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Guolian Securities: Domestic appliance sales may be ushering in a turning point. The advantage of "price range + channel" is added.
Driven by the replacement of old for new, domestic appliance sales may be entering a key transition period, with substantial subsidy sales volume and remarkable elasticity in off-peak product categories.
Stone Technology: Report of Beijing Stone Century Technology Co., Ltd. for the third quarter of 2024
Beijing Stone Century Technology Co., Ltd. Report for the Third Quarter of 2024
Beijing Roborock Technology (688169.SH) achieved revenue exceeding 7 billion yuan in the first three quarters, with the robotic floor sweeper large cap stable and the washing machine rapidly climbing.
On October 30, domestic leading clean appliance company Beijing Roborock Technology (688169.SH) released its third-quarter report. In the first three quarters, Beijing Roborock Technology's revenue was 7.007 billion yuan, a year-on-year increase of 23.17%; net income attributable to parent company was 1.472 billion yuan, a year-on-year increase of 8.22%. Compared to industry competitors, Beijing Roborock Technology's growth is particularly outstanding, partly due to the continuous expansion of the company's product market share and the faster growth of its overseas business, leading to an increase in gross margin. With its leading position in the clean appliance industry solidified, Beijing Roborock Technology is striving to increase its global market share and drive category penetration breakthroughs for the company. At the same time, the company is increasing its efforts.
China International Capital Corporation: National subsidy drives the elasticity of robot vacuum cleaners, with beijing roborock technology (688169.SH) holding a clear lead in market share.
Based on the higher net margin of Stone over domestic and foreign competitors, the team believes that there is more room for Stone to capture market share by spending more on expenses.
Huafu Securities: The domestic sales volume of floor scrubbers increased rapidly in September, while the downgrade trend continued in the United States. The proportion of mid-to-high-end products in Germany increased.
Germany is one of the important countries with top retail sales volume of floor sweepers in Europe, and its amazon channel serves as a window for observing the floor sweeper consumption trends in Germany, showing a trend of increasing proportion of mid-to-high-end products.
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