Roborock(SH:688169) EBSCN·2024-09-02 07:45Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's overseas sales continue to grow rapidly, driving overall revenue growth [2] - Profitability has improved significantly, with net profit margins increasing by 3.5 percentage points YoY in H1 2024 [7] - The company is a leading player in the smart扫地机器人 industry, with strong R&D capabilities and rapid product iteration [7] Financial Performance - H1 2024 revenue reached 4.4 billion yuan, up 31% YoY [2] - H1 2024 net profit attributable to parent company was 1.12 billion yuan, up 52% YoY [2] - Q2 2024 revenue was 2.6 billion yuan, up 16% YoY [2] - Q2 2024 net profit attributable to parent company was 720 million yuan, up 35% YoY [2] Regional Performance - Domestic online sales increased 10% YoY in H1 2024, with average selling price up 2% [6] - Domestic offline sales surged 221% YoY in H1 2024, benefiting from market expansion efforts [6] - North American sales grew 50% YoY in Q2 2024, while European sales maintained strong growth [6] Profitability and Efficiency - H1 2024 gross margin was 53.8%, up 2.7 percentage points YoY [7] - H1 2024 net profit margin reached 25.4%, up 3.5 percentage points YoY [7] - Inventory turnover days increased to 92 days in H1 2024 from 79 days in the same period last year [7] Valuation and Forecast - The company's 2024-2026 net profit forecasts are maintained at 2.51/2.97/3.50 billion yuan [7] - Current price implies 2024-2026 P/E ratios of 17x, 14x, and 12x respectively [7] - 2024-2026 revenue growth is forecasted at 27.16%, 19.33%, and 17.82% respectively [8] Market Data - Total market capitalization is 41.76 billion yuan [4] - The stock price has ranged between 183.74 yuan and 330.24 yuan over the past year [4] - 3-month turnover rate is 57.15% [4]