ROBAM(SZ:002508)2024-08-28 06:00Investment Rating - The report maintains a "Recommended" rating for the company [3][2]. Core Insights - The company reported a revenue of 4.729 billion yuan for the first half of 2024, a year-on-year decrease of 4.16%, and a net profit attributable to shareholders of 759 million yuan, down 8.48% year-on-year. The second quarter saw a revenue of 2.492 billion yuan, a decline of 9.63% year-on-year but an increase of 11.40% compared to the first quarter [1][2]. - Despite pressures from the real estate sector, the company demonstrated resilience in revenue, with its core products maintaining strong performance during the industry's downturn. The company optimized its product structure, with major products like range hoods and gas stoves contributing over 72% to total revenue [1][2]. - The company launched the first domestic AI cooking model, "Shishen," enhancing user experience and responding to government policies promoting appliance upgrades. It also introduced various promotional activities to encourage consumers to replace old appliances [2]. Financial Performance Summary - The company expects net profits for 2024-2026 to be 1.877 billion, 2.038 billion, and 2.162 billion yuan, respectively, with corresponding EPS of 1.99, 2.16, and 2.29 yuan. The current stock price corresponds to a PE ratio of 9.7, 8.9, and 8.4 for the years 2024-2026 [2][7]. - The sales gross margin for the first half of 2024 was 48.88%, down 3.05 percentage points year-on-year, while the net profit margin was 15.84%, down 0.85 percentage points year-on-year [1][2].