Roborock(SH:688169) Minsheng Securities·2024-04-29 02:00Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company reported Q1 2024 revenue of 1.841 billion yuan, a year-on-year increase of 58.7%, and a net profit attributable to shareholders of 399 million yuan, up 95.2% year-on-year [1]. - The company is experiencing strong growth in marketing and is expanding its overseas market presence, with domestic online sales of floor cleaning machines reaching 420 million yuan, a 29.9% increase year-on-year [1]. - The gross profit margin for Q1 2024 was 56.5%, an increase of 6.6 percentage points year-on-year, indicating improved profitability [1]. - The long-term outlook for the floor cleaning machine sector remains strong globally, with the company positioned to continue expanding its market share [1]. Financial Forecasts - The company is expected to achieve net profits of 2.56 billion yuan, 3.14 billion yuan, and 3.75 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 24.8%, 22.7%, and 19.4% [2][6]. - The projected price-to-earnings ratios for the company are 20x for 2024, 16x for 2025, and 13x for 2026 [2][6]. - The company’s revenue is forecasted to reach 11.472 billion yuan in 2024, with a growth rate of 32.6% [6].