Roborock(SH:688169) Tianfeng Securities·2025-04-06 04:12Investment Rating - The investment rating for the company is "Buy" [6][17] Core Views - The company achieved a revenue of 11.945 billion yuan in 2024, representing a year-on-year growth of 38.03%, while the net profit attributable to shareholders was 1.977 billion yuan, a decrease of 3.64% year-on-year [1] - The company is experiencing rapid growth in both domestic and international sales, with a significant increase in revenue from smart hardware and other smart appliances [2] - The company has initiated a new round of share buybacks, planning to use 50 million to 100 million yuan to maintain company value and shareholder rights [4] Financial Performance - In 2024, the company's gross margin was 50.14%, down by 5 percentage points year-on-year, and the net margin was 16.55%, down by 7.16 percentage points year-on-year [3] - The company reported a revenue of 8.654 billion yuan in 2023, with a projected revenue of 16.292 billion yuan in 2025, indicating a growth rate of 36.39% [5] - The earnings per share (EPS) for 2024 is projected to be 10.70 yuan, with a price-to-earnings (P/E) ratio of 21.12 [5] Sales and Market Strategy - The company has optimized its sales structure, leading to a 25.39% increase in domestic sales and a 51.06% increase in international sales in 2024 [2] - The company has increased its investment in brand promotion and research and development to support long-term growth [4] Shareholder Returns - The company plans to distribute a cash dividend of 1.07 yuan per share to all shareholders [1]