全球吸尘器机器人：短期欧盟机器人割草机关税风险推迟且618表现强劲支持Ecovacs

Global Robot Vacuum Near-termEUrobotmowertariffriskdeferredandstrong618performance favor Ecovacs TwodevelopmentsthisweekskewpositiveforEcovacs,inCiti'sview First,the EU declined to imposeprovisionalanti-dumping duties on ChinarobotlawnmowersandcontinuedthecasetowardsadefinitiverulingonJune19,whichliftsanear-termoverhangonthesegmentwhereEcovacs(withoneofEurope'sbest-sellingroboticmowers)isthemostexposedinourrobotvacuumcoverage.Second,EcovacsGroupreportedRmb4.O2bnof618all-channelGMV(up23%YoY)peritsownpressreleasewhichwebelieveisbetterthanmarket'sexpectations,ledbypremiumrobotvacuums,window-cleaning robotsand Tinecofloorwashers.WecontinuetopreferEcovacs(603486.SS,Buy)overRoborock(688169.SSNeutral) Vincent YoungAC+852-2501-2738vincent.young@citi.com Xiaopo Wei, CFA+852-2501-2472xiaopo.wei@citi.com EUrobotlawnmoweranti-dumpinginvestigationresultsdeferral-TheEuropeanCommission on19 June published its initial-stageconclusion and declined to levyprovisional anti-dumping duties on China-made robot lawn mowers with theinvestigation continuing, citing the difficulty of comparing cost and pricing acrosssmart mowers.While the definitive ruling is expected by early-2027, we see suchactiondefers near-termtariff riskfor Ecovacs,whichhasoneof Europe's best-sellingrobotmowers. Ecovacs'618performance-PerEcovacs'618pressrelease(1Mayto18June),itposted Rmb4.02bn ofall-channel GMV (up23%YoY)inChina.Specifically,theT90robot vacuum series sold 290k units and Tineco Floor one series sold 23Ok unitsduring618inChina.Peritspressrelease,EcovacsheldthetopshareinRmb4,OOO+premiumtierand65%+marketshare inwindow-cleaningrobotsinChina.Roborockseparately noted it was the No.1 robot vacuum across Tmall, JD and Douyin incategory share in the618 opening period in China,without full 618 periodperformancereportedyet. SeeAppendixA-1forAnalystCertification,ImportantDisclosuresandResearchAnalystAffiliations Notfordistribution inthePeople's Republicof China,excludingtheHongKong Special AdministrativeRegionandQualifiedForeignInstitutionalInvestors (688169.SS;Rmb97.27;2;18Jun26;15:00) Our12-monthtargetpriceofRmb120.80isbenchmarkedto17x26EPE,whichistheaverageforwardPEoverthepast3years. Upside risksthat could sustainthe sharesabove ourtarget price include:(1)strongerthan expected global macroeconomic growth and strengthened consumer spending;(2)highly successful product launches;(3)easing industry competition;(4)reduction in tariffs between China and destination countries;(5)material weakening in Rmb;(6)lower-than-expected rawmaterialcosts. weakenedconsumerspending;(2)unsuccessfulproductlaunches;(3)intensifiedindustrycompetition(e.g.pricecompetition);(4)increasedtariffs between China and destinationcountries;(5)material strengthening in Rmb;(6)higher-than-expectedrawmaterialcosts. Ecovacs Robotics(603486.SS;Rmb53.08;1;18Jun26;15:00) ValuationOurtargetpriceofRmb89.3isbenchmarkedto25x2026EPE,a15%premiumtoourtargetPEforRoborock,toreflectEcovacs betterfocusoncapitalreturnandprofitability Risks Downside risks thatcould impede thesharesfromreaching ourtargetprice include:(1)global macroeconomic slowdown andweakenedconsumerspending;(2)unsuccessfulproductlaunches;(3)intensifiedindustrycompetition(e.g.pricecompetition);(4)increasedtariffbetweenChinaanddestinationcountries;(5)material strengtheninginRmb;and(6)higher-than-expectedrawmaterialcosts ofthegraphicsinthisdocument,pleasecallUSA1-888-500-5008(TTY:711),fromoutsidetheUS+1-210-677-3788 Appendix A-1 Theresearchanalystsprimarilyresponsibleforthepreparationandcontentofthisresearchreportareeither(i)designated by"Ac"intheauthorblockor(ii)listed inbold alongsidecontentwhichis attributabletothatanalyst.IfmultipleACanalystsaredesignatedintheauthorblock,eachanalystiscertifyingwithrespecttotheentireresearchreportotherthan(a)contentattributabletoanotherACcertifyinganalystlisted inboldalongsidethecontentand(b)viewsexpressedsolelywithrespecttoaspecificissuerwhichareattributabletoanotherACcertifyinganalystidentifiedinthepricechartsorratinghistorytablesforthatissuershownbelow.Eachoftheseanalysts certify,withrespecttothesectionsofthereportforwhichtheyareresponsible:(1)thattheviewsexpressedthereinaccuratelyreflecttheirpersonalviewsabouteachissuerandsecurityreferencedandwerepreparedinanindependentmanner,includingwithrespecttoCitigroupGlobalMarketsInc.and itsaffiliates;and (2)nopartoftheresearchanalyst'scompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendations orviewsexpressedbythatresearchanalystinthisreport.IMPORTANTDISCLOSURES Beijing Roborock (688169.SS)Ratings and Target Price History Short-TermView/Catalyst WatchResearch CitigroupGlobalMarketsInc.oritsaffiliatesreceivedcompensationforproductsandservicesotherthaninvestmentbankingservicesfromBeijingRoborockinthepast12months.Citigroup Global MarketsInc.or its affiliates currently has,orhadwithin thepast12months,thefollowing asclients,and the servicesprovidedwere non-investment-banking,securities-related:Beijing Roborock.Cit