Roborock(688169) INDUSTRIAL SECURITIES·2025-01-14 03:07Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [1] Core Viewpoints - The report highlights the launch of the Saros Z70, a five-axis folding bionic robotic arm, which is a significant innovation in the cleaning appliance sector. This product enhances cleaning capabilities and obstacle avoidance, expanding the range of cleaning scenarios [3][4][7] - The report anticipates that the company will benefit from both domestic and international sales, leading to an increase in market share. Earnings per share (EPS) are projected to be 11.46, 12.52, and 14.92 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 20.5, 18.8, and 15.8 [5][27] Summary by Sections 1. Product Innovation - The Saros Z70 features a robotic arm capable of handling small objects weighing up to 300 grams, which allows it to pick up solid waste and navigate around small obstacles, thus broadening its cleaning applications [3][8] - The product integrates advanced technologies, including a 4cm adjustable chassis and a sophisticated navigation system, enhancing its operational efficiency [4][16] - The Saros Z70 represents a shift towards "embodied intelligence," moving beyond traditional cleaning tasks to potentially serve as a service robot, indicating a new direction for the industry [18] 2. Industry Innovation Cycle - The current innovation cycle in the robotic vacuum industry is characterized by the emergence of washing robots and bionic robotic vacuum cleaners, catering to different consumer needs—those who prioritize cleanliness and those who prefer convenience [19][21] - The report predicts a coexistence of washing robots and bionic robotic vacuum cleaners in the short term, with a potential for long-term integration as technology evolves [21] 3. Company Innovation Strategy - The company has strengthened its innovation capabilities, focusing on product originality. The Saros Z70 marks a significant upgrade in product design and functionality, reflecting a proactive approach to market trends [4][23] - Organizational adjustments and increased R&D investments have positioned the company for a more aggressive innovation strategy, enhancing its competitive edge in the market [24][26] 4. Financial Projections - The company is expected to see substantial revenue growth, with total revenue projected to reach 11,400 million yuan in 2024, 14,767 million yuan in 2025, and 17,648 million yuan in 2026, reflecting year-on-year growth rates of 31.7%, 29.5%, and 19.5% respectively [5][27] - The net profit attributable to shareholders is forecasted to grow from 2,051 million yuan in 2023 to 2,755 million yuan in 2026, with a notable increase in profit margins [5][27]