Roborock(688169) 华创证券·2024-09-04 14:12Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 315 CNY, compared to the current price of 218.89 CNY [1]. Core Views - The company reported a revenue of 4.42 billion CNY for the first half of 2024, representing a year-on-year increase of 30.9%, and a net profit attributable to shareholders of 1.12 billion CNY, up 51.6% year-on-year [1]. - The growth in overseas markets remains strong, with a notable 45.2% year-on-year increase in sales in the Americas for Q2 2024, indicating a better performance compared to domestic sales [1]. - The company’s strategic response to external pressures and competitive challenges is pragmatic, focusing on maintaining brand reputation and expanding product offerings in both domestic and international markets [1]. Financial Summary - For the first half of 2024, the company achieved a revenue of 44.2 billion CNY, with a net profit of 11.2 billion CNY, and a non-recurring net profit of 8.6 billion CNY [1]. - The Q2 2024 revenue was 25.8 billion CNY, with a net profit of 7.2 billion CNY, and a non-recurring net profit of 5.2 billion CNY [1]. - The gross margin for Q2 2024 was 51.9%, showing a slight year-on-year increase but a decrease compared to Q1 2024 [1]. - The company’s EPS forecasts for 2024, 2025, and 2026 are adjusted to 13.59 CNY, 16.25 CNY, and 19.15 CNY respectively, with corresponding P/E ratios of 16, 13, and 11 [1][2].