Roborock(688169) 长江证券·2024-11-12 02:58Investment Rating - The report maintains a "Buy" rating for the company, citing its strong position in the cleaning appliance market and potential for future growth [3] Core Views - The company achieved revenue of 7.007 billion yuan in the first three quarters of 2024, a year-on-year increase of 23.17% [3] - Net profit attributable to the parent company was 1.472 billion yuan, up 8.22% year-on-year, while non-GAAP net profit was 1.186 billion yuan, down 5.40% [3] - In Q3 2024, revenue reached 2.591 billion yuan, up 11.91% year-on-year, but net profit declined significantly by 43.40% to 351 million yuan [3] - The company's aggressive pricing strategy and increased marketing expenses impacted profitability, with Q3 gross margin dropping 5.16 percentage points to 53.95% [4] Product and Market Performance - The company launched multiple new products across different categories, including the P20 Pro and G20S Ultra robotic vacuum cleaners, Q1 mini washer-dryer, and A30 series floor cleaner [3] - Market share in the online robotic vacuum cleaner segment reached 23.9%/24.6%/27.3% from July to September 2024, ranking first in the industry [3] - Overseas market growth was under pressure due to the transition from distribution to direct sales in Europe, affecting revenue recognition timing [3] Financial Projections - The report forecasts net profit attributable to the parent company of 2.175 billion yuan, 2.548 billion yuan, and 3.081 billion yuan for 2024-2026 respectively [5] - Corresponding PE ratios are projected at 18.6x, 15.9x, and 13.1x for 2024-2026 [5] - Revenue is expected to grow from 10.658 billion yuan in 2024 to 15.046 billion yuan in 2026 [10] Competitive Strategy - The company adopted an aggressive pricing strategy to gain market share, leading to increased sales expenses and reduced profitability [4] - Q3 2024 sales expense ratio reached a historical high of 26.18%, up 5.43 percentage points year-on-year [4] - Management is focusing on strengthening brand building and market expansion both domestically and internationally [4]