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瑞银-中国消费电子产品行业-全球机器人真空吸尘器：全球供应链暂时中断-2021.10.11-35页.pdf
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We lower our global robot vacuum cleaner (RVC) companies' earnings forecasts in H221E-22E on possible volume growth slowdown due to global shipping constraints and semiconductor chip shortages. Roborock/Ecovacs had around 80%/50% overseas sales exposure in 2020; however, we think investors have largely priced in these headwinds, given recent sharp share price corrections, while overlooking Roborock's potential to catch up in the domestic market. Apart from the temporary disruption, we remain positive on the sector's long-term growth prospects and domestic vendors' share-consolidation potential in global markets. We also expect premiumisation to continue driving China's RVC market.
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