归母净利：25H1 9.6~9.9 亿（+57.64%~+62.57%），25Q2 4.85~5.15 亿（+55.93%~+65.57%）。 归母净利率：25H1 11.01%~11.35%，25Q2 9.98%~10.60%。 归母扣非净利：25H1 8.4~8.7 亿（+50.71%~+56.09%），25Q2 4.84~ 5.14亿（+78.79%~ +89.87%）。 归母扣非净利率：25H1 9.63%~9.98%，25Q2 9.96%~10.58%（25Q2 同比+2.23~+2.84pct，25Q2 环比 +0.74~+1.35pct）。25Q2 扣非归母净利率环比显著提升。 科沃斯发布25H1 业绩预增。 收入：25H1 约+25%。25Q2 近+40%，其中科沃斯品牌+60%以上。 此前，市场对中国扫地机企业的收入高速增长有一定的预期。一方面内销国补下，据奥维数据，扫地机 器人品类线上零售额24M10-12/25M1-3/25M4-6 同比分别+86.70/+62.91/+36.39%，科沃斯品牌扫地机器 人线上零售额24M10-12/25M1-3/25M4-6 同比分别+60.17/+5 ...

Core Viewpoint - After experiencing a significant stock price increase, Ecovacs Robotics (科沃斯) issued a risk warning regarding abnormal trading fluctuations, while also announcing a substantial profit increase for the first half of 2025 [1][2] Company Summary - Ecovacs expects a net profit attributable to shareholders of 960 million to 990 million yuan for the first half of 2025, representing an increase of 351 million to 381 million yuan year-on-year, which is a growth of 57.64% to 62.57% [1] - The company's net profit excluding non-recurring gains and losses is projected to be between 840 million and 870 million yuan, an increase of 283 million to 313 million yuan year-on-year, equating to a growth of 50.71% to 56.09% [1] - The company attributes its performance to innovative product combinations, multi-price range strategies, and a balanced online and offline approach, leading to an expected revenue growth of approximately 25% year-on-year [2] - In Q2 2025, the company anticipates a revenue increase of nearly 40% year-on-year, driven by the success of its X and T series cleaning robots [2] - The new product categories are also expected to contribute significantly, with a projected revenue growth of over 60% year-on-year for the Ecovacs brand in Q2 2025 [2] - The company is focusing on optimizing its operational structure and efficiency, which has led to an improvement in overall operating profit margins during the reporting period [2] Industry Summary - According to data from AVC, the retail sales growth rates for robotic vacuum cleaners in the first half of 2025 are 45% online and 113% offline, while the growth rates for washing machines are 41% online and 35% offline, providing favorable conditions for leading companies like Ecovacs [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [18]. Core Insights - The company is projected to achieve a net profit of approximately 9.6 billion to 9.9 billion yuan for the first half of 2025, representing a year-on-year increase of 58% to 63% [2]. - The revenue for the first half of 2025 is expected to grow by about 25% year-on-year, with a significant acceleration in growth anticipated for Q2, where revenue is expected to increase nearly 40% compared to Q1 [3]. - The company is focusing on enhancing operational efficiency and product innovation, which is expected to drive profitability improvements [4]. Financial Performance Summary - For 2025, the company forecasts total revenue of 196.97 billion yuan, with year-on-year growth rates of 19.1%, 16.1%, and 14.0% for 2026 and 2027 respectively [4][6]. - The projected net profit for 2025 is 19.20 billion yuan, with a substantial year-on-year growth of 138.2% [4][6]. - The earnings per share (EPS) is expected to rise to 3.34 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 19x [6].

股票研究 /[Table_Date] 2025.07.15 收入业绩高增，经营质量改善 科沃斯(603486) 本报告导读： 公司 Q2 收入高增，国补和新品周期双驱动，经营质量改善，业绩弹性释放。增持。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 15,502 | 16,542 | 19,084 | 21,772 | 24,475 | | (+/-)% | 1.2% | 6.7% | 15.4% | 14.1% | 12.4% | | 净利润(归母) | 612 | 806 | 1,940 | 2,253 | 2,514 | | (+/-)% | -64.0% | 31.7% | 140.6% | 16.2% | 11.6% | | 每股净收益(元) | 1.06 | 1.40 | 3.37 | 3.92 | 4.37 | | 净资产收益率(%) | 9.3% | 11.2% | 22.6% | 22.3% ...

关于业绩变动原因，公司解释称，报告期内，公司通过创新产品组合、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%。2025年二季度，公司收入 预计同比增长近40%。其中科沃斯品牌X系列和T系列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，延续了自2024年四季度以来的畅销势头。同 时，新品类业务在报告期内也保持了较高的增长动能，助力科沃斯品牌业务收入在2025年二季度同比增 长超60%。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。 此前，科沃斯机器人股份有限公司发布 2025 年半年度业绩预增公告称，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%。 北京 ...

618大促数据进一步验证其市场统治力：双品牌全渠道成交额突破32.5亿元，滚筒活洗技术机型销量超 31万台，5000元以上价位段市占率达44%。据奥维云网监测，科沃斯已连续10年蝉联中国扫地机器人市 场规模第一，技术壁垒与高端化战略成效持续释放。 业绩高增背后是公司产品结构优化与市场策略的有效落地。报告期内，科沃斯通过"创新产品组合+多价 格带覆盖+全渠道协同"的立体化布局，推动国内外业务均衡增长，预计上半年收入同比增长约25%。其 中，二季度收入增速进一步提速至近40%，核心品类表现尤为亮眼：科沃斯品牌X系列和T系列恒压活 水滚筒洗地机器人延续2024年四季度的热销态势，成为高端市场标杆；新品类业务亦保持高增长动能， 带动科沃斯品牌二季度收入同比增幅超60%。添可品牌则凭借艺术家系列洗地机产品，持续强化中高端 市场地位，盈利表现同步提升。 7月14日，清洁电器龙头科沃斯（603486）股价强势涨停，截至发稿成交额达5.67亿元，换手率1.59%， 市场热度显著提升。此次股价异动直接受益于公司前日晚间发布的2025年半年度业绩预告：预计上半年 实现归母净利润9.6亿至9.9亿元，同比增长57.64%至62.5 ...

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]