Roborock(SH:688169) HTSC·2025-06-06 11:56Investment Rating - The investment rating for the company is "Buy" with a target price of 253.23 RMB [9][10]. Core Views - The company reported strong sales growth during the 618 shopping festival, with online sales of sweeping and washing machines increasing by 57% and 1064% year-on-year, respectively, significantly outperforming the industry average [4][3]. - The company is rapidly increasing its overseas production capacity, having established a factory in Vietnam to mitigate the impact of U.S. tariffs, and is actively managing its supply chain to adapt to changing policies [5][3]. - The company is focusing on internal improvements and accelerating its globalization strategy, with organizational and sales structure adjustments made in 2024 leading to rapid revenue growth in late 2024 and early 2025 [6][3]. Summary by Sections Sales Performance - The company achieved a strong start in the 618 shopping festival, with sweeping machines and washing machines showing online sales growth of 57% and 1064% respectively, compared to the industry averages of 27% and 34% [4][3]. Overseas Production Capacity - In response to U.S. tariff policies, the company set up a factory in Vietnam in October 2024, which has quickly ramped up production and started bulk shipments, demonstrating effective supply chain management [5][3]. Globalization Strategy - The company has enhanced its organizational capabilities and resource reserves over the past decade, implementing strategic adjustments in 2024 that have led to significant revenue growth in Q4 2024 and Q1 2025 [6][3]. Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027 at 2.035 billion RMB, 2.321 billion RMB, and 2.828 billion RMB, with corresponding EPS of 11.01, 12.56, and 15.30 RMB [7][3]. - The target price is set at 253.23 RMB, based on a 23x PE ratio for 2025, reflecting the company's strong product capabilities and successful globalization efforts [7][3].