Roborock(SH:688169) Orient Securities·2024-09-02 07:11Investment Rating - The report maintains a "Buy" rating for the company with a DCF target valuation of 299.15 CNY [2][7][4] Core Views - The company reported a revenue of 4.416 billion CNY for the first half of 2024, representing a year-on-year growth of 30.90%, and a net profit attributable to shareholders of 1.121 billion CNY, up 51.57% year-on-year [1] - The domestic sales showed steady growth, while the overseas market share continued to rise, driven by the launch of new products such as the G20S series and V20 series vacuum cleaners [1] - The company's gross margin for Q2 2024 was 51.89%, a slight increase of 0.2 percentage points year-on-year, indicating improved profitability [1] Financial Summary - The company is projected to achieve net profits of 2.372 billion CNY, 2.713 billion CNY, and 3.083 billion CNY for 2024, 2025, and 2026 respectively [2][7] - The revenue for 2024 is estimated to be 10.902 billion CNY, with a year-on-year growth of 26.0% [3] - The gross margin is expected to be 55.2% in 2024, slightly increasing to 54.8% in 2025 and 54.6% in 2026 [3]