Roborock(SH:688169) Zhi Tong Cai Jing·2025-08-21 02:32Core Viewpoint - The sweeping robot industry is transitioning from a technology-driven growth phase to a channel and brand-driven competition, with companies like Roborock (688169.SH) adopting strategies to exchange profits for scale in a mature market [1][2]. Industry Overview - The sweeping robot sector has entered a mature phase characterized by intense competition, yet it still presents opportunities due to low market penetration and attractive profit margins [1]. - The industry is shifting focus from technological advancements to multi-dimensional competition involving channels, supply chain efficiency, and brand strength [2]. Company Strategy - Roborock has initiated a strategic upgrade to "exchange profits for scale," as evidenced by its half-year report showing revenue of 7.903 billion yuan, a 78.96% increase year-on-year, while net profit fell by 39.55% [2]. - The company is investing heavily in expanding its global market presence and enhancing its product matrix, leading to a significant increase in sales and R&D expenses [3]. Channel Development - Roborock's global channel strategy involves a dual approach of online and offline sales, enhancing brand exposure through platforms like Amazon and establishing partnerships with major retailers [4]. - The company is also implementing a "de-distribution" strategy in Europe, moving towards a direct sales model to improve channel control [4]. Supply Chain Optimization - Roborock is focusing on localized operations and supply chain collaboration, with new factories in Huizhou and Vietnam aimed at reducing delivery times and costs [5]. - The direct sales model has improved operational efficiency, leading to a recovery in growth in the European market [5]. R&D Investment - The company is prioritizing R&D investment to build a technological moat, with a focus on core technology breakthroughs and entering new markets [7][8]. - In 2024, Roborock's R&D expenditure reached 971 million yuan, a 56.93% increase year-on-year, significantly surpassing competitors [8]. Financial Performance - Despite short-term profit pressures due to increased expenses, Roborock's strategic adjustments are beginning to yield positive results, with revenue growth continuing in both domestic and international markets [11]. - Analysts are optimistic about the company's future profitability, anticipating a recovery in earnings as new products gain traction and operational efficiencies improve [12]. Long-term Outlook - The company's strategy of exchanging profits for market share and technological advancements is seen as a proactive choice to establish long-term competitive advantages [12]. - As Roborock progresses towards a phase of "scale-driven profitability," its long-term growth potential remains promising [12].