The word "睡懒觉" is formed by sequentially combining the character "睡" (meaning to sleep), which acts as a verb, with "懒" (meaning lazy), which functions as an adjective modifying the final character "觉" (meaning sleep or nap). This structure creates a verb-object phrase where "睡" governs the object "懒觉", literally "lazy sleep", to convey the specific action of sleeping in or indulging in late sleep due to laziness.