Roborock(688169) Southwest Securities·2024-09-04 03:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 4.42 billion yuan for H1 2024, representing a year-on-year growth of 30.9%. The net profit attributable to shareholders reached 1.12 billion yuan, up 51.6% year-on-year [2] - The company continues to enhance its market share in the domestic market, achieving the highest sales in the cleaning appliance category on JD during the 618 shopping festival. The launch of new products in different price segments is expected to strengthen market competitiveness [2] - The overseas channels are expanding, with a 50% growth rate in North America and continued expansion in Western Europe, leveraging brand recognition [2] - The company's gross margin improved by 2.7 percentage points to 53.8%, driven by effective cost control and optimization of product and channel structures [2] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 2.58 billion yuan, a year-on-year increase of 16.3%, and a net profit of 720 million yuan, up 34.9% year-on-year. The non-recurring gains included a tax rebate of 150 million yuan from the recognition of a key software enterprise [2][3] - The company forecasts revenues of 10.998 billion yuan, 13.602 billion yuan, and 16.589 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.565 billion yuan, 3.114 billion yuan, and 3.800 billion yuan [4] Market Position and Strategy - The company is positioned as a global leader in the robotic vacuum cleaner market, with operations established in multiple countries including the USA, UK, Japan, and Germany. The ongoing "going out" strategy is expected to drive continuous market share growth [3] - The introduction of new products in the P series at various price points is aimed at enhancing competitiveness across different market segments [2] Research and Development - The company has increased its R&D investment, with R&D expenses rising by 42.9% to 410 million yuan, contributing to an improved net profit margin of 25.4%, up 3.5 percentage points year-on-year [2]