证券代码：603486 证券简称：科沃斯 公告编号：2024-091 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 关于 2024 年股票期权与限制性股票激励计划之 首次授予结果的公告 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： 首次授予权益登记日：股票期权：2024 年 11 月 7 日；限制性股票：2024 年 11 月 7 日 首次授予权益登记数量：股票期权 1,321.23 万份、限制性股票 609.36 万股 首次授予权益登记人数：989 人 根据中国证监会《上市公司股权激励管理办法》、上海证券交易所、中国证券登 记结算有限责任公司上海分公司有关规定，科沃斯机器人股份有限公司（以下简称 "公司"）已于 2024 年 11 月 7 日在中国证券登记结算有限责任公司上海分公司办理 完成公司 2024 年股票期权与限制性股票激励计划（以下简称"本激励计划"、 "《激励计划》"）之首次授予登记工作，现将有关事项说明如下： 一、本激励计划的授予情况 （一）本激励计划已履行的相关审批程 ...

| 证券代码：603486 | 证券简称：科沃斯 | 公告编号：2024-092 | | --- | --- | --- | | 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 一、转股价格调整依据 修正前转股价格：176.83 元/股 修正后转股价格：175.17 元/股 "科沃转债"本次转股价格调整实施日期：2024 年 11 月 12 日 "科沃转债"自 2024 年 11 月 11 日停止转股，2024 年 11 月 12 日起恢复转股 关于"科沃转债"转股价格调整暨转股停牌的公告 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： 证券停复牌情况：适用 因科沃斯机器人股份有限公司（以下简称"本公司"或"公司"）2024 年股票 期权与限制性股票激励计划之限制性股票首次授予登记完成引起的"科沃转债"转 股价格调整,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | -- ...

证券代码：603486 证券简称：科沃斯 公告编号：2024-090 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 2024 年员工持股计划第一次持有人会议决议公告 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。 科沃斯机器人股份有限公司（以下简称"公司"）2024 年员工持股计划第一次 持有人会议于 2024 年 11 月 5 日以现场表决的方式召开。会议由公司董事会秘书马建 军先生召集和主持，出席本次会议的持有人 11 人，代表 2024 年员工持股计划份额 32,444,937 份，占公司 2024 年员工持股计划首次授予总额的 100%。会议的召集、召 开和表决程序符合公司 2024 年员工持股计划的有关规定。会议以记名投票表决方 式，审议通过了以下议案： （一） 审议通过《关于设立公司 2024 年员工持股计划管理委员会的议案》 为保证公司 2024 年员工持股计划的顺利进行，保障持有人的合法权益，根据 《科沃斯机器人股份有限公司 2024 年员工持股计划（草案）》（以下简称"《员工 持股计划 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][17]. Core Views - The company's Q3 2024 performance was below expectations, primarily due to revenue and expense mismatches. Future sales are expected to improve due to trade-in promotions and continued growth overseas [3][17]. - The company has adjusted its earnings forecasts for 2024-2026, with expected EPS of 2.08, 2.75, and 3.05 yuan, reflecting a decrease of 16%, 7%, and 11% from previous estimates. The growth rates are projected at +93.2%, +32.2%, and +11.0% respectively [17]. Summary by Sections Revenue - For the first three quarters of 2024, the company achieved revenue of 10.226 billion yuan, a year-on-year decrease of 2.9%. Q3 2024 revenue was 3.25 billion yuan, down 4.06% year-on-year. The revenue from floor cleaning machines is expected to decline, while washing machines are projected to grow [12][14]. - New products launched in Q3 are anticipated to contribute significantly to Q4 revenue, especially with the upcoming Double Eleven shopping festival and national subsidies [12][17]. Profitability - The gross margin for Q3 2024 was 46.82%, a year-on-year increase of 0.9 percentage points, but a decline of 4.2 percentage points from Q2 2024. The decline is attributed to inventory clearance in overseas channels [13][15]. - The company expects to see improvements in gross margins in Q4 due to ongoing cost reductions and product upgrades [13]. Assets and Cash Flow - As of Q3 2024, the company reported cash and cash equivalents plus trading financial assets of 4.199 billion yuan, a decrease of 9.02% year-on-year. Inventory stood at 3.397 billion yuan, down 6.08% year-on-year [16]. - The net cash flow from operating activities for Q3 2024 was -143 million yuan, a decrease of 46 million yuan year-on-year, while cash flow from investing activities was 110 million yuan, an increase of 529.67% year-on-year [16]. Investment Recommendations - The report suggests that the company will benefit from trade-in promotions and ongoing overseas growth, leading to an overall improvement in profitability. The target price has been raised to 63.2 yuan, based on comparable company valuations [17].

