Roborock(688169) 国金证券·2024-10-31 02:41Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved revenue of 7.01 billion yuan in the first three quarters of 2024, a year-on-year increase of 23.2%, with net profit attributable to the parent company of 1.47 billion yuan, up 8.2% year-on-year [1] - Domestic sales of robotic vacuum cleaners drove double-digit revenue growth, with Q3 domestic online sales reaching 1.68 billion yuan, up 18% year-on-year [2] - The company's market share in the domestic robotic vacuum cleaner market reached 25.6% in Q3 2024, ranking first, with retail volume increasing by 41.9% year-on-year [2] - Overseas markets, particularly in North America, showed strong growth, with the company enhancing its brand influence and expanding offline channels [2] - The company's gross margin in Q3 2024 was 53.9%, down 5.2 percentage points year-on-year, mainly due to changes in accounting standards and the launch of more cost-effective products [2] - The company's net profit margin in Q3 2024 was 13.6%, down 13.3 percentage points year-on-year, reflecting increased market and product strategy expenses [2] Financial Performance and Forecast - The company's revenue for 2024 is projected to be 11.015 billion yuan, with a year-on-year growth rate of 27.29% [4] - Net profit attributable to the parent company is expected to be 2.279 billion yuan in 2024, up 11.11% year-on-year [4] - The company's ROE (Return on Equity) is forecasted to be 16.98% in 2024, with a P/E ratio of 17.8x [4] - Revenue growth is expected to continue, with 2025 and 2026 revenues projected at 13.176 billion yuan and 15.738 billion yuan, respectively [4] Market and Product Strategy - The company is actively expanding its product portfolio, including robotic vacuum cleaners, washing and drying machines, and floor cleaning machines [2] - The company is transitioning its European Amazon channel from a distribution model to a self-operated model to enhance channel control [2] - The company's sales, management, and R&D expense ratios increased in Q3 2024, reflecting a more aggressive market and product strategy [2] Valuation and Growth Potential - The company's net profit is expected to grow to 2.978 billion yuan by 2026, with a compound annual growth rate of 17.5% [3] - The report highlights the long-term growth potential of the robotic vacuum cleaner market and the company's ability to expand its global market share [3] - The current stock price corresponds to a P/E ratio of 18x for 2024, 16x for 2025, and 14x for 2026 [3]