Roborock(688169) 首创证券·2024-04-11 16:00Investment Rating - The investment rating for the company is "Buy" [2][6]. Core Insights - The company, Stone Technology (688169), reported strong performance in 2023, with total revenue reaching 8.654 billion yuan, a year-on-year increase of 30.55%. The net profit attributable to shareholders was 2.051 billion yuan, up 73.32% year-on-year [3][4]. - The company is experiencing growth in both domestic and international markets, with domestic sales increasing by 41.01% to 4.411 billion yuan and international sales rising by 21.42% to 4.229 billion yuan [3][4]. - The gross margin improved by 5.87 percentage points to 55.13%, driven by better raw material prices and product structure optimization [3][4]. - The company plans to distribute a cash dividend of 46.80 yuan per 10 shares and will also conduct a stock transfer of 4 shares for every 10 shares held [3][4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 86.54 billion yuan, with a year-on-year growth of 30.55%. The net profit attributable to shareholders was 20.51 billion yuan, reflecting a 73.32% increase [3][4]. - The company expects revenues for 2024, 2025, and 2026 to be 105.84 billion yuan, 125.33 billion yuan, and 141.76 billion yuan, respectively, with corresponding net profits of 24.00 billion yuan, 28.81 billion yuan, and 33.13 billion yuan [4]. Market Expansion - The company has successfully launched new products in both domestic and international markets, contributing to its revenue growth. The introduction of high-quality products has enhanced its market share [3][4]. - The retail market for robotic vacuums in China reached 137 billion yuan in 2023, with a year-on-year growth of 10% [3][4]. Profitability - The net profit margin increased by 5.85 percentage points to 23.70%, supported by favorable tax rates and improved operational efficiency [3][4]. - The company’s gross margin for domestic and international sales reached 49.26% and 61.65%, respectively, indicating strong profitability across regions [3][4].