Roborock(SH:688169) Guoxin Securities·2024-09-05 12:30Investment Rating - The investment rating for the company is "Outperform the Market" [4][10]. Core Views - The company has shown strong revenue and profit growth, with H1 2024 revenue reaching 4.42 billion (+30.9%) and net profit of 1.12 billion (+51.6%) [1]. - The domestic sales of the company's products are recovering rapidly, driven by new product launches and an expanding price range, leading to an increase in market share [1]. - The company is expanding its overseas channels, particularly in the US and Europe, which is expected to contribute to continued revenue growth [1]. - Increased R&D investment is enhancing profitability, with H1 gross margin rising to 53.8% [1]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 44.2 billion and net profit of 11.2 billion, with significant growth rates of 30.9% and 51.6% respectively [1]. - Q2 2024 revenue was 25.8 billion (+16.3%) and net profit was 7.2 billion (+34.9%) [1]. - The company’s gross margin improved to 53.8% in H1 2024, up 2.7 percentage points year-on-year [1]. Product and Market Development - The company launched several new products in H1 2024, including the P10S, G20S, and V10 series, which helped to expand its market share [1]. - The online retail market share reached 27.0% in Q2 2024, positioning the company as a market leader [1]. - The company plans to introduce additional new products in the second half of the year, which are expected to drive further growth [1]. Overseas Expansion - The company has made significant strides in expanding its presence in the US market, with increased penetration in offline retail channels [1]. - In Europe and the Asia-Pacific region, the company’s high-end products are gaining market share, with expectations for continued growth as distribution channels expand [1]. Profitability and Cost Management - The company’s H1 gross margin was supported by cost reductions in technology and materials, as well as an increase in the proportion of high-margin overseas sales [1]. - The net profit margin for Q2 2024 reached 28.0%, an increase of 3.9 percentage points year-on-year [1]. - The company is expected to maintain a strong profitability trajectory, with net profit forecasts for 2024-2026 adjusted to 25.3 billion, 29.4 billion, and 34.0 billion respectively [1].