\u3000\u3000 Ecovacs Robotics Co.Ltd(603486) (603486)
The company released AI sweep drag new generation T10 series, further broadening the price band and maintaining the "buy" rating
On January 28, the company released the new generation of AI sweeper T10 series, including single sweeper Siasun Robot&Automation Co.Ltd(300024) T10 (initial price 2799 yuan) and self-cleaning base station sweeper Siasun Robot&Automation Co.Ltd(300024) t10turbo (initial price 3999 yuan). The initial price of t10turbo is 2000 and 1000 yuan lower than that of x1omni and x1turbo respectively. The widening of the price band of self-cleaning products is expected to release demand and accelerate the proportion of self-cleaning products. The company's product R & D and marketing brand system is mature. By continuously promoting new products and expanding the product matrix, it is expected to drive the company's large-scale revenue and continuous high growth of performance. Maintaining the profit forecast, it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 2.03/28.7/3.72 billion, corresponding to eps3.5 billion 6 / 5.0 / 6.5 yuan, the current share price corresponding to PE is 38.0 / 26.9 / 20.7 times, maintaining the "buy" rating.
The new Dibao T10 series focuses on AI, which can realize precise guidance, voice interaction, path planning and other functions
T10turbo focuses on AI direction and has comprehensive functions: (1) automatic back washing of mop, one key self-cleaning of base station, silver ion sterilization temsector to achieve 99.9% sterilization and hot air drying. (2) Use truemapping 2 0 global precise planning + dtof navigation, and aivi3 0 autopilot level chip and 960p star level camera realize accurate identification and strategic obstacle avoidance. (3) Ozmoturbo2 0 system, with double discs rotating, pressurized and wiping the ground, has a large suction of 3000pa and a endurance of 180 minutes. (4) The obstacle surmounting capacity is up to 20mm. When sweeping alone, climb on the carpet and automatically pressurize and dust collection. (5) Equipped with AI voice assistant yiko, it can realize accurate guidance, voice interaction, safety cruise, instant call, path planning and other AI intelligent experiences. Compared with t10turbo, the differences of T10 on the host are: (1) the flat mop is ozmopro3 0 high frequency vibration floor wiping system, with a maximum frequency of 600 times / min, a service life of 260 minutes and a cleaning area of 290 square meters. (2) Add automatic fragrance dispersing function for cleaning. (3) It supports the optional dust collection base station. One 3.2l dust bag can be used for 60 days.
In 2022, there will be a strong demand for floor sweepers without hidden worries, and the income of t10turbo or drive company's floor sweepers will grow rapidly
According to our calculation, the sales volume of self-cleaning products on 2021q4 Chinese floor sweeper online accounts for 71%. After the launch of t10turbo, the company is expected to further promote the release of demand for self-cleaning products. Based on the calculation that the average price of 4000 yuan and the sales volume of self-cleaning products account for 70%, it is estimated that the sales volume of the company's floor sweepers will be + 38% in 2022. It is expected that the company will mainly sell X1 and t10turbo products in 2022. Compared with N9 +, the average price will still be greatly improved.
Risk warning: macroeconomic fluctuation risk; Rising risk of raw materials; Overseas expansion does not meet the expected risk.
