Roborock(SH:688169) Xinda Securities·2024-03-28 16:00Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [8]. Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 86.54 billion yuan, a year-on-year increase of 30.55%, and net profit of 20.51 billion yuan, up 73.32% [1]. - The company has expanded its market presence both domestically and internationally, with domestic and overseas revenues of 44.11 billion yuan and 42.29 billion yuan respectively, reflecting year-on-year growth of 41.01% and 21.42% [1]. - The company has improved its profitability, achieving a gross margin of 55.13% in 2023, an increase of 5.87 percentage points year-on-year [1]. - The company plans to distribute a cash dividend of 4.68 yuan per share, totaling 6.15 billion yuan, resulting in a dividend payout ratio of 40.85% for the year [1]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 29.65 billion yuan, a year-on-year increase of 32.60%, and a net profit of 6.91 billion yuan, up 110.33% [1]. - The company’s gross margin improved to 56.65% in Q4, reflecting a year-on-year increase of 5.94 percentage points [1]. - The company’s net profit margin for 2023 was 23.70%, an increase of 5.85 percentage points year-on-year [1]. Sales and Market Expansion - The company sold 2.5952 million smart vacuum cleaners in 2023, a year-on-year increase of 15.54%, while other smart appliance sales surged by 109.80% [1]. - The company has established a global distribution network, including brand stores on platforms like Amazon and Target in the U.S., with over 180 Target stores now carrying its products [1]. Cash Flow and Dividends - The company reported a significant increase in operating cash flow, reaching 21.86 billion yuan in 2023, a year-on-year increase of 95.09% [1]. - The total cash dividend for 2023, including the interim distribution, amounts to 8.38 billion yuan [1]. Future Projections - Revenue projections for 2024-2026 are estimated at 108.18 billion yuan, 127.19 billion yuan, and 146.57 billion yuan, representing year-on-year growth rates of 25.0%, 17.6%, and 15.2% respectively [2]. - Net profit forecasts for the same period are 25.12 billion yuan, 29.62 billion yuan, and 33.59 billion yuan, with corresponding growth rates of 22.5%, 17.9%, and 13.4% [2].