Roborock(688169) 天风证券·2025-02-28 00:17Investment Rating - The investment rating for the company is "Buy" with a target price not specified [3]. Core Views - The company reported a revenue of 11.93 billion yuan for 2024, representing a year-on-year increase of 37.82%. The net profit attributable to the parent company was 1.98 billion yuan, a decrease of 3.42% year-on-year [1][2]. - In Q4 2024, the company achieved a revenue of 4.92 billion yuan, up 65.94% year-on-year, while the net profit attributable to the parent company was 509 million yuan, down 26.34% year-on-year [1]. - Domestic sales have seen rapid growth, driven by the "old-for-new" subsidy policy in the home appliance industry, leading to significant increases in sales of both sweeping and washing machines [1][2]. - The company has increased its investment in research and development as well as brand marketing, which is expected to support long-term sustainable growth [2]. Financial Summary - The company’s revenue is projected to grow from 11.93 billion yuan in 2024 to 20.42 billion yuan in 2026, with growth rates of 37.82%, 32.89%, and 28.81% respectively [7]. - The net profit attributable to the parent company is expected to increase from 1.98 billion yuan in 2024 to 2.36 billion yuan in 2026, with growth rates of -3.42%, 7.75%, and 10.35% respectively [7]. - The dynamic PE ratios for 2024, 2025, and 2026 are projected to be 23.7x, 22.0x, and 19.9x respectively [2].