Roborock(SH:688169) Xinda Securities·2024-04-28 11:00Investment Rating - The report assigns a "Buy" rating for Stone Technology, indicating a positive outlook for the stock performance relative to the benchmark index [1]. Core Insights - Stone Technology's Q1 revenue reached 1.841 billion yuan, a year-on-year increase of 58.69%, with net profit attributable to shareholders at 399 million yuan, up 95.23% year-on-year [1]. - The company has significantly improved its domestic offline market share and is seeing growth in overseas markets, with expectations for higher revenue growth from international channels and new product launches [1]. - The gross profit margin for Q1 was 56.49%, an increase of 6.65 percentage points year-on-year, attributed to a higher proportion of high-margin products and improved product mix [1]. - The company reported a substantial increase in operating cash flow, with net cash flow from operating activities reaching 233 million yuan, a 70.32% increase year-on-year [1]. Financial Performance Summary - Total revenue for 2022 was 6.629 billion yuan, with a growth rate of 13.6%. The forecast for 2024 is 10.819 billion yuan, reflecting a growth rate of 25.0% [2]. - Net profit attributable to shareholders for 2022 was 1.183 billion yuan, with a year-on-year decrease of 15.6%. The forecast for 2024 is 2.541 billion yuan, indicating a growth of 23.9% [2]. - The gross margin improved from 49.3% in 2022 to 55.1% in 2023, with a slight increase expected to 55.4% in 2024 [2]. - The return on equity (ROE) is projected to be 18.0% in 2023 and 16.7% in 2024 [2]. Cash Flow and Liquidity - As of Q1 2024, the company had cash and cash equivalents plus trading financial assets totaling 5.769 billion yuan, a decrease of 2.51% from the beginning of the year [1]. - Accounts receivable decreased by 28.86% to 195 million yuan, while inventory decreased by 5.62% to 876 million yuan [1]. - The company’s contract liabilities increased by 39.61% to 119 million yuan, indicating strong future revenue potential [1].