Roborock(SH:688169) Huaan Securities·2024-03-28 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong growth in both domestic and international markets, with a significant increase in dividends [1] - In Q4 2023, revenue reached 2.97 billion yuan (up 33%), with a net profit attributable to shareholders of 690 million yuan (up 110%) [1] - For the full year 2023, revenue was 8.65 billion yuan (up 31%), with a net profit of 2.05 billion yuan (up 73%) [1] - The company plans to distribute a total dividend of 4.7 yuan per share, resulting in a dividend payout ratio of 41%, a substantial increase of 26 percentage points from the previous year [1] Revenue Summary - The company expects Q4 2023 domestic and international sales to account for approximately 35% and 65% of total sales, respectively, with growth rates of about 30% and 35% [1] - Domestic sales are projected to grow by 30% year-on-year in Q4 2023, driven by the P series products [1] - International sales are expected to grow by 35% year-on-year in Q4 2023, with significant contributions from Europe, the US, and Asia-Pacific [1] Profitability Summary - In Q4 2023, the gross margin was 56.7%, an increase of 5.9 percentage points year-on-year, and the net profit margin was 23.3%, up 8.6 percentage points year-on-year [1] - The improvement in profitability is attributed to high-margin new products and an increase in the international sales proportion [1] Financial Forecast - The company is projected to achieve revenues of 10.73 billion yuan, 12.78 billion yuan, and 14.80 billion yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 24%, 19%, and 16% [2][3] - Net profit attributable to shareholders is expected to be 2.47 billion yuan, 2.94 billion yuan, and 3.43 billion yuan for the same years, with growth rates of 20%, 19%, and 16% [2][3] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 18, 15, and 13 for the years 2024, 2025, and 2026, respectively [1][2]