Beijing Roborock Technology Co.Ltd(688169) company information update report: the new T8 has obvious cost performance advantages, which is conducive to the sustained and high growth of domestic sales

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The company released the new T8 series, which has obvious cost performance advantages and maintains the “buy” rating

On March 17, the company released the new T8 series and g10s series of Chinese floor sweepers. T8 series focuses on the core selling point of “high suction + self dust collection” and superimposes the classic LDS function. The delivery price of T8 single machine is 2299 yuan and that of T8 self dust collection is 2999 yuan. It has obvious cost performance advantages. In addition, the appearance of g10s series is similar to that of s7maxv series, with a large suction force of 5100pa, and the pre-sale will be opened on March 22. The launch of new T8 series and g10s series will further complement China’s product line, and the domestic market share is expected to continue to increase. In terms of export, 2022q2 has started the listing of new products, superimposed the low base effect, and is optimistic about the recovery and quarterly improvement of export growth. We maintain the profit forecast. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 1.40/17.8/2.38 billion, EPS will be RMB 21.0/26.7/35.7, and the current share price corresponding to PE will be 24.8/19.5/14.6 times, maintaining the “buy” rating.

The functional design of the new T8 series highlights high suction + self dust collection, maintaining the classic function of LDs

T8 series focuses on the selling points of high suction + self dust collection. The highlights of host functions include: strong suction of 4200pa; 350ml large water tank supports 300 square meters of constant humidity mopping; LDS navigation and lidarvision laser obstacle avoidance are adopted, and rrmason9 developed by the company is equipped 0 algorithm, which can complete rapid drawing in 8 minutes and actively recommend intelligent cleaning scheme according to home environment; App control supports one click start of a series of commands. The highlights of the self dust collection base station include: 2.5L antibacterial dust bag can guarantee 60 days of working hours, and the dust collection efficiency is as high as 95%; Intelligent breakpoint continuous scanning + intelligent automatic dust collection, Siasun Robot&Automation Co.Ltd(300024) when returning to the base station, rely on rrmason9 0 algorithm selects the best scheme.

With the continuation of China’s marketing launch effect, it is expected that the net interest rate in Q1 will improve month on month, and the export growth rate in Q2 is expected to recover

The market share of domestic marketing investment in China has increased steadily. From November 2021 to February 2022, the market share of Alibaba channel Gmv was stable at more than 15%. In February 2022, the company’s Alibaba channel Gmv market accounted for 15.5% (+ 8.0pcts). The effect of domestic marketing in 2021q4 is expected to continue. We expect domestic sales to continue to double and the net interest rate to improve month on month in 2022q1. In terms of export sales, it is expected that the growth rate of Q2 will recover and maintain quarterly improvement. The main reason is that 2021q1 is the last high base faced by the company, and s7maxv series and cost-effective q series will be listed and sold in 2022q2. We expect that shark, stone, Ecovacs Robotics Co.Ltd(603486) , eufy and other brands will jointly promote medium and high-end LDS products in 2022, and the company may benefit from the reshaping of the market pattern of overseas floor sweepers.

Risk warning: industry competition intensifies; Shortage of raw material supply; The risk of overseas epidemic has increased.

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