Roborock(688169) Changjiang Securities·2025-01-22 02:39Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company launched the world's first bionic robotic vacuum cleaner Saros Z70 at CES 2025, marking a significant advancement from 2D to 3D cleaning capabilities, potentially redefining the next generation of home robots [2][4][12]. - The company has shown impressive sales growth in both domestic and international markets, with online and offline sales in the domestic market increasing by 77% and 125% respectively during the national subsidy period [21][26]. - The company is expected to achieve net profits of 2.175 billion, 2.548 billion, and 3.081 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 19.96, 17.04, and 14.09 [28]. Summary by Sections Product Launch - The Saros Z70 features a unique 5-axis folding bionic mechanical arm, allowing it to perform 3D space control and maintain a slim profile of only 7.98 cm [11][12]. - The product is expected to be available in the first half of 2025, showcasing the company's strong innovation capabilities in the smart cleaning sector [4][11]. Sales Performance - In Q4 2024, the company captured significant market shares on Amazon in various countries: 28% in the USA, 49% in Germany, 19% in France, 18% in the UK, and 25% in Spain, with year-on-year increases in most markets [15][19][21]. - The company has adopted a more aggressive market strategy since Q3 2024, leading to notable sales performance improvements [14][28]. Financial Projections - The company forecasts total revenues of 10.658 billion, 12.690 billion, and 15.046 billion yuan for 2024, 2025, and 2026 respectively, with a gross profit margin around 54% to 53% [37]. - The projected earnings per share (EPS) are expected to rise from 11.10 yuan in 2023 to 16.68 yuan in 2026 [37].