ROBAM(SZ:002508) Guolian Securities·2024-08-28 06:01Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's revenue is under pressure due to a decline in real estate completions and a weak consumer environment. The company is actively promoting the growth of its sub-brands targeting mass consumption. The increase in the proportion of low-margin sub-brands and the weakening of scale effects have led to a decline in profitability. However, the implementation of the old-for-new policy is expected to stimulate demand in the kitchen appliance industry, and the company's operations may gradually recover. Notably, the company maintained a high cash dividend payout ratio of 62% in the first half of the year, highlighting its attractive dividend yield in a low valuation context [3][10][16]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 4.729 billion, a year-on-year decline of 4.16%. The net profit attributable to the parent company was 759 million, down 8.48% year-on-year. The net profit after deducting non-recurring gains and losses was 658 million, a decrease of 11.91% year-on-year. In Q2 2024, revenue was 2.492 billion, down 9.63% year-on-year, with a net profit of 361 million, down 18.15% year-on-year [10][16]. - The company's cash dividend for H1 2024 was 472 million, accounting for 62% of the net profit attributable to the parent company [10]. Revenue Breakdown - The decline in revenue was attributed to a decrease in real estate completions and a weak consumer environment. Traditional categories such as range hoods and gas stoves showed relative stability, with year-on-year declines of 3% and 1%, respectively. However, optional categories faced greater pressure [10][15]. Product Structure and Profitability - The company's gross margin decreased by 3.1 percentage points in H1 and 2.4 percentage points in Q2, primarily due to the increased revenue share from lower-margin sub-brands. The company has strengthened its marketing expense control, resulting in a decrease in the sales expense ratio by 1.2 percentage points in Q2 [10][16]. Future Outlook - Despite the challenging operating environment, the potential implementation of the old-for-new policy is expected to boost demand for kitchen appliances. The company is well-positioned to benefit from this recovery due to its channel and brand advantages. Revenue is projected to grow by 2% in 2024, followed by 8% in 2025 and 2026, reaching 11.4 billion, 12.3 billion, and 13.2 billion, respectively [10][11].