国信证券主要观点如下： 智通财经APP获悉，国信证券发布研报称，割草机器人自RTK技术引入以来，产品迎来快速迭代升级， 无边界割草机器人需求快速爆发。泳池机器人领域，无缆产品以便利性和智能性正快速成为行业主流。 技术的迭代推动无边界割草机器人与无缆泳池机器人的需求爆发。我国企业正以快速的产品迭代构建产 品力优势，同时向线上线下全渠道渗透。在割草机器人技术变革大潮中，不断精进产品，构筑产品及渠 道的优势，从而收获增长红利。 海外割草需求旺盛，全球割草机百亿美元规模 欧美草坪文化盛行，私人花园存量达1.8亿个，草坪修剪成为高频刚需，由此催生出规模庞大的割草机 等户外动力工具市场。根据欧睿及公司公告数据测算，预计2024年全球割草机规模在100亿美元，2013- 2023年复合增长2%。虽然行业发展较为成熟，但品类结构的变迁悄然来临。割草机主要三大品类中， 手持式/骑乘式销额占比超40%，割草机器人占比约10%，随着割草机器人技术的迭代升级，其渗透率存 在较大提升空间。 无缆泳池机器人逐步成为行业内的主流，2024年出货量达到200万台，2019-2024年复合增长81%;至2029 年有望达到440万台，复合增长 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The demand for lawn and pool robots is surging due to technological upgrades, with domestic companies competing vigorously [5] - The global lawn mower market is projected to reach $10 billion by 2024, with a compound annual growth rate (CAGR) of 2% from 2013 to 2023 [3] - The penetration rate of robotic lawn mowers is expected to increase significantly, driven by advancements in technology [3][29] Summary by Sections 1. Overseas Lawn Demand and Market Size - The lawn care culture in Europe and the U.S. has led to a substantial market for lawn mowers, with 180 million private gardens [3][12] - The global lawn mower market is expected to reach approximately $10.8 billion in 2024, with a CAGR of 2.1% from 2013 to 2023 [13][15] 2. Rapid Iteration of Boundaryless Smart Lawn Mowers - The introduction of RTK satellite differential positioning technology has significantly improved the performance of robotic lawn mowers, leading to a sales explosion [3][30] - By the first half of 2025, global sales of robotic lawn mowers are expected to grow by 327% year-on-year, reaching 2.34 million units [29] 3. Competitive Landscape of the Robotic Lawn Mower Industry - Traditional leaders like Husqvarna and Worx still hold significant market share, but domestic companies such as Ninebot, Ecovacs, and Mamotion are rapidly gaining ground [40][42] - Domestic companies are leveraging technological advantages and innovative product iterations to capture market share in overseas markets [42] 4. Pool Robot Market Dynamics - The global pool robot market is projected to reach $2.5 billion by 2024, with a CAGR of 16% from 2019 to 2024 [6] - The penetration rate of pool robots is expected to rise from 18% in 2019 to 26% in 2024, with further growth anticipated by 2029 [6] 5. Investment Recommendations - The report suggests focusing on companies like Stone Technology, Guangfeng Technology, and Ecovacs, which are well-positioned to benefit from the technological advancements in the industry [5]

Core Insights - The article highlights the rapid advancement and market potential of boundary-less robotic lawn mowers, driven by technological breakthroughs in RTK centimeter-level positioning and multi-sensor integration [1][4][6]. Market Background - The lawn culture in Europe and North America is significant, with approximately 80 million to 100 million households participating in gardening activities, spending an average of $616 per household annually [3]. - The global lawn mower market is projected to exceed $50 billion by 2030, with North America and Europe accounting for about 85% of this market [3]. - The current penetration rate of robotic lawn mowers is low, around 7%, with North America at 1% and Europe at approximately 20% [3]. Technological Development - The article outlines three phases in the development of robotic lawn mowers: 1. Initial phase (1990s-2010s) dominated by boundary wire technology 2. Growth phase (2020-2023) with the rise of boundary-less technology 3. Explosive phase (2024 onwards) characterized by technological integration and scale [9][11]. - The main technological route currently is RTK combined with visual SLAM and laser radar, enhancing navigation precision and adaptability to complex terrains [9][18]. Economic Factors - The aging population and rising labor costs in Europe and North America are driving demand for robotic lawn mowers, which can reduce maintenance costs significantly compared to traditional methods [5][6]. - The average labor cost for lawn maintenance in Europe and North America ranges from $30 to $55 per hour, with annual expenses reaching $1,200 to $2,500 [5]. Environmental Regulations - Stricter environmental regulations are pushing the transition from traditional gas-powered lawn mowers to electric robotic alternatives, with the EU planning to eliminate 80% of gas-powered garden equipment by 2027 [6]. Competitive Landscape - The market for boundary-less robotic lawn mowers is characterized by multi-dimensional competition involving technology, channels, brand, supply chain, and localization capabilities [13][27]. - Major brands include traditional garden tool companies transitioning to robotics and other robotics manufacturers entering the market [15][27]. Supply Chain Dynamics - The core components of robotic lawn mowers, such as chips and RTK modules, are increasingly being localized, enhancing cost control and production efficiency [26]. - Companies like Husqvarna and Bosch have established strong supply chains, while newer entrants leverage China's manufacturing advantages [26]. Brand Positioning - The emergence of new brands in the boundary-less robotic lawn mower market is reshaping the competitive landscape, with established brands facing challenges in appealing to younger consumers [27][29]. - Companies are adopting diverse branding strategies to target different market segments effectively [29]. Future Outlook - The robotic lawn mower market is expected to replicate the success of robotic vacuum cleaners, with significant growth potential but also challenges related to outdoor environments and consumer expectations [32].

Investment Rating - The report maintains a "Positive" investment rating for the industry [10]. Core Insights - The lawn mower robot industry is expected to experience significant growth, with the potential for boundary-less robots to replace traditional boundary-based products, leading to a projected increase in shipment volume by over 10 times if they replace 30% of push mowers and 10% of riding mowers [3][9]. - Key competitive advantages are identified as product stability, larger capital base, and stronger local operational capabilities overseas [3][9]. - Recommended leading companies in the high-growth sector include Ninebot, and promising firms actively positioning for growth include Anker Innovation and Ecovacs [3][9]. Summary by Sections Market Size Insights - The global lawn mower market is projected to exceed $30 billion by 2024, with the lawn mower segment accounting for approximately 37%, translating to a market size of over $10 billion for push and riding mowers combined [6][23]. - The lawn mower robot market is expected to reach around $1.5 billion in 2024, representing just over 10% of the overall lawn mower market, with an estimated shipment volume of approximately 129,000 units [6][30]. - The boundary-less lawn mower robots are anticipated to capture about 30% of the total robot shipments, equating to around 38,000 units in 2024 [6][38]. Competitive Landscape - The competitive landscape is categorized into three types of players: traditional leaders (e.g., Husqvarna and Gardena) who dominate the boundary-based market but are lagging in boundary-less product development; emerging players (e.g., Ninebot, Ecovacs) who are rapidly advancing in boundary-less products; and new entrants (e.g., Anker, UBTECH) with relevant technological expertise [7][52]. - Traditional leaders hold over 90% market share in the boundary-based segment but are facing challenges in adapting to the boundary-less trend [7][55]. Competitive Factors - Technological advancements are crucial, with RTK and visual technology being the mainstream paths that offer cost advantages and stable performance [8][38]. - The offline sales channel is expected to account for over 80% of lawn mower robot sales, indicating that early movers can establish significant channel barriers [8][41]. - After-sales service is critical, with companies that have superior product stability, larger capital, and strong local operational capabilities being more competitive [8][41]. Investment Recommendations - The report suggests focusing on high-growth leading companies such as Ninebot, and actively positioning firms like Anker Innovation and Ecovacs for potential growth opportunities [9][11].

