ROBAM(SZ:002508) Guotou Securities·2024-08-27 03:56Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 23.66 CNY, corresponding to a 14 times dynamic price-to-earnings ratio for 2024 [4][6]. Core Views - The company reported a revenue of 4.73 billion CNY for H1 2024, a year-over-year decrease of 4.2%, and a net profit attributable to shareholders of 760 million CNY, down 8.5% year-over-year. The second quarter alone saw a revenue of 2.49 billion CNY, down 9.6% year-over-year, and a net profit of 360 million CNY, down 18.2% year-over-year [2][3]. - The company maintains a high dividend payout ratio, proposing a cash dividend of 5.0 CNY per 10 shares, totaling approximately 470 million CNY, which accounts for 62.2% of H1 2024 net profit [2]. - Despite short-term operational pressures, the company demonstrates confidence in its long-term development by maintaining a high dividend level [2]. Revenue Performance - In Q2 2024, the company's main sales channels showed a slight decline, with online sales of range hoods and gas stoves decreasing by 5% and 3% year-over-year, respectively. The company’s e-commerce performance is believed to be better than other channels [2]. - The company is actively expanding new channels, with offline retail channel revenue growth close to overall performance. However, the national residential completion area decreased by 21% year-over-year, impacting the engineering channel revenue [2]. - The revenue from the company's core products, including range hoods and gas stoves, showed relatively stable performance, with declines of 3%, 1%, and 4% for range hoods, gas stoves, and dishwashers, respectively [2]. Profitability and Cash Flow - The gross profit margin for Q2 2024 decreased by 2.4 percentage points year-over-year, with the difference between gross profit margin and selling expense ratio declining by 1.2 percentage points year-over-year, attributed to increased market competition and pressure from the real estate sector [3]. - Operating cash flow for Q2 2024 decreased by 420 million CNY year-over-year, primarily due to slower cash collection and increased maturity of bank acceptance bills [3]. - The company is expected to continue optimizing its product structure and improving operational efficiency, which may enhance long-term profitability [3]. Financial Forecast - The company’s projected earnings per share (EPS) for 2024 and 2025 are 1.69 CNY and 1.70 CNY, respectively [3]. - The forecasted revenue for 2024 is 10.68 billion CNY, with a net profit of 1.59 billion CNY, reflecting a decrease from previous years [7][12]. - The company’s net profit margin is expected to be 14.9% in 2024, with a slight decline in return on equity (ROE) to 13.7% [12][13].