Roborock(688169) 开源证券·2025-02-27 14:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 11,926 million yuan in 2024, representing a year-on-year increase of 37.8%. The net profit attributable to the parent company was 1,981 million yuan, down 3.4% year-on-year. 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% year-on-year [9][11] - The company has adopted a more aggressive product and marketing strategy, which has led to a significant increase in revenue. The launch of the world's first robotic arm vacuum cleaner is expected to position the company as a benchmark in the downstream application of AI robotics technology, potentially enhancing its valuation [33] - The company is experiencing strong growth across various regions, with domestic online sales increasing by 104% year-on-year in Q4 2024, maintaining a market share of 25.1% [12][23] Summary by Sections Revenue Growth - The company achieved a revenue of 119.3 billion yuan in 2024, a 37.8% increase year-on-year. In Q4 2024, revenue reached 49.2 billion yuan, reflecting a 65.9% increase year-on-year [9][11] - The company has implemented a more proactive product and sales strategy, resulting in rapid revenue growth despite challenges such as stock shortages and tariffs [9][24] Profitability Challenges - The net profit margin for Q4 2024 was 10.3%, down 13.0 percentage points year-on-year, primarily due to stock shortages and tariffs affecting sales [24][25] - The company has faced temporary pressure on profitability due to multiple factors, including stock shortages and increased marketing expenses, but is expected to stabilize [24][28] Product Innovation - The company has launched several new products in 2025, including the G30 Space exploration version vacuum cleaner, which features a robotic arm capable of picking up and moving objects [30] - The A30 Pro Steam washing machine, launched on February 25, 2025, introduces a dual cleaning mode with steam and hot water, enhancing its cleaning capabilities [30][35] Financial Forecasts - The company has revised its profit forecasts downward due to stock shortages and tariffs, projecting net profits of 19.8 billion yuan for 2024, 23.0 billion yuan for 2025, and 29.0 billion yuan for 2026 [33] - The expected EPS for the upcoming years is 10.72 yuan for 2024, 12.45 yuan for 2025, and 15.70 yuan for 2026, with corresponding P/E ratios of 23.7, 20.4, and 16.2 [33]