Roborock(SH:688169) Guotou Securities·2024-02-26 16:00Investment Rating - The investment rating for the company is "Buy-A" with a target price of 391 CNY, maintaining the rating [1][2]. Core Views - The company reported a revenue of 8.6538 billion CNY for 2023, representing a year-over-year increase of 30.5%, and a net profit of 2.05 billion CNY, up 73.6% year-over-year [1][2]. - The fourth quarter (Q4) showed strong performance with a revenue of 2.97 billion CNY, a 32.6% increase year-over-year, and a net profit of 690 million CNY, which is a 111.3% increase year-over-year [1][2]. - The company is expected to maintain high growth due to product competitiveness and market demand, particularly with the launch of new products [2]. Financial Performance Summary - The company's main revenue is projected to grow from 5.8371 billion CNY in 2021 to 11.3736 billion CNY by 2025 [1][6]. - The net profit margin is expected to remain strong, with net profit margins of 24.0% in 2021, decreasing to 21.6% by 2025 [6][7]. - Earnings per share (EPS) are forecasted to increase from 10.67 CNY in 2021 to 18.69 CNY in 2025 [6][7]. Market Position and Product Development - The company has launched new products, including a dual-arm sweeping robot, which is expected to enhance its competitive position in the domestic market [2]. - The company’s overseas sales continue to show high growth, with a global search interest increase of 8% year-over-year in January 2024 [2]. - The company is focusing on product structure upgrades and expanding its product line, which is anticipated to drive revenue growth [2].