Roborock(688169) 开源证券·2025-04-06 03:14Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][30] Core Views - The company achieved revenue growth that exceeded expectations in Q4 2024, with a year-on-year increase of 66.5% to reach 4.94 billion yuan. However, the net profit for the same period decreased by 27.0% to 500 million yuan [4][12][30] - The company plans to repurchase shares worth 50 to 100 million yuan in 2025, reflecting confidence in its development [4][30] - The company is expected to maintain strong revenue growth due to proactive product and sales strategies, with limited impact from North American tariffs [4][5][30] Summary by Sections Revenue and Profitability - In 2024, the company achieved total revenue of 11.94 billion yuan, a year-on-year increase of 38.0%, while the net profit attributable to shareholders was 1.98 billion yuan, down 3.6% [4][12][30] - For Q4 2024, the company reported revenue of 4.94 billion yuan, up 66.5%, and a net profit of 500 million yuan, down 27.0% [4][12][30] Market Performance - Domestic sales are expected to grow over 40% year-on-year in 2024, while international sales are projected to increase by approximately 35%, with North America showing a growth rate of around 60% [5][17][30] - The company has successfully opened nearly 200 offline experience stores in key domestic urban areas and has established a presence in 1398 Target and 900 Best Buy stores in North America by the end of 2024 [5][17][30] Financial Forecasts - The company has revised its profit forecasts for 2025-2027, expecting net profits of 2.30 billion, 2.97 billion, and 3.78 billion yuan respectively, with corresponding EPS of 12.45, 16.06, and 20.45 yuan [4][30] - The current stock price corresponds to P/E ratios of 18.2, 14.1, and 11.1 for 2025, 2026, and 2027 respectively [4][30] Cost and Margin Analysis - The gross margin for 2024 was 50.1%, down 5 percentage points, while the net margin was 16.5%, down 7.2 percentage points [21][22][30] - In Q4 2024, the gross margin was 44.9%, down 11.8 percentage points, and the net margin was 10.2%, down 13.1 percentage points [23][24][30]