Beijing Roborock Technology Co.Ltd(688169) new product release enhances competitiveness and is optimistic about the long-term development of the company

\u3000\u3 Guocheng Mining Co.Ltd(000688) 169 Beijing Roborock Technology Co.Ltd(688169) )

Event:

(1) the company released the annual report of 2021, which realized an annual revenue of 5.837 billion yuan, a year-on-year increase of 28.84%, and a net profit attributable to the parent company of 1.402 billion yuan, a year-on-year increase of 2.41%. At the same time, the company issued the 2021 profit distribution plan, which plans to distribute a cash dividend of 21.00 yuan (including tax) for every 10 shares.

(2) the company released the first quarterly report of 2022. In 2022q1, the revenue was 1.36 billion yuan, a year-on-year increase of 22.30%, and the net profit attributable to the parent was 343 million yuan, a year-on-year increase of 8.76%.

(3) the company issued the 2022 restricted stock incentive plan (Draft), with no more than 479 incentive objects and no more than 248300 restricted shares.

The performance of the company’s own brands continued to increase year-on-year in the first quarter. The annual revenue of the company was 5.837 billion yuan, a year-on-year increase of 28.84%, and the net profit attributable to the parent company was 1.402 billion yuan, a year-on-year increase of 2.41%. Among them, the revenue of private brands with higher gross profit margin reached 5.767 billion yuan, accounting for 98.80% (8.08 PCT higher than that in 2020), with a year-on-year increase of 40.77%. In the first quarter of 2022, the company realized a revenue of 1.36 billion yuan, a year-on-year increase of 22.30%, and the net profit attributable to the parent company was 343 million yuan, a year-on-year increase of 8.76%, of which the growth rate of net profit attributable to the parent company in the first quarter became positive for the first time in a single quarter since the second half of last year.

New products are constantly updated and iterated to continuously improve competitiveness. On March 17, Beijing Roborock Technology Co.Ltd(688169) released a new generation of sweeper Siasun Robot&Automation Co.Ltd(300024) product T8, which added 3D drawing function. The suction increased to 4200pa, the water tank was 350ml, and the suction of automatic dust collection was 27000pa, of which the initial price of T8 was 2299 yuan and the initial price of intelligent dust collection version was 2999 yuan. On March 22, the company also released the Siasun Robot&Automation Co.Ltd(300024) g10s series of self-cleaning mops, which integrates five core functions: automatic mop washing, automatic dust collection, automatic water replenishment, automatic bacteriostasis and base station self-cleaning. It can realize the dual functions of millimeter level accurate ranging and 27 kinds of common obstacles identification, and the obstacle avoidance ability is comprehensively improved. Among them, the initial price of g10s is 4799 yuan and that of g10spro is 5699 yuan. Through the continuous updating and iteration of new products, the company’s competitiveness in the medium and high-end market continues to improve, and is expected to seize more market share.

A new round of equity incentive plan was released to stimulate employees’ enthusiasm. The company issued the 2022 restricted stock incentive plan (Draft), which plans to grant no more than 248300 restricted shares (accounting for 0.37% of the current total share capital of the company), The grant price is 50 yuan / share. The total number of incentive objects does not exceed 479, accounting for 50.32% of the total number of 952 employees (as of December 31, 2021). The company’s equity incentive grant covers a wide range of people, which will fully stimulate the enthusiasm of employees.

Profit forecast and investment suggestions: it is estimated that the operating revenue of the company from 2022 to 2024 will be 7.704 billion yuan, 9.776 billion yuan and 11.865 billion yuan respectively, and the net profit attributable to the parent company will be 1.825 billion yuan, 2.267 billion yuan and 2.688 billion yuan respectively, corresponding to EPS of 27.31 yuan, 33.94 yuan and 40.23 yuan respectively. Maintain the “buy” rating.

Risk tip: new product sales are less than expected, industry competition intensifies, etc.

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