\u3000\u3 Shengda Resources Co.Ltd(000603) 486 Ecovacs Robotics Co.Ltd(603486) )
The company released t10omni new products, broadened the price band of universal base station products, and maintained the "buy" rating
On April 6, the company released the new generation all-round t10omni of AI sweeping and towing, with the initial price of 4799 yuan, which is 1200 yuan and 200 yuan lower than x1omni and x1turbo respectively. T10omni products continue the classic AI and universal base station functions of x1omni, and expand the price band of the company's universal base station products to 4000 +. With its strong product power, t10omni products are expected to release the consumer demand suppressed by high prices and drive high income 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 2.03/28.7/3.72 billion, corresponding to EPS of RMB 3.5/5.0/6.5, and the current share price corresponding to PE of 30.4/21.5/16.6 times, maintaining the "buy" rating.
The new t10omni retains the classic all-round base station function on the basis of continuing to optimize the AI function
The highlight of the new t10omni is remarkable. (1) Universal base station liberates hands in 60 days: it can automatically collect dust in 60 days / automatically wash rags / 2-hour hot air drying / automatically clean the base station / 99.99% silver ion sterilization (optional). (2) Intelligent AI accurate recognition: truemapping 2 0 global precise planning + dtof navigation, effectively identify 30 common objects, and build maps in 6 minutes. (3) Four step extreme cleaning: efficient gathering of bilateral brushes + 5000Pa hurricane suction + floating roller brush close to the ground and deep into the gap + particle recognition strategy cleaning. (4) Rotary pressure scrubbing system: double disc high-speed counter rotating pressure scrubbing to remove stubborn stains. (5) AI assistant + Intelligent housekeeper: equipped with AI voice assistant yiko, it can realize accurate guidance, voice interaction, safe cruise, instant call, path planning, etc.
The price of sweeper is expanding continuously, Yeedi and chattering are expanding smoothly. The performance of tiktok is worth looking forward to.
In 2022, the company launched T10Omni/T10Turbo/T10 differential products in recent years, broadening the price band of sweeper, and is expected to release consumer demand. In view of the market's concern about the slowdown in the company's sweeping operations, we believe that the company's sweeping tiktok has expanded smoothly in the new brand Yeedi and new channel. The washing machine industry continues to have a high outlook, and the Tianke brand washing machine still maintains rapid growth under a high base. We believe that Tianke has an intergenerational leading advantage over competing products. Under the failure of the market low price strategy, the pricing of new brands is high and the competitiveness is limited. In addition, Tianke washing machine has a leading scale and more resources. The market does not need to worry too much, and the performance is worth looking forward to.
Risk warning: macroeconomic fluctuation risk; Rising risk of raw materials; Overseas expansion did not meet expectations.
