Core Insights - DJI's sweeping robot products have begun mass production and are expected to be launched in June [1] - The company has been developing the sweeping robot for over four years, and the upcoming product is a vacuum and mop integrated robot [1] - DJI aims to become a space intelligence explorer, expanding its successful drone technology into the ground space market [1] Industry Overview - The global smart sweeping robot market is projected to ship 20.603 million units in 2024, representing a year-on-year growth of 11.2%, with sales expected to reach $9.31 billion, a 19.7% increase [1] - The average price of these products is anticipated to rise by 7.6% to $452, indicating a continued trend towards high-end product upgrades [1] - In the domestic market, the shipment of sweeping robots in China is expected to reach 5.389 million units in 2024, with a year-on-year growth of 6.7% [2] Product Positioning - DJI's first sweeping robot is positioned as a mid-to-high-end product, reflecting the company's quality and aesthetic standards [2] - The company is focusing on ensuring product quality while also addressing sales and after-sales service challenges as it enters the home appliance sector [2] - DJI plans to initially sell the sweeping robot in the domestic market and has already established an after-sales service system [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][18]. Core Views - The company reported a significant increase in non-recurring profit, with Q1 2025 revenue at 1.227 billion yuan, up 10.69% year-on-year, and net profit at 157 million yuan, up 29.83% year-on-year [1]. - Q1 2025 sales volume increased by 11.66% to 294,600 tons, with expectations for the 97 Pure Draft product to continue growing by around 30% [2]. - The gross margin improved significantly, with a 2.9 percentage point increase, and a decrease in cost per ton by 5.8% year-on-year [3]. Financial Performance Summary - Revenue projections for 2025-2027 are 6.212 billion yuan, 6.662 billion yuan, and 7.130 billion yuan, respectively, with growth rates of 8%, 7%, and 7% [3]. - Net profit projections for the same period are 976.8 million yuan, 1.105 billion yuan, and 1.241 billion yuan, with growth rates of 20.55%, 13.12%, and 12.32% [3]. - The company is expected to maintain a price-to-earnings ratio (P/E) of 24X, 21X, and 19X for 2025, 2026, and 2027, respectively [3]. Key Financial Metrics - The company’s total revenue for 2023 is projected at 5.378 billion yuan, with a growth rate of 9.13% [5]. - The EBITDA for 2025 is estimated at 1.370 billion yuan, with a steady increase in subsequent years [5]. - The net profit attributable to the parent company for 2025 is projected at 976.8 million yuan, with an EPS of 0.44 yuan [12].