\u3000\u3 Shengda Resources Co.Ltd(000603) 486 Ecovacs Robotics Co.Ltd(603486) )
Event:
In April, 2022, Tianke released a new intelligent floor washer, Fuwan 3.0.
Key investment points:
Cleaning efficiency + user convenience experience are fully upgraded. Fuwan 3.0 has been upgraded compared with Fuwan 2.0 in terms of cleaning, endurance, convenience and intelligence. It pays more attention to the improvement of user experience while pursuing cleaning effect and efficiency. 1) Cleaning ability: the floating scraper design can adjust the position of the scraper and the roller brush in real time to improve the cleaning efficiency. The double edge roller brush can clean the gap without leaving dead corners. The built-in double electrolytic water module does not need additional consumables to achieve more efficient sterilization. 2) Endurance capacity: the intelligent algorithm realizes the synchronization of hydropower endurance for 40 minutes, long-term endurance and solves the problem of frequent water replenishment during use. 3) Ease of use: build smooth powertm dual drive power system, predict the push-pull direction and provide power in real time; A new roller brush searchlight is added to facilitate the cleaning of the bottom of furniture such as the bottom of the bed. 4) Intelligent level: equipped with a 3.6-inch led comprehensive screen, the interactive mode is further upgraded, with intelligent guidance, animation demonstration and other functions.
The market response of Fuwan 3.0 was enthusiastic. Fuwan 3.0 has a hand price of 4990 yuan. At present, it has opened pre-sale on many e-commerce platforms such as jd.com and tmall. As of 17:00 on April 16, 2022, the total pre-sale of Tianke official flagship store and Jingdong self operated store on JD platform has reached 22000 units, and the pre-sale of Tianke official flagship store on tmall platform has reached more than 1000 units.
Investment suggestion: ” Ecovacs Robotics Co.Ltd(603486) + Tianke” has a strong growth trend. The new intelligent floor washer Fuwan 3.0 comprehensively upgrades the cleaning, endurance, convenience and other performance on the basis of Fuwan 2.0. At present, the market has responded enthusiastically and promoted the further growth of the company’s revenue. 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 29.89/21.95/16.73 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
