Roborock(SH:688169) Tianfeng Securities·2025-08-18 10:11Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17] Core Views - The company reported a revenue of 7.9 billion yuan for the first half of 2025, representing a year-on-year increase of 79%, while the net profit attributable to shareholders was 680 million yuan, down 39.6% year-on-year [1] - The company is expected to improve profitability in the second half of 2025 as it continues to build organizational capabilities and reduce losses in new product categories [3][4] Revenue Performance - In Q2 2025, the company achieved a revenue of 4.48 billion yuan, a year-on-year increase of 73.8%, with a net profit of 410 million yuan, down 43.2% year-on-year [1] - The company’s market share in the domestic vacuum cleaner segment reached 30.0%, up 3.0 percentage points year-on-year, maintaining the leading position [2] - The company’s online sales of floor washing machines in Q2 2025 increased by 955% year-on-year, with a market share of 23.2%, ranking second [2] Profitability Analysis - The net profit margin for Q2 2025 was 9.2%, an increase of 1.4 percentage points quarter-on-quarter, attributed to tax refunds and government subsidies [3] - The gross profit margin was 43.9%, down 9.1 percentage points year-on-year, influenced by product mix and tariff disruptions [3] - The company has increased its R&D personnel by 73.5% year-on-year, indicating a commitment to innovation and long-term growth [3] Financial Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 1.98 billion yuan, 2.95 billion yuan, and 3.72 billion yuan, respectively, with corresponding dynamic P/E ratios of 27.3x, 18.3x, and 14.6x [4][5]