Roborock(688169) HTSC·2024-07-15 01:07Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 491.00 [4][10]. Core Views - The company is expected to achieve a net profit of RMB 1 billion to 1.2 billion in the first half of 2024, representing a year-on-year growth of 35.24% to 62.29% [4]. - The company maintains a strong market position, with a significant increase in its online sales and market share in the domestic market [6]. - The company is accelerating its global operations and expanding its product offerings, which is expected to enhance its growth trajectory [7]. Summary by Sections Performance Forecast - The company forecasts an EPS of RMB 19.64, RMB 22.62, and RMB 25.90 for the years 2024, 2025, and 2026 respectively [4]. - The expected PE ratio for 2024 is set at 25 times, based on the company's product advantages and performance elasticity [4]. Market Position - The company has achieved the highest market share in the domestic market for vacuum cleaners, with a sales market share of 27.02% in Q2 [6]. - The online retail volume and revenue growth for the company in Q2 were 5.6% and 9.4% year-on-year respectively [6]. Global Expansion - The company is enhancing its global operations by expanding into overseas key account retail channels and introducing new product lines [7]. - The Q Revo series products are priced around USD 1,000, complementing existing product lines and facilitating broader market penetration [7]. Employee Incentives - The company has implemented a stock incentive plan to motivate employees, granting 54,000 restricted stocks and allowing for a maximum of 171,000 shares to be held under the employee stock ownership plan [8].