\u3000\u3000 Beijing Roborock Technology Co.Ltd(688169) (688169)
Key investment points
Event: the company released the 2021 performance express. In 2021, the company achieved a revenue of 5.84 billion yuan, a year-on-year increase of 28.84%; The net profit attributable to the parent company was 1.4 billion yuan, a year-on-year increase of 2.4%. Based on this, we calculated that the company achieved a revenue of 2.01 billion yuan in Q4 in 2021, a year-on-year increase of 29.7%; The net profit attributable to the parent company was 390 million yuan, a year-on-year increase of 17.9%.
Q4 revenue grew rapidly. The company’s Q4 single quarter revenue achieved rapid growth, which we believe is mainly due to the rapid volume of new products. In the Chinese market, the company continued to strengthen brand publicity, and the new G10 achieved rapid volume in Q4 single quarter, which promoted the further improvement of the company’s market share. According to the data of a VC, the proportion of the company’s online listing from October to December was 19.2% / 16.6% / 18.53% respectively, with a year-on-year increase of 8.5pp/5.2pp/8pp. In the overseas market, due to the epidemic and other factors, the global transportation capacity is tight, and there are many cases such as container detention, ship jumping and poor transportation cycle, which has a certain negative impact on the growth of the company’s overseas revenue. In the future, with the mitigation of shipping capacity and the introduction of overseas new products, the company’s overseas revenue is expected to grow rapidly.
The investment of expenses increases, and the profitability is under pressure in the short term. Affected by the rise of raw material prices and shipping freight, the company’s Q4 gross profit margin is expected to decline year-on-year. In addition, the company launched high-end new products in the Chinese market, matched with active marketing publicity, and the sales cost increased; In order to further consolidate the competitiveness of the industry, the company continues to strengthen the investment in R & D expenses. Overall, the company’s Q4 single quarter profitability is under short-term pressure. On the one hand, with the stabilization of raw material prices and the easing of shipping capacity, the gross profit margin of the company is expected to recover; On the other hand, with the strengthening of marketing management and the improvement of cost investment efficiency, the profitability of the company is expected to gradually recover.
Profit forecast and investment suggestions. As a leading sweeping Siasun Robot&Automation Co.Ltd(300024) brand in the world, the company has outstanding comprehensive strength in the industry. In the short term, due to the influence of external factors, the profitability is under pressure. As the price of raw materials stabilizes, the company’s profit performance is expected to recover. In the long run, the company will fully benefit from the expansion of industry scale. It is expected that the company’s EPS will be 28.11 yuan and 35.27 yuan respectively from 2022 to 2023, maintaining the “buy” rating.
Risk tip: the price of raw materials may fluctuate sharply, and the RMB exchange rate fluctuates sharply.
