According to the Wisdom Finance APP, guolian Securities released a research report stating that in September, the offline and online sales of floor-sweeping robots increased by +24%/+114% respectively, while in October, the offline and online sales increased by +130%/+206% respectively, showing clear acceleration. This is mainly due to product innovation, subsidies from various provinces and cities, and online platforms selecting available national subsidies to boost sales. In addition, the total APP downloads of mainstream floor-sweeping robot brands overseas are also gradually accelerating year-on-year, with impressive performance in some markets in Europe and the Asia-Pacific region. Standing at the current domestic and upcoming overseas major promotion time nodes, the floor-sweeping robot's domestic market is expected to start a new round of penetration rate increase under the background of policy subsidies, while the overseas market has entered a key stage of channel expansion and brand share competition.

Guolian Securities' main points are as follows:

Domestic sales: Major promotions with high growth come to an end, and bullish about the increase in penetration rate.

During this round of domestic floor-sweeping robot major promotions, the industry continues to innovate around "precise navigation, obstacle avoidance, and deep cleaning." Beijing Roborock Technology launched the intelligent base lifting function to overcome obstacles and continuously optimized the dual 3DToF laser navigation solution, Ecovacs Robotics introduced a floor scrubbing robot, and Xiaomi launched a biomimetic mechanical foot to overcome obstacles. Moreover, the floor-sweeping robot industry has clearly benefited from direct policy subsidies. Statistics show that floor-sweeping robots are one of the smart home categories with the highest coverage of subsidies across provinces. Based on product innovation and subsidies driving sales, the final price of high-quality floor-sweeping robots has been significantly reduced. The floor-sweeping robots have achieved high growth at the november 11 shopping festival-related event, with most brands reporting year-on-year growth of over three digits. With the industry's commitment to innovation, and the prospect of "expanding the variety and scale of consumer goods in exchange for new ones" at the policy end, the domestic penetration rate of floor-sweeping robots is expected to accelerate.

Export: Domestic brands strive for Europe, focusing on upgrading in North America.

As the year-end Black Friday and Christmas promotions approach, iResearch International predicts a +6% year-on-year increase in overseas floor-sweeping robot sales to $5.1 billion in 2024, with a slight increase in volume and price. The sales structure by region is Americas ≈ Europe> Americas, with the United States expected to stabilize and rise again, Germany being the core of the European market, and France and Italy seeing rapid growth, while the Asia-Pacific region shows differentiation. Combining data on Amazon and APP download volumes in various markets, it is determined that the trend of Chinese brands going global is established, with a variety of brands flourishing in Europe, each with different advantages at different price points. Referring to China's previous development trends, the European floor-sweeping robot market is a key market for domestic brands to seize market share overseas, potentially leading to structural adjustments and more proactive marketing efforts. The leading position of North America in overseas markets continues to weaken, and the increase in market share of domestic brands may drive an upgrade in the product structure in North America.

Stand at the forefront and actively focus on the domestic siasun robot&automation leader.

Thanks to new products and subsidies, the domestic sales of floor sweeping robots during the November 11 shopping festival have increased significantly, with quantity increase as the main factor, and average price increase. All brands have greatly benefited, and with the background of product innovation & financial policy efforts, the future of floor sweeping robots is promising, and the penetration rate is expected to accelerate. The year-end Black Friday & Christmas overseas major promotions are coming, and the performance of floor sweeping robots is worth paying attention to. In Europe, each brand has different advantages in regions and price ranges. To seize market share, there may be adjustments in price structure. The USA is expected to achieve product structure upgrades driven by industry leaders; driven by Chinese brands, floor sweeping robots in various overseas regions are expected to continue growing. In the long term, companies that continue to innovate products and understand user needs can go far.

In terms of symbols: It is recommended to actively pay attention to Ecovacs Robotics (603486.SH), which is expected to stabilize and rebound in profitability, and Beijing Roborock Technology (688169.SH) with continuous product innovation and increasing market share both domestically and internationally.

Risk Warning: Policy implementation falls short of expectations; fluctuations in raw material prices and exchange rates; insufficient improvement in external demand.