Roborock(SH:688169) GOLDEN SUN SECURITIES·2024-03-30 16:00Investment Rating - The report maintains a "Buy" investment rating for the company [4]. Core Views - The company achieved a revenue of 8.654 billion yuan in 2023, representing a year-on-year growth of 30.55%, and a net profit of 2.051 billion yuan, up 73.32% year-on-year [1]. - The company has seen significant growth in domestic sales, with a 41.01% increase to 4.411 billion yuan, and a gross margin improvement of 4.16 percentage points to 49.26% [1]. - The company has expanded its overseas channels, entering the U.S. market with over 180 stores [1]. - The market share of the company's vacuum cleaners continues to rise, with a revenue increase of 27.41% to 8.085 billion yuan and a gross margin increase of 6.63 percentage points to 56.15% [1]. - The company launched new products in 2024, including the P10S Pro and G20 S, which are expected to enhance its market competitiveness [2]. Financial Summary - In 2023, the company reported a revenue of 86.54 billion yuan and a net profit of 20.51 billion yuan, with Q4 revenue at 29.65 billion yuan, up 32.60% year-on-year [1]. - The company forecasts net profits of 2.510 billion yuan, 2.893 billion yuan, and 3.329 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 22.4%, 15.3%, and 15.1% [2]. - The company's earnings per share (EPS) for 2023 was 15.60 yuan, with projections of 19.09 yuan for 2024 and 25.32 yuan for 2026 [3][10]. - The company's return on equity (ROE) improved to 18.0% in 2023, with expectations of 18.9% in 2024 [3][10]. - The price-to-earnings (P/E) ratio decreased from 38.0 in 2022 to 21.9 in 2023, with further declines expected to 17.9 in 2024 [3][10].