Roborock(SH:688169) Caixin Securities·2025-04-11 10:10Investment Rating - The investment rating for the company is "Buy" with the rating maintained [1][6] Core Views - The company has shown significant revenue growth, achieving a revenue of 11.945 billion yuan in 2024, a year-on-year increase of 38.1%, although the net profit attributable to the parent company decreased by 3.6% to 1.977 billion yuan [3] - The company is recognized as the global leader in the robotic vacuum cleaner market, with domestic revenue growing by 25.4% and international revenue by 51.1% in 2024 [3] - The company is actively expanding its market and product offerings, with a focus on long-term profitability improvement despite short-term pressure on profit margins [3][4] Financial Forecasts - The company is projected to achieve revenues of 15.201 billion yuan, 17.939 billion yuan, and 20.662 billion yuan for the years 2025, 2026, and 2027 respectively [2][5] - The net profit attributable to the parent company is expected to be 2.101 billion yuan, 2.430 billion yuan, and 2.786 billion yuan for the same years [2][5] - Earnings per share (EPS) are forecasted to be 11.37 yuan, 13.15 yuan, and 15.08 yuan for 2025, 2026, and 2027 respectively [2][5] Market Performance - The company's stock price has fluctuated between 184.52 yuan and 465.10 yuan over the past 52 weeks, with a current price of 184.52 yuan [1] - The company has experienced a decline in stock performance over the past year, with a drop of 22.49% over 12 months [1] Strategic Initiatives - The company is transitioning from a distribution model to a self-operated model in Europe, which has led to increased initial costs but is expected to yield positive results in the long term [3] - The company is focusing on product innovation, including the introduction of a foldable robotic arm design, which enhances its competitive edge in the North American market [3]