Roborock(SH:688169) EBSCN·2024-03-30 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 341.93 RMB [2] Core Views - The company achieved a total operating revenue of 8.7 billion RMB in 2023, a YoY increase of 30.6% [2] - Net profit attributable to shareholders reached 2.1 billion RMB, a significant YoY growth of 73.3% [2] - The company's gross margin improved to 55.1%, up 5.9 percentage points YoY [2] - Overseas revenue accounted for 42 billion RMB, with a YoY growth of 21.4% [2] - The company's cash dividend payout ratio reached 30.0%, with a total cash dividend of 600 million RMB [2] Financial Performance Revenue and Profit - Q4 2023 revenue reached 3 billion RMB, a YoY increase of 32.6% [2] - Q4 2023 net profit attributable to shareholders was 700 million RMB, a YoY surge of 110.3% [2] - The company's net profit margin improved to 23.7%, up 5.9 percentage points YoY [2] Regional Performance - Domestic revenue grew 41.0% YoY to 44 billion RMB, driven by new product launches [2] - Overseas revenue increased 21.4% YoY to 42 billion RMB, with product mix optimization [2] Operational Efficiency - Sales/management/R&D/financial expense ratios were 21.0%/2.4%/7.2%/-1.6% respectively [2] - Operating cash flow reached 2.19 billion RMB, a YoY increase of 95.2% [2] Future Projections - Revenue is expected to grow to 10.7 billion RMB in 2024E, a 23.8% increase [3] - Net profit is projected to reach 2.37 billion RMB in 2024E, with a 15.65% growth rate [3] - The company's PE ratio is forecasted at 19x for 2024E, 16x for 2025E, and 14x for 2026E [3] Product and Market Strategy - Domestic growth was driven by P10 and P10S series products, expanding the price range [2] - Overseas growth was supported by product mix upgrades, with S series contributing to higher ASP [2] - Direct sales revenue increased 61.2% YoY, accounting for 41.9% of total revenue [2] Financial Position - Cash and financial assets reached 5.9 billion RMB, accounting for 41% of total assets [2] - Accounts receivable decreased by 16.2% YoY, while accounts payable increased by 113.5% [2]