Roborock(SH:688169) Haitong Securities·2024-09-05 09:12Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a significant revenue growth of 30.90% year-on-year for the first half of 2024, achieving a total revenue of 4.416 billion yuan. The net profit attributable to the parent company reached 1.121 billion yuan, reflecting a year-on-year increase of 51.57% [4] - The second quarter of 2024 saw a revenue of 2.575 billion yuan, up 16.33% year-on-year, with a net profit of 722 million yuan, marking a 34.91% increase year-on-year [4] - The company is expected to continue its rapid growth trajectory, with a forecasted net profit of 2.571 billion yuan for 2024, supported by an expanding overseas market and an optimized product structure [4] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 4.416 billion yuan, a 30.90% increase year-on-year, and a net profit of 1.121 billion yuan, a 51.57% increase year-on-year [4] - The second quarter of 2024 reported a revenue of 2.575 billion yuan, a 16.33% increase year-on-year, and a net profit of 722 million yuan, a 34.91% increase year-on-year [4] - The gross profit margin for Q2 2024 improved to 51.89%, with net profit margin increasing to 28.04% [4] Earnings Forecast - The company is projected to achieve a net profit of 2.571 billion yuan in 2024, with a price-to-earnings (PE) ratio estimated between 22-25 times, leading to a reasonable valuation range of 306.68 to 348.5 yuan per share [4] - Revenue forecasts for the upcoming years are as follows: 10.946 billion yuan in 2024, 12.588 billion yuan in 2025, and 14.348 billion yuan in 2026, with year-on-year growth rates of 26.5%, 15.0%, and 14.0% respectively [5][7] Market Position - The company is recognized as a leader in its growth sector, with a strong competitive position bolstered by expanding overseas channels and continuous market share growth [4] - The company’s financial metrics indicate a robust performance, with a projected net profit margin of 23.7% in 2023 and a return on equity of 18.0% [7][8]