干源证券 公 司 研 究 科沃斯（603486.SH） 2024 年 11 月 01 日 家用电器/小家电 2024Q3 收入错期、费用前置下业绩有所承压，看好 以旧换新拉动改善 投资评级：买入（维持） ——公司信息更新报告 | --- | --- | --- | --- | --- | |-------------------------|-------------|---------------------------------------|-----------------------------------------------------------------------------------------|---------------------------------------| | 日期 | 2024/10/31 | 吕明（分析师） | 周嘉乐（分析师） | 陈怡仲（联系人） | | 当前股价 ( 元 ) | 52.25 | lvming@kysec.cn | zhoujiale@kysec.cn | chenyizhong@kysec.cn | | 一年最高最低 ( 元 ) | 6 ...

Investment Rating - Buy rating maintained for Ecovacs (603486 SH) [1] Core Views - Domestic sales remain weak in Q3 2024 with Ecovacs brand revenue down 13% YoY (domestic -25% overseas 0%) while Tineco brand revenue grew 12% YoY (domestic +20% overseas +6%) [1] - Q3 2024 gross margin at 47% (+1pct YoY -4pct QoQ) net margin at 0 2% [1] - Profitability weakened QoQ in Q3 2024 due to front-loaded marketing expenses for Double 11 and overseas inventory clearance [1] - Domestic market outlook depends on product pricing and potential subsidy extension which could restart penetration growth [1] - Overseas competition intensifying with new entrants like Yunji and Dreame increasing marketing spend [1] Financial Performance Income Statement - 2024E revenue forecast at 16 38 billion yuan (+6% YoY) with net profit of 1 216 billion yuan (+99% YoY) [1] - 2025E revenue forecast at 18 504 billion yuan (+13% YoY) with net profit of 1 521 billion yuan (+25% YoY) [1] - 2026E revenue forecast at 20 954 billion yuan (+13% YoY) with net profit of 1 806 billion yuan (+19% YoY) [1] - 2024E gross margin expected at 50 7% with net margin at 7 4% [2] Balance Sheet - 2024E total assets forecast at 12 99 billion yuan [2] - 2024E total liabilities forecast at 5 932 billion yuan with debt-to-equity ratio of 19 6% [2] - 2024E current ratio expected at 2 1 with quick ratio at 1 5 [2] Cash Flow - 2024E operating cash flow forecast at 1 358 billion yuan [2] - 2024E capital expenditure forecast at -592 million yuan [2] Valuation - 2024E P/E at 24 5x P/B at 4 2x [1] - 2024E EV/EBITDA at 84x [2] Industry Analysis - Domestic robotic vacuum cleaner market penetration growth stalled awaiting potential subsidy extension [1] - Overseas market competition intensifying with Chinese brands expanding globally [1] - Industry innovation currently in a plateau phase providing opportunities for latecomers [1]

