GUOTAI HAITONG SECURITIES·2025-08-04 05:53Investment Rating - The report assigns an "Accumulate" rating for the industry [2]. Core Insights - The lawn mowing robot industry is reaching a "singularity" moment, with companies possessing technological advantages and overseas experience likely to emerge as winners [4]. - The market for lawn mowing robots is vast and mature, with a potential market space of up to 3 million units, driven by the rigid demand for lawn maintenance in private gardens across Europe and the US [6][14]. - The global sales of lawn mowing robots are expected to reach 3 million units in the future, with significant growth anticipated as technology matures and prices decrease [24]. Summary by Sections 1. The Rise of Boundaryless Intelligent Lawn Mowing Robots - The transition from traditional lawn mowers to intelligent robots represents a significant technological evolution, with the average annual cost of intelligent lawn mowing robots around $183 [8][11]. - The mainstream technology route for these robots is RTK + visual fusion, which enhances operational efficiency in complex environments [11][12]. 2. Huge Market Demand and Growing Intelligence - The US and Europe account for 72% of the global private garden market, with a strong cultural emphasis on lawn maintenance [14][15]. - The penetration rate of intelligent lawn mowing robots remains low, particularly in the US, where it is less than 5% [18]. 3. Industry Competition and Key Players - The industry features three main types of players: traditional outdoor power equipment giants, technology-driven companies, and startups focusing on price advantages [27]. - Notable companies include Husqvarna and Worx, which dominate the market but face challenges from innovative tech firms like Ninebot and Ecovacs [28][30]. 4. Investment Recommendations - The report recommends investing in companies with technological leadership and international experience, specifically Ninebot (2025 PE: 22.7×), Ecovacs (23.3×), and Roborock (20.4×) [48].