RVC 2Q26 preview: Domestic demand better-than-feared, still robust overseas demand, stable pricing/margin; Buy Roborock

研报英文原文证据摘录

RVC 2Q26 preview: Domestic demand better-than-feared, still robust overseas demand, stable pricing/margin; Buy Roborock

Goldman Sachs China Consumer Durables

promotion event. Company wise, Roborock gained share notably

(+10ppt/+13ppt to 35%/29% market share in RVC/wet dry vacuums on JD

and Taobao+Tmall in 2Q26 per Moojing), while share for Ecovacs/Tineco was

largely stable at ~30%.

o Overseas demand remained robust growth as shown from both app

downloads and Amazon US sales data (~40% yoy growth in 2Q). Roborock

further outpaced the industry driven by share gains particularly in the US

market aided by its penetration into key offline retailers including COSTCO.

Ecovacs also recorded robust growth alongside the industry, together with

strong growth from robotic lawn mowers (read-across from Ninebot).

n Margins: We expect net profits to grow at a slower pace vs revenue growth to mainly

reflect cost and FX headwinds, yet there are also positive factors including higher

focus on expense ROI, company specific actions including scaling back loss-making

business, investment gains and tariff refund. Pricing showed mixed trends where RVC

generally came more resilient than wet dry vacuums in domestic market. Per

Rororock and Ecovacs management teams, they have ceased to subsidize consumers

out of their own pockets this year and aim to achieve stable RVC pricing. On Amazon

US, although industry ASP is moving up, leading Chinese players’ ASP showed

diverging trends.

Going forward, we continue to forecast resilient and faster overseas revenue growth (vs

the domestic market) driven by stronger overseas demand and leading Chinese players’

global share gain. We remain cautious about the potential drag on demand from high