Haitong: Sales and prices of robotic vacuum cleaners surged in August, Beijing Roborock Technology (688169.SH) saw accelerated growth in Q2. Floor scrubber trades volume for price.

Haitong released a research report stating that in terms of domestic sales, the floor cleaning machine industry has seen an improvement in the cost-effectiveness of cleaning products, with the industry bottom accelerating recovery, and the floor scrubber continuing to exchange price for volume. Overseas, under the leadership of Chinese brands, the upgrading of product structure in recent years has driven the continuous increase in industry average price, and Chinese brands still have the dividends of channel expansion, market share increase, and structural upgrading. In the field of floor cleaning machines, Beijing Roborock Technology (688169.SH) has a market share of 24.52%, an increase of 3.42 percentage points, and is the top brand. In terms of growth trend, according to AVC Q2 online sales data, the revenue growth rate of Roborock in Q2 was 9%, with July and August revenue growth rates of 23% and 29% respectively, which is better than the second quarter growth rate. Industry total: Floor cleaning machines and floor scrubbers are both on the rise in terms of quantity and price. According to AVC Cloud Network, floor cleaning machines and floor scrubbers are both on the rise in terms of quantity and price. According to online data from AVC, in August, the sales volume of floor cleaning machines was 176,400 units (up 8.78% year-on-year), with sales revenue of 537 million yuan (up 11.09% year-on-year), and an average price of 3043 yuan (up 2.12% year-on-year); the sales volume of floor scrubbers in August was 208,500 units (up 15.67% year-on-year), with sales revenue of 402 million yuan (down 5.76% year-on-year), and an average price of 1927 yuan (down 18.53% year-on-year). Competitive landscape: (1) In the field of floor cleaning machines, Roborock has a market share of 24.52%, an increase of 3.42 percentage points, Ecovacs Robotics has a market share of 20.56%, a decrease of 10.44 percentage points, Yunying has a market share of 17.95%, an increase of 12.08 percentage points, and Roborock brand continues to rank first. The best-selling models are Yunying J4, Roborock P10s Pro (water inlet and outlet), Roborock P10s Pro, and Ecovacs Robotics T30pro; in terms of growth trend, according to AVC Q2 online sales data, the revenue growth rate of Roborock in Q2 was 9%, with July and August revenue growth rates of 23% and 29% respectively, which is better than the second quarter growth rate. (2) In the field of floor scrubbers, Tianke has a market share of 41.55%, a decrease of 0.62 percentage points, Zuimi has a market share of 20%, an increase of 1.44 percentage points, and Yunying, a newcomer to the floor scrubber field, currently has a market share of 6.18%, an increase of 5.26 percentage points. Investment recommendations: In terms of domestic sales, the floor cleaning machine industry has seen an improvement in the cost-effectiveness of cleaning products, with the industry bottom accelerating recovery, and the floor scrubber continuing to exchange price for volume. Overseas, under the leadership of Chinese brands, the upgrading of product structure in recent years has driven the continuous increase in industry average price, and Chinese brands still have the dividends of channel expansion, market share increase, and structural upgrading. Continuously recommend Beijing Roborock Technology (688169.SH), which has global competitiveness and has achieved global market share increase through channel expansion, and Ecovacs Robotics (603486.SH), which has achieved short-term profit improvement and continues to launch new products. Risk warning: Fierce competition at the end of the market, errors in data statistics by third parties.