东海证券：直面竞争持续创新 扫地机行业放眼全球潜力可期

Group 1 - The core viewpoint of the report highlights that leading companies in the robotic vacuum cleaner industry are continuously upgrading basic functions while integrating advanced technologies to enhance user experience and reduce market homogenization [1] - Domestic sales data shows positive growth, with retail sales of robotic vacuum cleaners in China increasing by 41.1% year-on-year in the first half of 2025, and sales volume rising by 40.7% [1] - The application of innovative technologies such as bionic robotic arms, self-cleaning features, and AI interaction has significantly improved the adaptability and user-friendliness of robotic vacuum cleaners [1] Group 2 - The average online retail price of robotic vacuum cleaners has shown fluctuations, with a year-on-year decrease of 4.9% in May and 5.0% in June, followed by a 4.3% increase in July [2] - The high-end market's retail sales accounted for 13.7%, 16.1%, and 16.6% in May, June, and July respectively, indicating a growing segment [2] - The price segment of 3500-4000 yuan accounted for the highest market share at 21.8% in July, with brands like Ecovacs and DJI focusing on the high-end market [2] Group 3 - The global market for robotic vacuum cleaners is projected to see significant growth, with an expected shipment of 20.6 million units in 2024, representing a year-on-year increase of 11.2% [3] - The total sales revenue for the global robotic vacuum cleaner market is anticipated to reach 9.31 billion USD in 2024, reflecting a year-on-year growth of 19.7% [3] - The average price of robotic vacuum cleaners is expected to rise by 7.6% to 452 USD in 2024 due to technological advancements [3] Group 4 - Chinese brands are expected to dominate the global market, with the top four robotic vacuum cleaner shipments in Q1 2025 being Chinese brands, led by Stone Technology [4] - Stone Technology achieved the highest market share in various Amazon channels across Europe, the US, and Australia during the 2025 Prime Day [4] - The development of cross-border e-commerce has provided Chinese brands with opportunities to penetrate high-end overseas markets, with significant growth in sales in North America and Northern Europe [4]