\u3000\u3000 Ecovacs Robotics Co.Ltd(603486) (603486)
Looking back on the development process of the company, the company has constructed comprehensive advantages in R & D, channel and marketing. 1) R & D side: Ecovacs Robotics Co.Ltd(603486) brand has carried out technological innovation for product pain points for many times, leading the technological development of the industry; Tianke brand innovation launched the floor washing machine product Fuwan, which stands out with intelligence. 2) Channel side: actively promote the construction of diversified channels at home and abroad, attach importance to the characteristics of asset self construction, and strengthen the control of channels. 3) Marketing side: diversified marketing strategies and significant transformation ability. In 2021h1, the total revenue from new products accounted for 54.8% of the company's own brand revenue.
Looking forward to the future, the company has strong growth momentum. 1) Ecovacs Robotics Co.Ltd(603486) brand: the company remains the leader in China's floor sweeper industry and continues to enjoy industry dividends; In the future, new products will continue to focus on the improvement of product power and promote the release of demand; 2) Tianke brand: the dividend of the floor washing machine industry continues, the superposition of new categories will be large in the future, and the growth space is broad. 3) Other businesses: the business expansion in the upstream of the industrial chain and the forward-looking layout in the commercial field will inject new growth power into the company's business.
Investment suggestion: " Ecovacs Robotics Co.Ltd(603486) + Tianke" has a strong growth momentum, and the commercial business is expected to inject new growth momentum. We expect that the net profit attributable to the parent company from 2021 to 2023 will be RMB 2.042/2782/3649 billion, corresponding to EPS of RMB 3.56/4.85/6.36, and the current share price corresponding to PE of 38.96/28.60/21.81 times, maintaining the "buy" rating.
Risk tips: repeated covid-19 epidemic, intensified competition in the clean electrical appliance market, less than expected R & D results, tight shipping capacity, rising raw material prices, the floor washer market is in the introduction period of development, and consumers have not established consumption habits.
