研報掘金丨招商證券:石頭科技仍處於顯著低估階段,維持“強烈推薦”評級
招商證券研報指出,國補引爆掃地機、洗地機新消費,加速行業滲透爆發,石頭科技(688169.SH)正在上演雙線產品市佔率領先,收入進入爆發增長階段,公司當前估值20倍,仍處於顯著低估階段,維持“強烈推薦”投資評級。內銷國補引爆新消費,4月掃地機行業線上/線下增長81%/126%,洗地機行業線上/線下增長82%/53%,石頭通過拓寬價格段、洗地機推新A30系列、洗烘一體機等,實現份額全面趕超。海外市場石頭經歷歐洲24Q3銷售結構調整、自營渠道轉型後,24Q4-25Q1迅速重回高速增長,目前在北歐、土耳其、德國、法國等市場連續多季度量額雙第一,北美市場石頭新進入Target 和Bestbuy 線下渠道,分別覆蓋1398家和900家門店,越南外協產能爬坡緩解部分關稅影響,2025年線下渠道持續放量。
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