外销保持高增速，市占率进一步提升。1）美国市场：久谦美亚数据显示，Q2 以来延续Q1 高增趋势，Q2 同比+28%，美国线上市占率自23Q4 起提升至线上首位。2）欧洲市场：德国线上稳居第一，Q2 新进驻多家连锁渠道；亚马逊数据显示，石头法国市场+52%，英国市场+11%。产品方面，公司推出了性价比新品，包括售价349-379 美元的Q5 Max+、Q5 Pro+等；并在1000 美元左右Q revo 上持续投入，与S8 maxv 系列在价格上形成清晰定位，推动海外放量。Shitou Technology announced a pre-increase in its 2024 semi-annual results. During the reporting period, net profit attributable to mother was 1-1.2 billion yuan, +35%-62% year-on-year; net profit without return to mother was 0.8-0.95 billion yuan, or +21%-44% year-on-year. Among them, Q2 achieved net profit of 0.6-0.8 billion yuan, with a year-on-year growth rate of +12%-50%, and a core growth rate of +31%; net profit without return to mother of 0.46-0.6 billion yuan, or -8% to +22% year-on-year, with a core growth rate of +7%.
Q2 Maintains relatively rapid growth under a high base, and deductions are not affected by statistical caliber. The company's 2023Q2 income tax refund of $57.76 million was not included. 2024Q2 received an estimated income tax refund of 0.15 billion yuan. Excluding the difference in caliber, the net profit center growth rate in 24Q2 was 21%.
Domestic sales are growing steadily. According to Aowei, the 24Q2 sweeper industry's online retail sales volume was +14%, and retail sales were +18%. Stone's online sales volume and sales volume were +6% and +9%, respectively, and sales market share increased to 27% month-on-month (24Q1 share was 21%, up 6pct month-on-month), increasing its market share to number one, surpassing Covos (24%), and maintaining a clear gap with Chase (17%) and Cloud Whale (17%).
Export sales have maintained a high growth rate, and the market share has further increased. 1) US market: According to data from Jiuqian Meiya, Q1 has continued its high growth trend since Q2. Q2 is +28% year-on-year, and the US online market share has risen to the top online position since 23Q4. 2) European market: Germany is ranked first online, and Q2 has entered many new chain channels; Amazon data shows that Stone's French market is +52%, and the UK market is +11%. In terms of products, the company launched new cost-effective products, including Q5 Max+, Q5 Pro+, etc. priced at 349-379 US dollars; it also continued to invest in the Q revo for around $1,000, forming a clear position with the S8 maxv series in terms of price and promoting overseas sales.
A new equity incentive plan was announced. In June, the company announced an equity incentive plan. The company awarded 0.05 million restricted shares to 29 incentive recipients at an award price of 208.15 yuan/share. The incentive targets are key management personnel, technical leaders, and key business personnel working in the company (including subsidiaries).
Investment advice: The company's 2024-2026 revenue is expected to be +22%/+18%/+16%; net profit to mother is expected to achieve +21%/+17%/+15%, respectively. The current stock price corresponds to PE valuation 18/16/14 times, respectively, maintaining a “highly recommended” investment rating.
Risk warning: Demand for sweeping robots falls short of expectations, fluctuating raw material prices, increased industry competition, etc.
