Event Description

On January 8, 2025, Beijing time, Roborock participated in CES 2025 with the theme of "Rock a New Era" at CES, and launched the world's first sweeping robot equipped with a bionic manipulator, Saros Z70 (domestic G30 Space Exploration Edition), realizing the leap and advancement of sweeping and mopping robots from two-dimensional ground cleaning to three-dimensional space control, and redefining the next generation of household robots. During the exhibition, the full lineup of stone products was unveiled simultaneously, showing the company's deep accumulation and forward-looking vision in the field of intelligent cleaning. In addition, judging from the sales performance of the company's Amazon online terminals in 2024Q4, the company's phased results in seizing market share are more significant.

Event Comment

The company participated in the 2025 CES with the theme of "Rock a New Era", and launched the world's first sweeping robot equipped with a bionic manipulator Saros Z70 (domestic G30 Space Exploration Edition), redefining the next generation of household robots, according to the official website of CNET, the product may be expected to be launched in the first half of 2025, and at the same time, the company's full product lineup is also shockingly unveiled. The biggest highlight of SarosZ70 is that it is equipped with the world's first 5-axis folding bionic manipulator, which realizes the leap of sweeping and mopping robots from two-dimensional floor cleaning to three-dimensional space control. The bionic manipulator has 5 joints and 6 degrees of freedom, allowing the manipulator to fold, rotate, and flexibly control the attitude control, such as arm fingers, and the manipulator module can be completely folded and retracted into the internal space of the robot, so that the robot can maintain a 7.98cm ultra-thin body. In addition, the Saros Z70 is also a comprehensive leading cleaning flagship, equipped with the new Star Array Pilot 3.0, anti-tangle cutting and cleaning system, the first intelligent chassis lifting technology, the top automatic base station, and the self-developed RRmind GPT voice control and other functions. During the exhibition, the stone sweeping robot Saros10 (domestic G30) + Saros 10R (domestic G20S Ultra), floor scrubber F25 (domestic A30), washing and drying machine Zeo One (domestic H1) + Zeo Lite (domestic H1 NEO) + Zeo Mini (domestic M1) and so on were also unveiled simultaneously, showing the company's deep accumulation and forward-looking vision in the field of intelligent cleaning.

Endogenously speaking, a more active competition strategy is adopted, and the exogenous and national supplement is strongly supported and clearly continued, and the domestic and foreign sales performance of Stone 2024Q4 is outstanding and is expected to achieve continuous growth. In terms of export sales, according to the seller elf, in 2024Q4, the company's Amazon sales share in the United States/Germany/France/United Kingdom/Spain will reach 28%/49%/19%/18%/25% respectively, +11 pct/+9 pct/-9 pct/0 pct/+12pct year-on-year, respectively. From the perspective of domestic sales, during the national subsidy period in 2024, the overall sales volume of the sweeping robot industry online/offline will be +77%/+125% year-on-year respectively. From 2024Q3, the company began to adopt a more active market strategy to compete, and the company may have achieved relatively excellent transformation results in a phased manner.

Investment suggestion: As a leading enterprise of clean electrical appliances, the company has an excellent brand recognition with technology-driven product iteration and upgrading, and the domestic and global markets are advancing simultaneously. In 2025, CES released the world's first sweeping robot Saros Z70 equipped with a bionic manipulator, which may be expected to lead the sweeping robot industry into a new era. At the export level, from the perspective of the company's Amazon terminal sales performance, the company's sales share in the main market has increased significantly, and a more active competition strategy or phased good conversion results have been achieved. To sum up, we expect the net profit attributable to the parent company from 2024 to 2026 to be 21.75, 25.48 and 3.081 billion yuan respectively, and the corresponding PE is 19.96, 17.04 and 14.09 times respectively, maintaining a "buy" rating.



Risk Reminder 1. Macroeconomic fluctuation risk; 2. The progress of product research and development is not as expected; 3. Overseas business operation risks; 4. The risk of intensified market competition.