Roborock(688169) 中航证券·2025-03-05 02:00Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [12]. Core Insights - The company, Stone Technology, leads the global market share in robotic vacuum cleaners, achieving a market share of 16.4% as of Q3 2024, maintaining its position as the world's number one for two consecutive quarters [1]. - The introduction of new products, such as the G30 Space Exploration version, showcases advancements in embodied intelligence, expanding the capabilities of home robots beyond just floor cleaning [1]. - The integration of the DeepSeeK AI model into the Roborock app is expected to enhance user interaction and provide more intelligent product experiences [2]. - The company anticipates a revenue growth of 37.82% year-on-year for 2024, with a significant increase of 65.94% in Q4 2024 compared to the same period last year [3]. Financial Data Summary - The company's projected revenue for 2024 is approximately 119.27 billion yuan, with expected growth rates of 30.66% and 28.17% for 2025 and 2026, respectively [9]. - The net profit for 2024 is estimated at 1,981.11 million yuan, with a growth rate of 18.04% for 2025 [9]. - The gross margin is projected to be around 51.17% in 2025, slightly decreasing from 52.95% in 2024 [9]. - The company's total assets are expected to reach approximately 18,834.76 million yuan by 2025, with a debt ratio of 26.47% [4][11].