Roborock(688169) 开源证券·2025-02-27 14:51Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 119.3 billion yuan in 2024, representing a year-on-year increase of 37.8%. However, the net profit attributable to the parent company was 19.8 billion yuan, a decrease of 3.4% [9][10] - In Q4 2024, the company achieved a revenue of 49.2 billion yuan, up 65.9% year-on-year, while the net profit attributable to the parent company was 5.1 billion yuan, down 26.3% [11] - The company has adopted a more aggressive product and marketing strategy, which has led to a significant increase in revenue despite challenges such as stock shortages and tariffs [9][24] Summary by Sections 1. Revenue Growth and Performance - The company has maintained strong revenue growth, with Q4 2024 revenue increasing by 65.9% year-on-year, driven by effective product and sales strategies [9][11] - Online sales in the domestic market saw a remarkable increase of 104% in Q4 2024, with a market share of 25.1% [12][19] 2. Profitability Challenges - The company's net profit margin in Q4 2024 was 10.3%, down 13.0 percentage points, primarily due to stock shortages and increased tariffs affecting sales [24][25] - The company has faced temporary profitability pressure but is expected to stabilize as it adjusts its strategies [24][28] 3. Product Innovation and Market Position - The company has launched several innovative products, including the G30 Space exploration version with a robotic arm and the A30 Pro Steam washing machine, enhancing its competitive edge [30][31] - The introduction of new products is aimed at expanding the company's market share and maintaining its leadership in innovation [32] 4. Financial Forecast and Valuation - The company has revised its profit forecasts for 2024-2026, expecting net profits of 19.8 billion, 23.0 billion, and 29.0 billion yuan respectively, with corresponding EPS of 10.72, 12.45, and 15.70 yuan [33] - The current stock price corresponds to a P/E ratio of 23.7 for 2024, 20.4 for 2025, and 16.2 for 2026, indicating potential for valuation improvement [33]