Roborock(688169) 国联证券·2024-09-01 10:03Investment Rating - The report maintains a "Buy" rating for the company, reflecting confidence in its growth prospects and market position [5] Core Views - The company's Q2 domestic sales grew at a single-digit rate, accounting for about 30% of total revenue, while overseas sales saw rapid growth, particularly in the US, with Asia-Pacific and Europe also showing strong growth [2] - The company's new products, such as the P20 Pro and P10S Pure, demonstrate leading product capabilities, which are expected to strengthen its competitive advantage in the market [7] - The company's global market share is expected to continue growing, supported by its technological leadership, multi-price segment strategy, and rapid overseas channel expansion [7] Financial Performance - In H1 2024, the company reported revenue of 4.416 billion yuan, a year-on-year increase of 30.90%, and net profit attributable to shareholders of 1.121 billion yuan, up 51.57% year-on-year [7] - Q2 2024 revenue reached 2.575 billion yuan, a year-on-year increase of 16.33%, with net profit attributable to shareholders of 722 million yuan, up 34.91% year-on-year [7] - The company's gross margin in Q2 2024 increased by 1.93 percentage points to 51.89%, driven by a higher proportion of direct sales channels [7] Product and Market Strategy - The company launched the P20 Pro in August 2024, featuring an intelligent chassis that significantly improves obstacle-crossing capabilities, with a pre-sale price of 3,999 yuan [7] - The P10S Pure, priced at 2,499 yuan, targets the 2,000 yuan price segment with a streamlined design, offering a competitive product in the mid-range market [7] - The company's overseas expansion, particularly in the US, France, and Italy, is progressing well, with increased SKUs and entry into more retail stores like Best Buy and Target [7] Future Outlook - The report forecasts the company's revenue for 2024-2026 to be 10.5 billion, 12.5 billion, and 15.0 billion yuan, respectively, with year-on-year growth rates of 21%, 19%, and 20% [7] - Net profit attributable to shareholders is expected to reach 2.52 billion, 2.93 billion, and 3.40 billion yuan for 2024-2026, with growth rates of 23%, 16%, and 16%, respectively [7] - The company's EPS for 2024-2026 is projected to be 13.68, 15.88, and 18.40 yuan, with corresponding P/E ratios of 16.5x, 14.3x, and 12.3x [7]