家用电器行业24W45周观点：iRobot发布三季报，美国营收虽同比转正，但调整进程仍然艰难

Investment Rating - The industry rating is "Outperform the Market" [3] Core Insights - iRobot reported a Q3 revenue of $193 million, a year-on-year increase of 4%, marking a return to positive growth after several quarters of decline. However, the company remains in a loss position with a net profit of -$0.06 million [9][12] - The U.S. market showed a significant recovery with a revenue of $110 million, up 23% year-on-year, attributed to a low base effect from the previous year. In contrast, EMEA and Japan regions continued to decline [12] - iRobot has lowered its revenue and profit guidance for Q4 and the full year, indicating ongoing challenges in the market, particularly from strong competition from Chinese brands [9][20] Summary by Sections iRobot Q3 Report - iRobot's Q3 sales reached $193 million, a 4% increase year-on-year, but the company still reported a net loss of -$0.06 million [9][12] - The U.S. market revenue was $110 million, up 23% year-on-year, while EMEA and Japan saw declines of 12% and 20%, respectively [12] Market Trends - The home appliance sector saw a weekly increase of 2.5%, with specific segments like small appliances and kitchen appliances performing well, increasing by 6.6% and 8.7%, respectively [28] - Raw material prices for copper and aluminum decreased by 1.08% and 0.5% week-on-week [28] Investment Recommendations - The report suggests focusing on companies benefiting from the "trade-in" policy, such as Haier, Midea, and Gree Electric. It also highlights the potential of Chinese brands in the global vacuum cleaner market, recommending attention to Roborock and Ecovacs [24][25] - For the textile and apparel sector, the report emphasizes the recovery of manufacturing exports and suggests monitoring companies like Shenzhou International and 361 Degrees [24][25] Company Guidance - iRobot has revised its Q4 revenue guidance to $175-200 million, down from previous estimates of $217-223 million, and expects a full-year revenue of $685-710 million, reduced from $765-800 million [20][17]