Roborock(SH:688169)2024-03-28 16:00Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Insights - The company's performance in 2023 exceeded expectations, with a revenue of 8.654 billion yuan, a year-on-year increase of 30.55%, and a net profit of 2.051 billion yuan, up 73.32% year-on-year [6] - The company has seen significant growth in overseas markets, particularly in Europe and Asia-Pacific, contributing to high profit margins [6] - The company has increased its cash dividend payout ratio to 40.85% in 2023, reflecting a strong commitment to shareholder returns [6] Summary by Sections Market Data - Closing price: 341.93 yuan - One-year high/low: 368.5/238 yuan - Price-to-book ratio: 4.0 - Dividend yield: 0.27 - Circulating A-share market value: 44,956 million yuan [2] Financial Data - Net asset per share: 86.56 yuan - Debt-to-asset ratio: 20.83% - Total shares: 131 million [3] Performance Highlights - The company achieved a significant increase in revenue and net profit in Q4 2023, with revenue of 29.65 billion yuan, up 32.6% year-on-year, and net profit of 6.91 billion yuan, up 110.33% year-on-year [6] - The gross margin improved by 6 percentage points to 55.32% due to better supply chain cost control and an increase in high-end product sales [6] Future Projections - The company forecasts revenues of 11.131 billion yuan in 2024, with a year-on-year growth rate of 28.6% [7] - The net profit is projected to reach 2.447 billion yuan in 2024, reflecting a growth rate of 19.3% [7] - The company aims to continue expanding its market share in both domestic and international markets, particularly in the smart appliance category [6]