证券研究报告 非金融公司|公司点评|科沃斯（603486） 2024 三季报点评： 经营短期波动，收入与盈利改善可期 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月31日 证券研究报告 |报告要点 科沃斯三季度营收表现符合预期，但费用投入加大影响公司当季盈利表现；随着公司多价位 新品上市、加强海外市场布局，叠加国内政策催化，我们认为公司四季度收入与盈利改善可 期。我们看好公司后续表现，维持公司"买入"评级。 |分析师及联系人 管泉森 孙珊 莫云皓 SAC：S0590523100007 SAC：S0590523110003 SAC：S0590523120001 请务必阅读报告末页的重要声明 1 / 6 非金融公司|公司点评 glzqdatemark2 2024年10月31日 科沃斯(603486) 2024 三季报点评： 经营短期波动，收入与盈利改善可期 | --- | --- | |----------------------------|-----------------| | | | | 行 业： | 家用电器/小家电 | | 投资评级： | 买入（维持） | | 当前价格： ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's revenue and profit fell short of expectations in 2024Q1-Q3, with revenue declining by 3% YoY to RMB 10.226 billion and net profit increasing by 2% YoY to RMB 615 million [4] - Q3 performance was particularly weak, with revenue down 4% YoY to RMB 3.25 billion and net profit plunging 69% YoY to RMB 6 million [4] - The company's domestic sales were under pressure in Q3 due to the off-season, but a recovery is expected in Q4 [5] - The company has adjusted its product strategy since 23H2, focusing on cost reduction and product portfolio optimization [5] - Gross margin improved by 0.9 percentage points in Q3, driven by higher sales of high-margin products [5] Financial Performance - The company's 2024Q1-Q3 revenue was RMB 10.226 billion, down 2.9% YoY [7] - Net profit for 2024Q1-Q3 was RMB 615 million, up 1.9% YoY [7] - The company's gross margin was 48.4% in 2024Q1-Q3, up from 47.5% in 2023 [7] - ROE was 8.8% in 2024Q1-Q3, down from 9.3% in 2023 [7] Market Data - The company's closing price on October 30, 2024 was RMB 51.89 [2] - The company's price-to-book ratio was 4.3 [2] - The company's dividend yield was 0.58% [2] - The company's market capitalization was RMB 29.536 billion [2] Financial Forecasts - Revenue is expected to grow 3.5% in 2024 to RMB 16.04 billion, 15.8% in 2025 to RMB 18.576 billion, and 9.4% in 2026 to RMB 20.329 billion [7] - Net profit is forecast to increase 90.1% in 2024 to RMB 1.163 billion, 23.1% in 2025 to RMB 1.433 billion, and 19.9% in 2026 to RMB 1.718 billion [7] - EPS is projected to be RMB 2.04 in 2024, RMB 2.52 in 2025, and RMB 3.02 in 2026 [7] - The company's PE ratio is expected to be 25 in 2024, 21 in 2025, and 17 in 2026 [7] Product Performance - The company's robot vacuum sales are expected to decline by about 10% in 2024, while floor washer sales are forecast to grow 11% [5] - The T50 model has become a bestseller, while the X8 model has also performed well [5] - The company's overseas sales have shown growth in Europe, but the US market remains challenging due to Amazon sales restrictions [5]

2024 年 10 月 31 日 科沃斯 (603486. SH) 园公司快报 受费用前置及海外去库影响,Q3 盈利承压 目事件:科沃斯公布 2024年三季报。公司 2024年 1~9 月实现收 入 102.3 亿元,YoY-2.9%;实现归母净利润 6.2 亿元,YoY+1.9%。 经折算, 2024Q3 单季度公司实现收入 32.5 亿元, YoY-4.1%; 实 现归母净利润 0.1 亿元,YoY-69.2%。受双十一大促提前以及海外 慢动销产品去化影响,公司 Q3 盈利能力有所承压。在国内以旧换 新补贴以及海外库存优化的背景下,预计公司后续经营有望改善。 目Q3 收入增速环比略有改善:公司 Q3 单季皮收入增速相比 Q2+6. 3pct。分品牌来看,科沃斯品牌Q3 收入有所承压,因为:1) 科沃斯国内新品9月处于预售阶段,预计新品对于公司收入的拉 动将在Q4 体现;2)公司Q3去化海外慢动销产品,对海外收入产 生一定的负面影响。添可品牌 Q3 收入增速环比 Q2有所改善,我 们认为主要因为上年同期添可国内业务基数较低。展望后续,我 们认为公司 Q4 内销受益以旧换新补贴,增速有望明显提升。根据 奥维云 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [5][14]. Core Views - The company is expected to see significant revenue growth in Q4 due to the implementation of a trade-in policy and strong sales performance of new products, despite a slight decline in overall revenue growth in Q3 [1][3]. - The company is actively reducing old inventory overseas, which has impacted profit margins but is seen as a strategic move to prepare for new product launches [2]. - Increased investment in marketing and product development is noted, with a focus on expanding the product matrix and enhancing cost efficiency to improve overall profitability [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 10.226 billion yuan, a year-on-year decrease of 2.9%, and a net profit of 615 million yuan, an increase of 1.88% [1]. - In Q3 2024, revenue was 3.25 billion yuan, down 4.06% year-on-year, with net profit significantly declining by 69.21% to 6 million yuan [1]. - The gross margin for the first three quarters was 48.39%, up 0.4 percentage points year-on-year, while the net margin was 6.01%, up 0.28 percentage points [2]. Cost Structure - The company’s expense ratios for sales, management, R&D, and financial costs for the first three quarters were 31.41%, 3.74%, 6.43%, and -0.31% respectively, with a notable increase in sales expenses due to new product launches [3]. - In Q3, the sales expense ratio rose to 36%, reflecting increased marketing efforts for new products [3]. Future Outlook - The company aims to enhance its overseas business and product offerings while maintaining cost efficiency to improve gross margins during a period of declining average product prices [3]. - Projected net profits for 2024-2026 are estimated at 1.28 billion, 1.47 billion, and 1.65 billion yuan respectively, with corresponding dynamic P/E ratios of 23.0x, 20.1x, and 17.9x [3][7].