研報掘金丨開源證券:石頭科技Q4盈利能力超預期 國內外新品產品力亮眼
開源證券研報指出,石頭科技(688169.SH)2023Q4業績高增主系淨利率超預期,公司內銷掃地機以價換量成效顯著,外銷全能基站紅利下搶奪中高端市場份額。根據AVC,2023Q4石頭掃地機線上銷額+35%,預計歐洲、北美維持較快增長。2023Q4國內/海外收入佔比約35%/65%;海外收入佔比歐洲約40%/亞太約25%/北美約35%。2024年內外銷新品產品力亮眼,1月美亞渠道石頭反超irobot成為第一內銷掃地機新品P10S Pro、P10S系列產品力亮眼。美國線下以中低端產品為主,公司已進駐Target 近200家門店、拓展空間大。2024年國內外新品產品力亮眼,維持“買入”評級不變。
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