Roborock(SH:688169) Tianfeng Securities·2024-09-01 10:15Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [4][13]. Core Views - The company achieved a revenue of 4.416 billion yuan in H1 2024, representing a year-on-year increase of 30.9%, and a net profit of 1.121 billion yuan, up 51.57% year-on-year [1]. - The company's overseas sales have shown significant growth, particularly in the US market, contributing to an increase in revenue share [1]. - The gross margin for H1 2024 was 53.81%, an increase of 2.74 percentage points year-on-year, driven by a higher proportion of direct sales and overseas sales [1][2]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 2.575 billion yuan, a year-on-year increase of 16.33%, and a net profit of 722 million yuan, up 34.91% year-on-year [1]. - The gross margin for Q2 2024 was 51.89%, with a net margin of 28.04%, reflecting improvements in profitability [1]. Sales and Market Strategy - The company has successfully implemented a "going out" strategy, enhancing its market presence both domestically and internationally, particularly in the US, Europe, and Asia-Pacific [1]. - The increase in overseas sales and direct sales has positively impacted the company's gross margin, which reached 58.5% for overseas sales compared to 48.8% for domestic sales in H1 2024 [1]. Cost Structure - The company increased its sales and marketing expenses to optimize market positioning, resulting in a sales expense ratio of 20.05% in H1 2024, up 0.13 percentage points year-on-year [2]. - R&D expenses also rose significantly, reflecting the company's commitment to enhancing its product development and innovation capabilities [2]. Profitability Forecast - The company expects net profits of 2.6 billion yuan, 3.12 billion yuan, and 3.62 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding dynamic P/E ratios of 15.6x, 13.0x, and 11.2x [2][3].