\u3000\u3 Shengda Resources Co.Ltd(000603) 486 Ecovacs Robotics Co.Ltd(603486) )
Event:
On April 6, 2022, Ecovacs Robotics Co.Ltd(603486) released the new t10omni sweeper.
Key investment points:
T10 Omni retains the function of all-round base station, and AI intelligence continues to be upgraded. T10 Omni has competitive advantages in cleaning system, drawing and obstacle avoidance, base station function, intelligent level, etc. 1) Efficient cleaning system: efficient gathering of bilateral brushes + floating roller brush deep into the gap + 5000Pa suction + particle identification strategy cleaning to achieve deep cleaning. Double disc 180 RPM high-speed counter rotation + 6N pressure wiping can effectively remove stubborn stains. 2) AI intelligent recognition technology: equipped with autopilot level high computing power chip and 960p camera, it can recognize dynamic human shape and static objects, accurately navigate and avoid obstacles all day, quickly build maps in 6 minutes, and support the construction of 3D maps. 3) One stop cleaning all-round base station: the base station has the functions of automatic back washing of mop, automatic dust collection for 60 days, 2h automatic hot air drying, self-cleaning of base station and 99.9% silver ion sterilization (optional). There is no need to intervene and free your hands. 4) AI voice assistant yiko: with the help of AI and voice interaction, it can summon cleaning, accurate guidance and omnipotent control to realize intelligent, convenient and personalized cleaning. Compared with x1omni, T10 Omni adds the self-cleaning function of the base station, reduces the automatic water replenishment function, and changes the silver ion sterilization module to optional, which basically covers all functions. Compared with stone g10s, T10 Omni is superior in AI voice assistant function and supports voice intelligent control.
T10 Omni cost-effective against 618. The company launched the new T10 Omni to meet 618 in 2022, and the pre-sale of JD platform will be opened on May 8. The price of t10omni is no more than 4799 yuan, which is at least 1200 yuan lower than that of x1omni. In terms of price, stone launched the new g10s in March 2022. From the perspective of comprehensive functions and price, T10 Omni has high cost performance and is expected to attract more potential consumer groups, help the company seize market share and promote revenue growth.
Investment suggestion: " Ecovacs Robotics Co.Ltd(603486) + Tianke" has a strong growth trend. In 2022, the company successively launched T10 series floor sweepers to enrich the price band of floor sweepers, broaden the customer base boundary, seize market share and help the company's revenue growth. We expect the net profit attributable to the parent company from 2021 to 2023 to be RMB 2.04227823649 billion, corresponding to EPS of RMB 3.56/4.85/6.36, and the current share price corresponding to PE of 28.91/21.23/16.18 times, maintaining the "buy" rating.
Risk tips: repeated covid-19 epidemic, intensified market competition for clean electrical appliances, less than expected R & D results, tight shipping capacity, rising prices of raw materials, etc.
