The core point of view Stone Science and Technology released the quarterly report of 2024, revenue performance exceeded market expectations. Driven by the product cycle of all base stations, the growth potential of Europe and the United States has been fully released, and the industry position established by stone relying on product strength has been further consolidated. In the long run, with the iteration and upgrading of floor sweeper technology, the needs of users can be better met, and the trend of laziness is expected to lead to the continuous improvement of product penetration. The company's domestic and foreign sales share is in a rapid improvement cycle, and its core competitiveness is fully demonstrated. Event Stone Technology releases Quarterly report 2024. 24Q1 realized total revenue 18Percumarm10slotonlinenodeposit.4.1 billion yuan, up 58.69% over the same period last year; net profit from home was 399 million yuan, up 95.23% over the same period last year; non-net profit was 342 million yuan, up 110.03% over the same period last year; and operating cash flow was 233 million yuan, up 70.32% over the same period last year. Brief comments I. income analysisPercumarm10slotonlinenodepositThe performance of the overseas market is beautiful, and the delayed domestic sales confirm that it will not hide the beautiful performance of the export level. Stone North America, Europe, Asia-Pacific and other overseas markets continue to perform well. After the conflict between Russia and Ukraine and the impact of inflation have been digested, the willingness of European dealers to prepare stocks has increased significantly and is expected to achieve high double-digit growth. In the North American market, with the adjustment of Irobot operation, the stone share has broken through rapidly, and the market share of Meiya has significantly increased. With the help of superimposed Target store expansion, sales in the United States are expected to double; the Asia-Pacific market is a nationalized management operation that is effective, with a significant boost in regional sales efficiency, and is expected to achieve high double-digit growth. At the domestic level, due to the intertemporal impact of the new product cycle and out of stock, it is expected that the domestic sales in the first quarter will still be dominated by old products. P10 Pro high-quality word-of-mouth achieved a better transformation, leading to a high double-digit growth of domestic sales in the first quarter. Second, the proportion of high gross margin business has increased, and the profit side has achieved a high increase. 24Q1's net profit has increased by 95.23% compared with the same period last year, of which the company's gross profit margin in the first quarter was 56.49%, an increase in 6.65pct. It is mainly due to the doubling of revenue in North America with high gross profit margin, the increase in the overseas share of all base station products, and the appreciation of the US dollar against the RMB. The effective compression of the cost side is mainly driven by the pre-input and scale effect dilution. The sales expense rate is 20.75%, year-on-year-0.18pct; management expense rate is 2.76%, year-on-year-1.67pct; R & D expense rate is 10.57%, year-on-year-0.79pct; financial expense rate is-0.75%, year-on-year + 1.09pct. The net interest rate is 21.66%, year-on-year + 4.05pct. Third, 2024 new products have strong competitiveness and are optimistic about the performance of stone for the whole year. On February 18, the company launched the P10S series of new products, adding dual manipulator functions in the price-to-performance segment. According to the pre-sale data of JD.com and Tmall platform, the P10S series has achieved a substantial increase compared with last year's P10 pre-sale amount. On March 29, the company launched the G-20 iterative model G20S, which further upgraded its flagship features and launched a new series of V20 with a thinner body that covers low-rise areas that are difficult to clean at home. Relying on the good reputation accumulated by G series and P series in the past, and the new iterative upgrade of superposition function, the company is expected to continue its beautiful performance in 2024. Investment advice: we believe that the floor sweeper industry to address the needs of lazy people at the bottom of consumers, the penetration rate will continue to increase after the economic recovery, and is optimistic about the future growth space driven by the company's strong science and technology. It is estimated that the company's income in 2024-26 will be 113,138 and 16.3 billion yuan respectively, with growth rates of 30.25%, 22.16% and 18.03% respectively, and net profit of 26.2%, 32.6% and 3.89 billion yuan, respectively, with growth rates of 27.53%, 24.74% and 19.11%, corresponding to PE of 21.36X, 17.12X and 14.38X respectively, maintaining the "buy" rating. Risk tips: 1, macroeconomic growth is lower than expected, clean appliances belong to consumer durables, which is closely related to residents' income expectations. If the macroeconomic growth slows down, it may have a greater impact on the company's product sales; 2, the price of raw materials is lower than expected: the cost of raw materials accounts for a large proportion of operating costs, and if bulk prices rise again, the company's profitability will be weakened; 3, overseas market risk: the uncertainty of the overseas environment has intensified in recent years, and the company's export accounts for a relatively high proportion, if external demand falls, the performance will be affected accordingly. 4. The market competition intensifies: in the weak market environment, the industry competition is more fierce, and the company has the risk of share loss and low-price competition as a drag on profits. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
