）正式向港交所递交招股书，摩根大 通及中信证券为联席保荐人。若此次成功上市，石头科技将成为"A+H"上市公司。据招股书显示，其此 次IPO募资将主要用于拓展国际化业务、加强产品研发及丰富产品组合，同时补充运营资金以支持公司 长期发展。 不过，南都记者注意到，石头科技近年业绩情况并不理想，虽然营收逐年增长，但其净利润却出现一定 程度下滑，而作为对比，同样聚焦扫地机器人的科沃斯尽管营收净利双增，却未见港股二次上市计划。 另外，近年石头科技创始人昌敬和多名股东不断减持，2023年曾位列第三大股东的顺为资本，也已于去 年退出前十大股东行列。 冲击港股二次上市，石头近年增收不增利 近日，南都记者获悉，石头科技正式在港交所提交招股书，此次上市联席保荐人为摩根大通和中信证 券。此次赴港已是石头科技二次上市，公开资料介绍，石头科技成立于2014年，是一家专注于智能清洁 机器人及其他智能电器研发和生产的公司。2020年，其在科创板上市。 而提及此次IPO募资用途，石头科技在招股书中介绍，主要将用于拓展国际业务及提升品牌知名度；加 强研发能力及扩阔产品组合；投资扩大海 ...