On the evening of February 27, the 2024 performance express report released by Roborock Technology (688169), the leader of sweeping robots, showed that in 2024, the company will achieve revenue of 11.927 billion yuan, a year-on-year increase of 37.82%; the total profit was 2.098 billion yuan, a year-on-year decrease of 9.58%; The net profit attributable to the parent company was 1.981 billion yuan, a year-on-year decrease of 3.42%.

Talking about the substantial increase in revenue, Roborock said that the main reason is that during the reporting period, the company gave full play to its technological innovation and product research and development capabilities, and the new products achieved good popularity in both domestic and overseas markets, the company's product sales increased significantly, and the market competitiveness was further enhanced, which promoted the company's business growth.

In terms of financial status, as of the end of 2024, the company's total assets reached 17.508 billion yuan, an increase of 21.78% from the beginning of the period; The equity attributable to the parent owner was 12.86 billion yuan, an increase of 13%.

Roborock said in the announcement that during the reporting period, benefiting from the common development of domestic and overseas market business, the company's operating income increased by 37.82% over the same period last year; In the fourth quarter alone, operating income increased by 65.94% over the same period last year. In the domestic market, the company has further enriched the product matrix and price matrix, and made key breakthroughs in the mainstream price segment.

At the same time, benefiting from the consumption stimulus of the "trade-in" subsidy policy in the home appliance industry, domestic business revenue has achieved rapid growth in the second half of 2024; In overseas markets, the company has further optimized its sales structure, refined its channel layout, and enhanced the influence of its brands and products through active market strategies, achieving a significant increase in the company's overseas business revenue.

In addition, during the reporting period, the company increased investment in R&D and market brands, and its net profit decreased by 3.42% over the same period last year. During this period, the company continued to introduce and cultivate technical talents, expand product categories, enrich product layout, and successfully launched a number of new products in the second half of 2024. At the same time, the company has formulated and implemented a positive brand strategy to strengthen brand image building and brand promotion.

Roborock's main business is the design, R&D, production and sales of intelligent hardware such as intelligent cleaning robots, and its main products include intelligent sweeping robots, floor scrubbers, washer-dryers and other intelligent electrical appliances.

In the first three quarters of 2024, Roborock achieved revenue of 7.007 billion yuan, a year-on-year increase of 23.17%, and net profit attributable to the parent company was 1.472 billion yuan, a year-on-year increase of 8.22%.

It is worth mentioning that last month, Roborock attracted nearly 100 institutional investors to conduct research. Institutions generally pay attention to the company's overall sales in 2024, the progress of artificial intelligence applications, and the planning of new products in 2025.

Roborock said that the company is in the process of transitioning from high net profit margin to high revenue growth, and by building organizational capabilities in the early stage, it can ensure that the company can increase investment and achieve rapid growth transformation at this stage, which is also confirmed by the company's recent performance in major promotion activities at home and abroad. Since the beginning of this year, while maintaining continuous increase in R&D investment, the company has also increased the investment in sales expenses to ensure rapid growth in the future, and further enhance the possibility of upgrading Roborock from a small household appliance brand to a mass brand.

"At present, the company has launched products with AI functions to improve the product cleaning experience. In the sweeping robot products, a series of new functions have been included, RRmindGPT command interaction model, to help users achieve intelligent interaction in their products; The ReactiveAI function helps the sweeper achieve dynamic obstacle avoidance and improve the obstacle avoidance effect; At the same time, the new sweeper is also equipped with AI worry-free mode 2.0, which can dynamically perceive the home environment and tailor cleaning methods. In addition, the company's washing and drying machine products are also equipped with Roborock's self-developed RRMariner global precision control washing and drying algorithm. ”

Roborock's 2025 new product plan has also attracted the attention of investors. According to the announcement, at the CES Consumer Electronics Show in the United States in early January 2025, the company introduced to the market the new products that will be on sale, including the G30Space Discovery Edition (overseas named SarosZ70) and G30 (overseas named Saros10), etc., and received enthusiastic feedback from the market. Among them, the G30Space Exploration Edition is equipped with the industry's first five-axis folding bionic manipulator to explore more possibilities for the next generation of domestic robots.

On February 16, Roborock officially announced that the new robotic arm G30Space Exploration Edition began to be reserved, becoming the first company in the industry to list and sell robotic arm products. The new products will be shipped on March 16, priced at 6499 yuan (water tank version) / 6999 yuan (water and water version), and the price is expected to be 5199 yuan (water tank version) / 5599 yuan (water and water version) after the national subsidy.

In this regard, Kaiyuan Securities released a research report saying that sweeping robots, as a relatively mature category in the field of household robots, are expected to become one of the most suitable consumer goods after the continuous development of AI robot technology and the gradual improvement of the ecology. Sweeping robots are still expected to continue to expand their capabilities and gradually evolve into home service robots.

"At present, the robotic arm carried by the sweeping robot is only the first stage of development, we judge that the robotic arm can continue to evolve, and it is expected that after the second stage of development, with the continuous accumulation of hardware optimization, AI technology and algorithms, functions such as auxiliary obstacle crossing, going up and down stairs can be realized, and the types of homing items will also be further improved to objects with greater weight and volume. The third stage may evolve into a home service robot. Kaiyuan Securities said.