Roborock(SH:688169) Changjiang Securities·2025-05-09 05:16Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a significant revenue increase of 86.22% year-on-year in Q1 2025, achieving a total revenue of 34.28 billion yuan. However, the net profit attributable to shareholders decreased by 32.92% to 2.67 billion yuan, and the net profit after deducting non-recurring items fell by 29.28% to 2.42 billion yuan [2][5]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 34.28 billion yuan, marking an 86.22% increase year-on-year. The net profit attributable to shareholders was 2.67 billion yuan, down 32.92% year-on-year, while the net profit after deducting non-recurring items was 2.42 billion yuan, a decrease of 29.28% year-on-year [2][5]. Market Position and Strategy - The company continues to adopt an aggressive strategy, leading to substantial revenue growth. The domestic sales of robotic vacuum cleaners showed a significant increase, with sales revenue, volume, and average price rising by 51.67%, 42.38%, and 6.53% year-on-year, respectively. The company has also increased its market share in both online and offline sales channels [11]. - The company launched innovative products such as the G30 Space exploration version robotic vacuum cleaner and the A30 Pro Steam washing machine, which have set new benchmarks in the high-end market [11]. Future Outlook - The company is expected to maintain strong growth in the coming years, with projected net profits of 22.32 billion yuan, 32.80 billion yuan, and 40.44 billion yuan for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are estimated to be 16.02, 10.90, and 8.84 times [11].