Author: Don Luo

For Roborock (688169. SH), 2024 will undoubtedly be a year of rapid growth.

According to the IDC report, in 2024, Roborock will rank first in both sales volume and sales in the world, and in terms of shipments, Roborock will surpass iRobot for the first time.

In 2024, Roborock achieved operating income of 11.927 billion yuan, an increase of 37.82% over the same period of last year, and an increase of 65.94% in the fourth quarter of the same period of last year.

The reporter noted that the rapid growth momentum of Roborock's performance will continue in 2025.

Roborock's cumulative sales volume in the first two months of 2025 increased by 91% year-on-year, continuing the high growth momentum since last year. In addition, the price of the company's terminal products has also increased to a certain extent.

In terms of export sales, Roborock's sales in the corresponding channels of the United States and Germany increased simultaneously in January this year, and the company's market share in South Korea reached a record high.

The logic behind high growth

Roborock's rapid growth will continue from 2024 to 2025.

According to a report released by IDC on March 17, Roborock will rank first in both global sales volume and sales in 2024, among which Roborock surpassed iRobot for the first time in shipments, with a year-on-year increase of 20.7%, a global sales market share of 16%, and a sales market share of 22.3%.

Specifically, Roborock ranks first in Denmark, Finland, Germany, South Korea, Norway, Sweden, Turkey and other countries.

In fact, since the second quarter of last year, Roborock has won the first place in both "sales volume and sales" in the global sweeping robot market.

According to Jiuqian data, as of February 23, the cumulative sales volume of Roborock's online channel of sweepers in 2025 increased by 91% year-on-year, continuing the high growth momentum since last year. Not only did the sales volume increase, but the price of the end product also increased to a certain extent, with the price increasing by 3% in the same period.

In terms of export sales, Roborock's Amazon channel sales in the United States and Germany increased by 30% and 78% year-on-year respectively in January this year. The company's market share in South Korea reached a record high, with a market share of more than 50% in January.

Why is Roborock's high growth momentum continuing?

"On the one hand, the out-of-stock at the end of last year caused part of the revenue to be moved back to the first quarter of this year." A home appliance analyst told reporters.

According to the open source securities research report, the products of Rock Technology have been out of stock since the end of October, and the delivery time has exceeded 1 month. It takes time to add up receipt confirmations, and most of the revenue is accounted for in the first quarter of 2025.

On the other hand, Roborock will continue to launch new products in 2025, ensuring the company's continued leadership in product strength.

On January 8, Roborock released the G30 self-cleaning sweeping robot, which is equipped with three-wire structured light obstacle avoidance and the industry's first chassis lifting technology. In February, the sweeper G30 Space was pre-sold, which is equipped with the world's first robotic arm, which can realize object clamping and movement, further expanding the capability boundary and approaching the form of home service robots.

Recently, Roborock has successively launched three new sweepers: P20 Ultra, P20 Plus and G30 U, with prices covering 2800-4800 after national subsidies, and more active product strategies continue to land, which is conducive to the overall improvement of the company's gross profit margin.

In the field of low price band, compared with covering the low price band through the price reduction of old products in the second half of 2024, Roborock will cover the low price band through new products in 2025, improving the overall gross profit margin. In the mid-to-high price range, the launch of more SKUs is conducive to the optimization of Roborock's overall product structure.

The

improvement of product strength brought by the above-mentioned new products, coupled with the continuation of the national subsidy in 2025, is another important reason for Roborock's continued strong sales.

The "national subsidy" has led to an overall increase in the sales of sweepers

On the whole, in the context of the continuation of the national subsidy in 2025, the sweeping robot industry as a whole will continue its high growth in 2024.

According to the data of Aowei Cloud Network and Jiuqian, in 2025, the cumulative sales volume and selling price of sweeper online channels (as of February 23) will increase by 57% and 9% year-on-year respectively.

The continuation of the national subsidy is naturally one of the biggest benefits of the industry.

The above-mentioned home appliance analysts said that the current penetration rate of sweeping robots in China's domestic market is about 5%~6%. It is expected that in 2025, China's sweeping robot market will increase by 14% year-on-year in the context of the continuation of the "national subsidy" policy of trade-in.

In the past, the most important reason why it was difficult to increase the penetration rate of sweepers was that the price was too high. If the market size of sweeping robots is to continue to rise, the "acceptable price" must continue to fall.

And the national subsidy is just "bringing down the price" for consumers.

According to the data of the New Fortune Industry Research Institute, the price of sweeping robots reached the "lowest in history" during the national subsidy period.

Taking the subsidized prices of various products on JD.com as an example, in October 2024, a 20% subsidy will be added on the basis of daily discounts relative to the released price. By January 2025, the price is still around "record low". From the past,The price of sweeping robot products is relatively stable,Generally, the previous generation of flagship or volume products will fall to2500-3000 yuan price。 Under this round of subsidies, all flagship products have reached this price range.

Another big advantage is that in 2025, the time dimension of the "national subsidy" will be longer.

In 2024, the implementation of the "national subsidy" policy of trade-in will basically be launched across the country from the end of August. 2025 is a year-round implementation, so the implementation time of the trade-in "national subsidy" for consumer goods this year is about twice that of last year.

From the perspective of covered categories, in 2025, the product categories of the "national subsidy" for consumer goods trade-in will also be expanded, and 3C digital products such as mobile phones, tablets, and smart watches will be newly added; The categories of household appliances enjoying subsidies have also increased from eight categories (televisions, refrigerators, washing machines, air conditioners, water heaters, stoves, range hoods, computers) to 12 categories.

According to the monthly report of the household appliance industry in January released by Weibo, the inclusion of small household appliances in the scope of the national subsidy has caused widespread discussion, and topics such as "exposure of the robot sweeping robot", "Grandma made new clothes for the sweeping robot for the New Year" and other topics continue to rise in popularity on Weibo.

"In fact, the national subsidy in 2025 is not as large as in 2024, take sweeping robots as an example, most models are 15% government subsidies, and last year it was 20% of the subsidy." The above-mentioned home appliance analysts believe that in the context of the reduction of subsidies, the overall sales of sweepers continue to rise, indicating that in the past two years, the product strength of sweeping robots has increased rapidly, and the penetration rate has been further improved, and more and more families have begun to accept the category of sweeping robots.