Roborock(SH:688169) GF SECURITIES·2024-09-17 06:11Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 276.14 CNY per share, compared to the current price of 237.03 CNY [5]. Core Views - The company has launched several new vacuum cleaner models since August, including P20 Pro, P10S Pure, and G20s Ultra, which combine breakthrough technology with competitive pricing [3][11]. - Domestic sales of vacuum cleaners have increased, with a 20.5% rise in sales revenue and a 16.5% increase in volume year-on-year as of August 31, 2024 [3][25]. - The company is expanding its overseas market presence, achieving over 50% market share in regions such as Western Europe and developing Asia from 2020 to 2023 [3][30]. - Profit forecasts indicate a growth in net profit attributable to the parent company of 24.2% and 17.5% for 2024 and 2025, respectively, with a projected PE ratio of 20 times for 2024 [3][32]. Summary by Sections New Product Launches - The company has released three new vacuum models: G20s Ultra, P20 Pro, and P10S Pure, focusing on advanced technology and affordability [3][11]. - G20s Ultra is positioned as a high-end flagship model with features such as a slim design and advanced navigation systems [12]. - P20 Pro offers enhanced suction power and smart features while maintaining its price point [14]. - P10S Pure is aimed at providing high value at a lower price, retaining essential functionalities [16]. Domestic Market Performance - The vacuum cleaner category has seen a 20.5% increase in sales revenue and a 16.5% increase in volume year-on-year [25]. - The online sales volume reached 1.946 million units, reflecting a 17.5% increase [25]. - The average online price for vacuum cleaners is 3289 CNY, showing a 3.01% increase year-on-year [25]. Overseas Market Expansion - The company has successfully increased its market share in Western Europe, the Middle East, Africa, and developing Asia, exceeding 50% in these regions [30]. - Despite some decline in market share in the Middle East and Africa, overall performance remains stable [30]. Financial Forecasts and Investment Recommendations - The company is expected to achieve a net profit growth of 24.2% and 17.5% for 2024 and 2025, respectively [32]. - The projected revenue for 2024 is 10.566 billion CNY, with a year-on-year growth rate of 22.1% [33]. - The report suggests a PE ratio of 20 times for 2024, leading to a target price of 276.14 CNY per share [32].