Roborock(SH:688169) Tai Ping Yang·2024-11-13 04:21Investment Rating - The report maintains a "Buy" rating for Stone Technology (688169) [1][28]. Core Views - The company continues to see growth in domestic sales, with a significant increase in online sales and market share [2][3]. - The third quarter of 2024 showed a revenue of 2.591 billion yuan, an increase of 11.91% year-on-year, but net profit decreased by 43.40% [2]. - The company is focusing on brand building and increasing expenses in research and sales to support future growth [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 7.007 billion yuan, a year-on-year increase of 23.17%, and a net profit of 1.472 billion yuan, up 8.22% [2]. - The third quarter alone generated a revenue of 2.591 billion yuan, with a net profit of 351 million yuan, reflecting a decline in profitability [2][3]. Market Position - The company has achieved a 25%+ market share in online sales, ranking first in the domestic market [2]. - The North American market has shown strong performance, particularly during the Prime Day sales event, while the European market is experiencing short-term disruptions due to changes in channel management [2]. Future Projections - Revenue forecasts for 2024-2026 are 10.772 billion, 13.043 billion, and 15.483 billion yuan, with year-on-year growth rates of 24.48%, 21.08%, and 18.70% respectively [3]. - Net profit projections for the same period are 2.193 billion, 2.436 billion, and 2.833 billion yuan, with growth rates of 6.89%, 11.08%, and 16.31% respectively [3].