Beijing Roborock Technology Co.Ltd(688169) (688169)
The new s7maxv series appeared in CES, which is expected to lead the development of the industry and maintain the "buy" rating
The company released the overseas new s7maxv Series in 2022ces exhibition. Whether in navigation obstacle avoidance, cleaning ability, intelligent interaction or the omnipotence of base stations, s7maxvult has strong product power. In addition, the company also expects to launch a more cost-effective q7max + floor sweeper and dyad in early 2022. Driven by overseas new products, the company is expected to lead the development of LDS sweeper industry in the United States. Considering that the growth rate of 2021q4 is stable under the high base, we lowered the profit forecast. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 1.48/20.1/2.54 billion (the original value is RMB 1.59/20.8/2.64 billion), EPS will be RMB 22.2/30.0/38.0, and the current share price corresponding to PE is 34.5/25.5/20.1 times. Considering that the performance is expected to improve quarter by quarter in 2022, the "buy" rating will remain unchanged.
Stone's new s7maxvunit has greatly improved its product power in terms of host and base station
Stone s7maxvult has strong product power. In terms of host, s7maxv adopts lidar laser navigation technology and reactiveai2 based on 3D structured light 0 obstacle avoidance technology (22% higher than s6maxv cleaning accuracy and 70% higher than s6maxv cleaning speed), which can automatically identify the room type and customize the appropriate suction and scrubbing strength. It has the ability of high suction of 5100pa (the maximum suction of s6maxv is only 2500pa) and high-frequency acoustic vibration scrubbing of 3000 times / min. In terms of base stations, s7maxvplus supports self-cleaning (the capacity of the dust bag can guarantee the working time of 7 weeks). In addition to the self-cleaning function, s7maxvplus's universal base station also supports self-cleaning of rags, self-cleaning of the base station, automatic water replenishment (the cleaning area can reach 300 m2) and fast charging (30% faster than the charging speed of the previous dust collection pile).
Looking forward to 2022, we are optimistic that the company's domestic sales will exceed expectations and its export sales will improve quarter by quarter
The company's domestic sales in 2021q4 exceeded expectations and its share increased significantly. According to the business consultant, stone Ali channel sweeper 2021q4gmv + 138.7%. In terms of export, according to JS data, even under the influence of consumption return line and high base, 2021m11 stone Meiya Gmv + 3%, and the growth rate is improved month on month compared with 2021m10 (- 47%). Looking forward to 2022, the strong market demand for self-cleaning is expected to drive domestic sales to continue to exceed expectations; In terms of export, considering the pull of s7maxv series, low base, mitigation of maritime transport capacity and other factors, export is expected to improve quarter by quarter in 2022.
Risk tip: industry competition intensifies; Shortage of raw material supply; The risk of overseas epidemic has increased.
