Roborock(SH:688169) Tianfeng Securities·2025-04-30 10:15Investment Rating - The investment rating for the company is "Buy" with a maintained rating [4][3]. Core Views - The company has achieved significant revenue growth, with a reported revenue of 3.428 billion yuan in Q1 2025, representing a year-on-year increase of 86.22%. However, the net profit attributable to the parent company decreased by 32.92% to 267 million yuan [1][2]. - The company has enhanced its product matrix and pricing strategy, leading to substantial growth in both domestic and international sales. Notably, the online and offline sales of the company's sweeping robots increased by 90% and 101% respectively, while the sales of washing machines surged by 349% and 372% [1]. - The company is investing heavily in sales and marketing to expand its market presence and improve its product offerings, which has resulted in a significant increase in sales expenses [2][3]. Summary by Sections Financial Performance - In Q1 2025, the company's gross margin was 45.48%, down 11.02 percentage points year-on-year, and the net margin was 7.8%, down 13.86 percentage points [2]. - The company reported a negative cash flow from operating activities of -42 million yuan, a decline of 118.09% year-on-year, primarily due to increased inventory levels as sales scale expanded [2]. Revenue and Profit Forecast - The company is expected to see continued revenue growth, with projected net profits for 2025, 2026, and 2027 estimated at 1.984 billion yuan, 2.825 billion yuan, and 3.662 billion yuan respectively. The corresponding dynamic P/E ratios are 18x, 12.7x, and 9.8x [3][8]. Market Position - The company has significantly increased its market share in key product categories, with the online market share for sweeping robots rising from 22% in Q1 2024 to 25% in Q1 2025, and for washing machines from 4% to 14% [1].