Roborock(688169) 财信证券·2025-03-10 08:05Investment Rating - The investment rating for the company is "Buy" [2][10] Core Views - The company is experiencing high revenue growth on the income side, but short-term profitability is under pressure, with expectations for efficiency improvements in the future [1] - The company reported a revenue of 119.27 billion yuan for 2024, representing a year-on-year increase of 37.82%, while the net profit attributable to shareholders decreased by 3.42% to 19.81 billion yuan [6] - The company is expanding its product offerings and market presence, particularly in the domestic and overseas markets, with significant growth in online sales for its robotic vacuum cleaners and floor washers [6][7] Financial Performance Summary - The company's main revenue figures are projected as follows: - 2022: 66.29 billion yuan - 2023: 86.54 billion yuan - 2024: 119.24 billion yuan - 2025: 145.35 billion yuan - 2026: 165.64 billion yuan [5][9] - The net profit attributable to shareholders is expected to be: - 2022: 11.83 billion yuan - 2023: 20.51 billion yuan - 2024: 19.81 billion yuan - 2025: 21.83 billion yuan - 2026: 24.99 billion yuan [5][9] - Earnings per share (EPS) projections are: - 2022: 6.41 yuan - 2023: 11.10 yuan - 2024: 10.73 yuan - 2025: 11.82 yuan - 2026: 13.53 yuan [5][9] Market Position and Strategy - The company is focusing on channel reforms in the European market, shifting from traditional distribution to self-operated channels to enhance market penetration [6] - The introduction of new products, such as the G30 space robotic vacuum cleaner, aims to capture the high-end market segment and expand the product functionality [6][7] - The company is leveraging domestic subsidies and promotional events to boost demand in the domestic market, which has shown significant improvement [6]