Core Insights - The article discusses the journey of Navimow, a company that developed the world's first boundary-free robotic lawn mower, highlighting its challenges and market dynamics in the competitive landscape of robotic lawn care [1][9]. Group 1: Company Development - In 2019, Navimow's CEO, Ren Guanjiao, shifted focus to the development of boundary-free robotic lawn mowers after identifying a gap in the market for easier-to-use products [2][3]. - The company faced significant technical challenges, including solving positioning and perception issues in complex outdoor environments [4][6]. - After two years of development, Navimow launched its first product in late 2021, achieving significant sales success with 4.5 million units sold from October 2022 to September 2023, and projected sales of nearly 150,000 units for the following year [7][13]. Group 2: Market Competition - The introduction of boundary-free robotic lawn mowers disrupted the industry, leading to an influx of competitors, including established brands like Worx and emerging domestic brands [9][10]. - Navimow's competitive edge lies in its integration capabilities and talent pool, which are crucial for maintaining technological leadership [10][11]. - The company has strategically priced its products below 1,000 euros to enhance market penetration, despite initial internal debates about pricing strategies [12][13]. Group 3: Marketing and Distribution Challenges - Navimow faces challenges in distribution channels, as traditional brands dominate the market with established dealer networks, making it difficult for new entrants to gain traction [16][17]. - The company has opted to target smaller retail outlets initially to build brand presence, as larger chains present significant barriers to entry [16][17]. - Service and marketing capabilities are identified as areas needing improvement, with the company recognizing the importance of enhancing customer service experiences and marketing strategies to compete effectively [19][20][23]. Group 4: Market Dynamics - The European market for robotic lawn mowers is growing, with an estimated annual demand of 6 million units, but the U.S. market remains underdeveloped, primarily relying on traditional lawn care methods [24][25]. - The differences in market dynamics are attributed to factors such as garden size, labor costs, and cultural preferences, with Europe showing a higher acceptance of robotic solutions [26][27]. - Navimow's success in Europe contrasts with the slower adoption in the U.S., where the complexity of gardens and consumer preferences pose challenges for robotic lawn mower sales [25][27].

Core Viewpoint - The demand for lawn maintenance is increasing in China due to rising living standards and improved living environments, creating a significant market opportunity for robotic lawn mowers. The market size for robotic lawn mowers in China is projected to reach 1.859 billion yuan in 2024, with a year-on-year growth of 18.06% [1][9]. Summary by Sections Overview - Robotic lawn mowers are intelligent garden machinery that utilize advanced sensor technology, navigation systems, and cutting devices to autonomously perform lawn mowing tasks without direct human operation. They offer advantages such as labor cost savings, improved work efficiency, neat cutting results, high safety, ease of operation, and low noise pollution compared to traditional manual mowing methods [2]. Industry Chain - The upstream of the robotic lawn mower industry includes suppliers of raw materials like steel, aluminum, and plastic, as well as core component suppliers such as motors, batteries, reducers, sensors, and controllers. The downstream market primarily targets residential yards, golf courses, parks, and municipal green spaces, with varying requirements for efficiency and durability [5]. Current Development - In developed countries like the U.S. and Europe, the lawn care culture is prevalent, leading to a rapid rise in the robotic lawn mower market, which is expected to reach $2.529 billion globally in 2024, growing by 16.00% year-on-year. However, the overall penetration rate remains low, indicating significant future growth potential [7]. Competitive Landscape - The Chinese robotic lawn mower industry features participants like traditional lawn mower companies (e.g., Husqvarna, Worx) and robot-focused companies (e.g., Ninebot, Ecovacs, Dreame). Traditional companies have advantages in brand recognition and market experience, while robot-focused companies leverage their technological innovations to gain market share [11]. Representative Domestic Companies - **Ninebot Ltd.**: Established in 2012, it has a global presence and focuses on innovation in short-distance transportation and robotics. Its robotic lawn mower products include the Navimow series, which utilizes advanced positioning technology [13][14]. - **Ecovacs Robotics**: Specializes in service robots and has developed the GOAT G1 robotic lawn mower, which features advanced navigation and obstacle avoidance capabilities [16][17]. Development Trends - Future advancements in robotic lawn mowers will enhance navigation and obstacle avoidance technologies, improving their ability to adapt to complex environments. Progress in lithium battery technology will address endurance issues, allowing for applications in larger lawn areas, while the adoption of clean energy sources like solar power may also become a trend [19].