Roborock(688169) 国联民生证券·2025-03-04 12:10Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company reported a significant revenue increase, with Q4 2024 revenue growing by 66% year-on-year, marking the fastest quarterly growth since Q2 2021, driven by subsidies and new product launches [3][12] - The company is strategically increasing marketing expenditures to enhance competitive advantages, despite a rise in competition intensity [3][12] - The company is focusing on both expanding its product range and refining existing products to achieve new scale heights [12] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 11.927 billion yuan, a year-on-year increase of 37.82%, and a net profit attributable to shareholders of 1.981 billion yuan, a decrease of 3.42% [12] - Q4 2024 saw operating revenue of 4.920 billion yuan, up 65.94% year-on-year, with a net profit of 509 million yuan, down 26.34% year-on-year [12] Market Position and Strategy - The company’s market share for domestic online retail in Q4 2024 was 13% for floor cleaning machines and 9% for washing machines, with significant growth in both categories [3][12] - The company is actively promoting new products and increasing brand investment, particularly in the domestic market and during major sales events like Black Friday [12] Future Projections - Revenue projections for 2025 and 2026 are 15.216 billion yuan and 19.316 billion yuan, respectively, representing year-on-year growth rates of 27.58% and 26.95% [12] - The expected earnings per share (EPS) for 2025 and 2026 are 10.85 yuan and 12.89 yuan, with corresponding price-to-earnings (P/E) ratios of 23.4 and 19.7 [12]