Core Insights - The company reported better-than-expected profits for 2024 and Q1 2025, with a revenue of 16.542 billion yuan in 2024, a 7% year-on-year increase, and a net profit of 806 million yuan, a 32% increase [1] - The company plans to distribute a cash dividend of 0.45 yuan per share, totaling 259 million yuan, which is 32.12% of the net profit attributable to shareholders [1] Financial Performance - In Q4 2024, the company achieved a revenue of 6.316 billion yuan, a 27% year-on-year increase, and a net profit of 191 million yuan, a significant increase of 2178% [1] - For Q1 2025, the company reported a revenue of 3.858 billion yuan, an 11% year-on-year increase, and a net profit of 475 million yuan, a 59% increase [1] Business Segments - The company's domestic brands generated a revenue of 8.082 billion yuan, a 5.22% increase, while the Tanke brand achieved 8.061 billion yuan, a 10.87% increase, both accounting for 49% of total revenue [2] - The company successfully launched new products such as T30, T50, and X8, leading to a 47.5% year-on-year increase in shipments in Q4 2024 [2] International Expansion - The overseas revenue for both brands reached 6.808 billion yuan, a 12.6% increase, accounting for 42.2% of brand business revenue [2] - In the European market, the company saw significant growth, with revenues increasing by 51.6% for the Cobos brand and 64.0% for the Tanke brand [2] Cost Management - The company's gross margin remained stable, with a decrease in sales expense ratio by 3.84 percentage points, indicating effective cost control [2] - In Q1 2025, the company reported a reduction in R&D and financial expense ratios [2] Profit Forecast - The profit forecasts for 2025 and 2026 have been adjusted to 1.31 billion yuan and 1.56 billion yuan, respectively, with a new forecast for 2027 at 1.78 billion yuan, reflecting year-on-year growth of 63%, 19%, and 14% [3] - The company maintains a "buy" rating due to the introduction of new products and the growth contribution from overseas business [3]

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].

科沃斯（603486）在2025年首季迎来"开门红"。 4月25日晚，科沃斯(603486.SH)同时发布了2024年年报与2025年一季报，报告期内，公司的营收与净利 润纷纷大涨。今年一季度，公司净利润增幅接近60%。 梳理财报后，证券之星发现，科沃斯之所以能够收获如此亮眼的成绩单，离不开技术创新和对趋势洞察 上的前瞻性。2024年，公司的系列明星新品备受赞誉，T50和X8系列新品在四季度更分别实现29.4万台 和20.6万台销售，推动品牌在中高价格市场份额的显著提升。其X8ProPlus一举斩获2024IFA"家庭清洁 机器人品牌奖"与"家居清洁解决方案金奖"两项产品技术创新大奖。 而凭借着丰富的产品线、卓越的创新能力，科沃斯在海外市场持续获得认可，2024年，科沃斯品牌和添 可品牌在欧洲市场营业收入较上年分别同比大增51.6%和64%。 值得一提的是，2024年，在实现业绩增长的同时，科沃斯也凭借着多项降本举措，使毛利率提升2个百 分点，今年一季度，公司毛利率进一步提升至49.68%。 两大自有品牌业务收入合计达161.43亿元，占公司报告期总收入的97.59%。从单季度来看，受益于国补 政策的有效实施 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported profits that exceeded expectations, with a revenue of 16.542 billion yuan in 2024, a year-on-year growth of 7%, and a net profit attributable to shareholders of 806 million yuan, a year-on-year increase of 32% [6] - The company plans to distribute a cash dividend of 0.45 yuan per share, totaling 259 million yuan, which accounts for 32.12% of the annual net profit attributable to shareholders [6] - The company has outlined a shareholder return plan for the next three years (2025-2027), committing to distribute no less than 30% of the annual distributable profits in cash [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 19.037 billion yuan, with a year-on-year growth rate of 15.1% [5] - The net profit attributable to shareholders for 2025 is projected to be 1.313 billion yuan, reflecting a year-on-year growth of 62.8% [5] - The earnings per share for 2025 is estimated at 2.28 yuan [5] - The gross profit margin is expected to remain stable at around 46.8% for 2025 [5] - The return on equity (ROE) is projected to be 16.1% for 2025 [5] Business Performance - The company successfully launched new products in the domestic market and achieved significant growth in the European market, with overseas revenue reaching 6.808 billion yuan, a year-on-year increase of 12.6% [6] - The company’s brands achieved a revenue of 8.082 billion yuan and 8.061 billion yuan respectively, with year-on-year growth rates of 5.22% and 10.87% [6] - The company’s sales volume for new products in Q4 2024 saw a year-on-year increase of 47.5% and 32.7% for its two main brands [6] Cost Control and Profitability - The company has effectively controlled costs, with a decrease in the sales expense ratio by 3.84 percentage points year-on-year [6] - The R&D and financial expense ratios have also narrowed in Q1 2025 [6] Valuation and Investment Outlook - The company’s earnings forecasts for 2025 and 2026 have been adjusted to 1.313 billion yuan and 1.563 billion yuan respectively, reflecting a growth of 63% and 19% [6] - The company is expected to maintain a price-to-earnings (PE) ratio of 23 for 2025, 20 for 2026, and 17 for 2027, indicating a favorable valuation [5][6]