Roborock Technology (A): Limited near-term impacts from FCC’s ban; expect 2Q rev/profit up by 26%/18% YoY

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Roborock Technology (A)

Limited near-term impacts from FCC’s ban;

expect 2Q rev/profit up by 26%/18% YoY

Maintain Rating: BUY | PO: 131.00 CNY | Price: 111.31 CNY

2Q preview: rev/profit grew by 26%/18% YoY

02 August 2026

We forecast 2Q revenue to increase 26% YoY to RMB5.6bn. By segment, we

expect: i) robot vacuums (c.70% of revenue) to deliver high-single-digit YoY growth; ii)

wet-and-dry vacuums (c.25% of revenue) to achieve c.100% YoY growth; and iii) the

discontinued washing machine business (low-single-digit revenue contribution) to

decline by 70% YoY. On profitability, we forecast net profit to rise 18% YoY to

RMB484mn. The key drivers include: i) a significantly narrower loss from the washing

machine segment, with an estimated loss of c.RMB50mn in 2Q, vs. RMB250mn in the

same period last year; and ii) largely stable operating margins in the core robot vacuum

and wet-and-dry vacuum businesses. iii) However, greater FX loss is expected to weigh

on net profit margin in 2Q (estimated RMB100mn FX loss in 2Q, vs a RMB40mn FX gain

last year). Separately, the company has started receiving U.S. tariff refunds. We estimate

the total refund amount could approach US$40mn. However, the timing of recognition

and the accounting treatment remain uncertain.

Equity

Limited N-T impact from FCC’s ban on robot vacuum

The FCC has added foreign-produced “advanced robotic devices” and connected power

inverters to its Covered List, preventing new models from obtaining the authorization

required for U.S. sales. The FCC has confirmed that robot vacuum cleaners fall within the

scope. i) Existing models are unaffected, with restrictions applying only to new product

approvals. ii) As the rules are based on manufacturing location rather than brand

nationality, most industry players, including U.S. brands such as Shark and iRobot, could

be affected, likely slowing product refreshes across the U.S. market. iii) Roborock has

not received formal notification but has not ruled out potential exposure. We expect

limited near-term impact, as its existing portfolio covers a broad range of price points

and can continue to be sold. U.S.…