Roborock(SH:688169) Shenwan Hongyuan Securities·2025-11-02 06:13Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company's performance in 2025 Q1-3 showed a total revenue of 12.066 billion yuan, a year-on-year increase of 72%, but the net profit attributable to the parent company was 1.038 billion yuan, a decrease of 29.5% [4] - Domestic sales were impacted by certain self-subsidy effects, while overseas sales showed stable growth, particularly in Europe and the Asia-Pacific regions [4] - The company has launched new products in the lawn mower category and is expected to see significant performance in this area [4] Financial Performance Summary - Total revenue projections for the company are as follows: 2024: 11.945 billion yuan, 2025E: 19.336 billion yuan, 2026E: 24.713 billion yuan, 2027E: 29.860 billion yuan, with respective year-on-year growth rates of 38.0%, 61.9%, 27.8%, and 20.8% [2] - The net profit attributable to the parent company is projected to be 1.702 billion yuan in 2025E, with a year-on-year decrease of 13.9% [2] - The company's gross margin is expected to be 45.2% in 2025E, with a return on equity (ROE) of 11.8% [2] Market Position and Strategy - The company has maintained a strong market share in the sweeping machine sector, achieving shares of 24.8%, 31.6%, and 27.6% in July, August, and September 2025, respectively [4] - The company is actively adjusting its product strategy in Europe and has seen a rapid increase in orders, while also expanding its online presence in North America [4] - The washing machine business has become a second growth curve for the company, with significant online market share growth [4]