\u3000\u3 Guocheng Mining Co.Ltd(000688) 169 Beijing Roborock Technology Co.Ltd(688169) )
The rapidly rising sweeping Siasun Robot&Automation Co.Ltd(300024) leader with strong product power. The company was founded in 2014. The core founding team and excellent diversified technology company background make the company have the gene of continuous R & D and innovation. Since its establishment, it has continued to promote the strategy of independent branding and globalization, and has risen rapidly with strong product power. By 2020, the company's own brand revenue accounted for 91%, and the company ranked third in the global market share, with a share of 9%. In 2021, the market share of floor sweepers in China is 14%, and the market share of China is the third.? The supply of high-quality tracks to create demand has great room to improve the industry penetration. Sweeping Siasun Robot&Automation Co.Ltd(300024) is a star track in the field of clean electrical appliances, which is in the early stage of growth. 1) Overseas markets: according to iRobot's announcement, the Siasun Robot&Automation Co.Ltd(300024) penetration rate of major countries in the world (the United States, Germany, Japan, etc.) in 2021 is lower than 15%, and the compound growth rate of major countries is expected to be more than 20% in the next five years. 2) Chinese market: it started late and its penetration rate is far lower than that in Europe and the United States. According to our calculation, China's floor sweeping Siasun Robot&Automation Co.Ltd(300024) penetration rate in 2021 is 4.39%, and there is much room for improvement in the future.
Competition logic: optimistic about the share expansion potential of Chinese technology brands represented by Beijing Roborock Technology Co.Ltd(688169) in the global market. The strength, supply chain and iterative innovation speed of domestic floor sweepers are stronger than overseas leaders, and have global competitive advantages. The global market share of domestic leaders represented by Beijing Roborock Technology Co.Ltd(688169) , Ecovacs Robotics Co.Ltd(603486) etc. has increased significantly, from 1% and 11% in 2017 to 9% and 17% in 2020 respectively. With the further improvement of the channel construction of domestic brands in overseas markets, the overseas share is expected to continue to increase.
Growth Logic: China market + overseas market growth double flying wheels. 1) Overseas market: the company was positioned as a global brand company at the beginning of its establishment. With the advantages of product power and diversified channel expansion, the overseas income continued to increase rapidly. With the company's 22 year overseas flagship new product s7maxvq2 listed, it is expected to further increase its overseas share; 2) China market: the upgrading trend of China's product structure continues. The company benefits from the dividend of self-cleaning products, and the market share in China continues to increase. With the launch of new products in 22 years, the product line is further enriched, which is expected to further improve the market share and drive the high growth of domestic sales revenue.
Investment suggestion: it is estimated that the company's revenue from 2021 to 2023 will be 5.837 billion yuan, 8.167 billion yuan and 10.558 billion yuan respectively, with a year-on-year increase of 28.8%, 39.9% and 29.3%; The net profit attributable to the parent company was 1.402 billion yuan, 1.922 billion yuan and 2.575 billion yuan respectively, with a year-on-year increase of 2.4%, 37.1% and 34.0%. At present, the stock price corresponds to pe24x, 17x and 13 times. Considering that the penetration of the floor sweeper industry has a large space to improve, domestic leading companies have global competitive advantages and are expected to fully enjoy the dividends of the rapid growth of the industry. Maintain a "recommended" rating.
Risk warning: overseas market expansion is less than expected; Tight shipping capacity; Deterioration of industry competition pattern
