Roborock(SH:688169) KAIYUAN SECURITIES·2024-03-28 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 8.65 billion yuan in 2023, representing a year-on-year growth of 30.5%, and a net profit of 2.05 billion yuan, which is an increase of 73.3% [3][10] - The company has significantly increased its dividend payout ratio, with a total dividend amount of approximately 840 million yuan, accounting for 40.9% of the net profit, a substantial increase of 25.6 percentage points year-on-year [25] - The company is expected to maintain strong growth in both domestic and international markets, with new product launches anticipated to drive revenue growth in 2024 [26][29] Revenue and Profitability - In Q4 2023, the company reported a revenue of 2.97 billion yuan, up 32.6% year-on-year, and a net profit of 690 million yuan, which is a remarkable increase of 110.3% [10][12] - The gross margin for 2023 was 55.1%, an increase of 5.9 percentage points, while the net margin was 23.7%, up 5.8 percentage points [19][21] - The company’s operating cash flow for 2023 was 2.19 billion yuan, reflecting a growth of 95.1% [23] Domestic and International Sales Performance - Domestic sales accounted for approximately 30% of total revenue in 2023, with a year-on-year growth of about 30% [13] - International sales, particularly in Europe and North America, showed strong growth, with revenue increases of approximately 30% and 50% respectively [13][32] - The company’s market share in online sales reached 21.2% in early 2024, indicating a competitive position against peers [26] Product Performance - The revenue from smart vacuum cleaners and accessories was 8.08 billion yuan, growing by 27.41%, while other smart appliance products saw a revenue of 554 million yuan, increasing by 109.40% [14] - The company launched new products, including the P10S series, which performed well in pre-sales, indicating strong market demand [29][31] Future Outlook - The company maintains its profit forecasts for 2024-2026, expecting net profits of 2.41 billion yuan, 2.85 billion yuan, and 3.38 billion yuan respectively, with corresponding EPS of 18.3, 21.7, and 25.7 yuan [3][5] - The introduction of high-end G series and ultra-thin V series products is expected to enhance the company's market presence in premium segments [29][36]