中国证券报·中证金牛座记者从知情人士处独家获悉，大疆扫地机器人产品已开始量产，预计将于6月发 布。 据记者了解，大疆研发扫地机器人已超过四年，即将上市的产品是扫拖一体机器人。 对于大疆进入扫地机器人领域的原因，知情人士对记者表示，大疆要做空间智能探索者，除了空中空 间，还有地面空间。尽管大疆做无人机很成功，但无人机不是面向大众的产品。大疆在视觉和避障传感 器、算法、路径规划等技术上有多年的积累，大疆希望自身积累的技术能够惠及更多消费者，而这些技 术能够运用到扫地机器人产品上。因此，大疆进入扫地机器人赛道。 据记者了解，大疆首款扫地机器人定位为中高端产品。"这是能够代表大疆品质和审美的扫地机器 人。"知情人士称，大疆扫地机器人新品要上市，除了保障产品品质，还要面对产品销售和售后问题。 大疆过去在无人机领域取得显著优势，现在要进入家电领域，是一个新的尝试。但大疆不是盲目进入新 赛道，公司将先在国内市场销售扫地机器人，目前大疆也已搭建了售后体系。 一位业内人士对记者分析称，目前扫地机器人市场处于增长趋势，大疆作为新玩家，将激发扫地机器人 市场活力。 研究机构IDC报告称，2024年全球智能扫地机器人市场出货2060 ...

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].