Roborock(SH:688169) KAIYUAN SECURITIES·2024-04-27 07:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported Q1 2024 revenue of 1.84 billion (up 58.7% year-on-year) and a net profit of 400 million (up 95.2% year-on-year), exceeding expectations. The strong performance is attributed to robust domestic sales and high growth in overseas markets [3][8] - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 2.6 billion, 3.12 billion, and 3.77 billion respectively, with corresponding EPS of 19.8, 23.8, and 28.7, maintaining a "Buy" rating [3][23] Summary by Sections 1. Q1 2024 Revenue and Profit Performance - The company achieved Q1 2024 revenue of 1.84 billion (up 58.7% year-on-year) and a net profit of 400 million (up 95.2% year-on-year) [8] - Domestic sales in Q1 2024 reached 420 million (up 30.0%), with a market share of 21.8% and 27.2% in the 2000-3000 and 3000-4000 price segments respectively [10][12] 2. Profitability - The gross margin for Q1 2024 was 56.5% (up 6.6 percentage points), driven by new flagship products and cost reduction efforts [21] - The net profit margin was 21.7% (up 4.1 percentage points), with a non-GAAP net profit margin of 18.6% (up 4.5 percentage points) [22] 3. Profit Forecast and Investment Recommendations - The company has strong product capabilities in domestic sales and is expected to continue high growth in revenue, leading to an upward revision of profit forecasts for 2024-2026 [23]