Roborock(688169) 财信证券·2025-03-10 07:35Investment Rating - The investment rating for the company is "Buy" [2][10] Core Views - The company is experiencing high revenue growth on the income side, but short-term profitability is under pressure, with expectations for efficiency improvements in the future [1][6] - The company reported an expected revenue of 119.27 billion yuan for 2024, representing a year-on-year increase of 37.82%, while the net profit attributable to shareholders is expected to be 19.81 billion yuan, a decrease of 3.42% year-on-year [6] - The company is expanding its product offerings and market presence, particularly in the domestic and overseas markets, with significant growth in online sales for its robotic vacuum cleaners and floor washers [6][7] Financial Projections - The company’s projected main revenue for 2024 is 119.24 billion yuan, with net profit expected to be 19.81 billion yuan, and earnings per share (EPS) forecasted at 10.73 yuan [5][8] - The company anticipates continued revenue growth, with projections of 145.35 billion yuan in 2025 and 165.64 billion yuan in 2026 [5][8] - The price-to-earnings (P/E) ratio is expected to decrease from 21.89 in 2024 to 17.35 in 2026, indicating potential value appreciation [5][8] Market Performance - The company’s stock has shown a price range of 196.41 to 465.10 yuan over the past 52 weeks, with a current price of 234.76 yuan [2] - The company’s performance in the small appliance sector has been strong, with a 44% increase compared to the previous year [3]