Roborock(SH:688169) Minsheng Securities·2024-03-31 16:00Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 342.57 yuan [1] Core Views - The company achieved a net profit attributable to shareholders of 2.05 billion yuan in 2023, representing a year-on-year growth of 52.5% [1] - The company's revenue for Q4 2023 reached 6.9 billion yuan, showing a significant increase of 110.3% year-on-year [1] - The company continues to enhance its domestic market share while accelerating expansion in overseas markets, with notable growth in overseas revenue [1] - The gross profit margin has significantly improved, benefiting from a higher proportion of high-margin export revenue and product structure upgrades [1] - The long-term outlook for the robotic vacuum cleaner sector remains strong globally, with the company poised for continued market share expansion [1] Financial Performance Summary - The company reported total revenue of 8.65 billion yuan for 2023, with a year-on-year growth rate of 30.5% [2] - The net profit attributable to shareholders is projected to grow to 2.42 billion yuan in 2024, reflecting a growth rate of 17.8% [2] - The earnings per share (EPS) is expected to increase from 15.60 yuan in 2023 to 18.37 yuan in 2024 [2] - The price-to-earnings (PE) ratio is projected to decrease from 22 in 2023 to 19 in 2024, indicating a more attractive valuation [2]