Donghai Securities·2025-08-26 11:05Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more in the next six months [6]. Core Insights - The domestic sales data for robotic vacuum cleaners is positive, with retail sales in the first half of 2025 showing a year-on-year increase of 41.1% and sales volume up by 40.7%. Leading companies are integrating advanced technologies to enhance user experience and reduce market homogenization [5]. - The global market for robotic vacuum cleaners is substantial, with an expected shipment of 20.6 million units in 2024, representing a year-on-year growth of 11.2%. The market revenue is projected to reach $9.31 billion, growing by 19.7% [5]. - Chinese brands are leading the global market, with the top four brands in terms of shipment volume being Chinese. Stone Technology holds the largest market share, and the company has achieved significant sales growth in various international markets [5]. Summary by Sections Investment Recommendations - Focus on domestic robotic vacuum cleaner companies such as Ecovacs and Roborock [4]. Market Trends - The average retail price of robotic vacuum cleaners has shown fluctuations, with a year-on-year decrease of 4.9% in May and June, followed by a slight increase of 4.3% in July. The high-end market's retail share has been increasing [5]. Product Innovation - Companies are launching new products to meet diverse consumer needs, with Ecovacs introducing a mini model priced under 2000 yuan aimed at younger consumers [5]. Competitive Landscape - The entry of new competitors like DJI into the robotic vacuum market is expected to drive further innovation and competition among existing brands [5].