Wang Luo China Securities Journal 2025-04-03 21:46

China Securities News (Wang Luo) On the evening of April 3, Roborock (688169. SH) announced its 2024 annual report. According to the annual report data, benefiting from the common development of domestic and overseas market business, Roborock will achieve operating income of 11.945 billion yuan in 2024, a year-on-year increase of 38.03%; Net profit reached 1.977 billion yuan.

Roborock said that the reason for the increase in revenue was mainly due to the company's further enrichment of the product matrix and price matrix during the reporting period, and the key breakthroughs in the mainstream price segment. At the same time, the company has further optimized its sales structure through an active marketing strategy, and achieved a significant increase in the company's domestic and overseas business revenue.

In terms of sub-regions, Roborock's domestic main business income in 2024 will be 5.531 billion yuan, a year-on-year increase of 25.39%; The overseas main business income reached 6.388 billion yuan, a year-on-year increase of 51.06%.

At the same time, Roborock has set up local branches or subsidiaries in major overseas markets to enhance its understanding of the local market and provide better after-sales service. At present, the company has set up overseas companies in the United States, the United Kingdom, Japan, the Netherlands, Poland, Germany, South Korea, Canada and other places to grasp the market dynamics in a timely manner and improve the efficiency of strategy implementation.

The performance of both domestic and foreign companies has grown, and Roborock has firmly sat on the throne of "the world's No. 1 manufacturer of sweeping robots". IDC reported that in 2024, Roborock will rank first in both global sales and sales, with a year-on-year increase of 20.7% in annual shipments, and is the only brand in the top three in the world to achieve positive growth. Roborock ranks first in Denmark, Finland, Germany, South Korea, Norway, Sweden, Turkey and other countries in terms of sales volume and sales.

In addition to sweepers, Roborock's washing machines and floor scrubbers and other businesses have also achieved rapid growth, and the annual report data shows that "other smart electrical products", including the above two businesses, will earn revenue of 1.07 billion yuan in 2024, a year-on-year increase of 93.13%.

Roborock's bumper performance is inseparable from continuous R&D investment. In 2024, Roborock's R&D investment will reach 971 million yuan, a record high, a year-on-year increase of 56.93%, accounting for 8.13% of revenue, ranking among the top in the home appliance industry. Since 2016, the company's cumulative R&D investment has reached 3.238 billion yuan, and the proportion of revenue has basically increased year by year.

By the end of 2024, the company has 2,560 employees, including 1,043 R&D personnel, accounting for 40.74% of the total number of employees. The company's core technical personnel are from Microsoft, Chinese Academy of Sciences, Foxconn, Sony and other high-tech research and development institutions, with many years of research and development experience of technical experts, in different technical directions have rich research and development experience, and the future technology development trend of the industry has forward-looking innovation capabilities.

At the same time, the company's R&D team has overcome a number of technical difficulties and obtained many high-quality authorized patents. In 2024, the company will add 741 new authorized patents, including 98 new invention patents.

Roborock will successfully launch a number of new products in 2024, such as P20 Pro and G20S Ultra sweepers, A30 series of floor scrubbers, Z1 and Q1 series of washer-dryers. These new products are equipped with a number of new technologies such as dual-vibration mopping, intelligent cliff exclusion area, main brush hair cutting, and ultra-fast drying, and have won praise from users for their excellent performance and innovative design.

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