Roborock(SH:688169) Guotai Junan Securities·2024-07-14 10:31Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company has released a performance forecast for H1 2024, indicating a net profit attributable to shareholders of 1 to 1.2 billion yuan, representing a year-on-year growth of 35.24% to 62.29%. The Q2 net profit is expected to be between 600 million to 800 million yuan, showing a year-on-year increase of 12.4% to 49.7% [10] - The company is expected to maintain its leading position in the market, with domestic sales continuing to reduce costs and expand market share, while international sales are progressing with localized operations [3][10] - The target price is set at 507.63 yuan, corresponding to a PE ratio of 25x for 2024 [4] Financial Summary - The company forecasts earnings per share (EPS) for 2024-2026 to be 20.31, 24.03, and 28.23 yuan, with growth rates of +30%, +18%, and +17% respectively [10] - The total revenue for 2024 is projected to be 11.423 billion yuan, with a year-on-year growth of 32.0% [10] - The net profit attributable to shareholders for 2024 is estimated at 2.672 billion yuan, reflecting a growth of 30.3% [10] - The company’s net asset return rate (ROE) is expected to reach 20.3% in 2024, increasing to 21.2% by 2026 [10][12] Market Position - The company’s market share in domestic online sales during the 618 promotion is expected to rise from 28% in 2023 to 30% in 2024, demonstrating strong product competitiveness and cost reduction capabilities [10] - The company has entered new offline locations in North America, including Target and BestBuy, which will support high growth in that region [10]