New products lead the industry, and new laser navigation technology unveiled
On March 29, the company held a new product launch and launched the self-cleaning robot G20S and V20. Among them, the V20 is equipped with a new-generation laser navigation obstacle avoidance system, which supports ultra-accurate mapping and obstacle recognition.
We believe that as one of the underlying key technologies for sweeping robots, upgrading the performance of laser navigation and obstacle avoidance systems will bring continuous innovation at the application level and continuously optimize the product experience. The company's product development advantages and leading position have been consolidated and strengthened. We maintained the company's 2024-2026 EPS of 18.15, 20.29, and 22.45 yuan, respectively. Comparatively, the company's 2024 Wind agreed to have an average PE value of 16.5 times, actively rewarded shareholders with high dividends, gave the company 21 times PE in 24 years, maintained a target price of 381.15 yuan, and maintained a “buy” rating.
Two series of new products, G20S and V20, were released to achieve a fuller price range. At the 2024 Stone Technology global press conference held on March 29, the two Stone G20S and V20 self-cleaning robot vacuum cleaners were officially unveiled and pre-sale began. The functions of the two products are clearly positioned, and the G20S has outstanding cleaning ability. Through the unique design of the four-zone double shock mopping module+robotic side mop, it brings consumers a better cleaning experience. The V20, on the other hand, highlights a better obstacle avoidance navigation experience, and uses a pioneering dual-light source 3DToF surface array laser to support ultra-accurate mapping and obstacle recognition. In terms of price, the pre-sale price of the G20S starts at 5,399 yuan, and the pre-sale price of the V20 starts at 4,799 yuan. In addition to the previously released P10S pro and P10S (pre-sale prices are 3999 yuan and 3,299 yuan respectively), the company has achieved a more full-price segment layout.
The Stone V20 is equipped with a new laser sensor, and the new laser navigation and obstacle avoidance system on the V20, which has excellent overall performance, was named the Starburst Navigation System. It was developed by the company in collaboration with Infineon, PMD Technology, and Ofik Light over many years. Its main performance characteristics are: 1) Highly integrated, and the near and far light sources are integrated into a single ToF camera. Through the combination of long-range speckle and close-range surface array data, one module can simultaneously achieve navigation and obstacle avoidance effects, while the industry usually uses 2 sets of ToF and 3D structured light modules. This change reduces system cost and complexity, and improves the stability and service life of the module. 2) The front and back laser modules each achieve an ultra-wide viewing angle of 200 degrees, which can actually reduce the height of the sweeper (from nearly 13 cm to 8.2 cm) and go deep into the bottom of low furniture without damaging the navigation and obstacle avoidance effect.
As a next-generation laser navigation technology platform, the V20 may bring continuous innovation at the application level. The laser navigation system is one of the key underlying technologies for sweeping robots. Only with better laser sensor configuration can it achieve higher accuracy mapping, serve application scenarios such as route planning, obstacle avoidance, and edge sweeping and dragging, and pursue ultimate coverage. As new technology platforms are repeatedly verified in the promotion process, the company may once again rely on its leading algorithm development capabilities to bring about continuous innovation at the application level.
Risk warning: increased market competition; risk of high inflation overseas; risk of new products falling short of expectations.