ROBAM(002508) 国泰君安·2024-08-28 06:19Investment Rating - The investment rating for the company is "Buy" with a target price of 23.00 CNY, down from a previous forecast of 28.43 CNY [4][13]. Core Views - The company is expected to outperform the industry due to the rapid growth of its brand and new products, despite a slow recovery in demand and intense market competition [4][19]. - The company's H1 2024 revenue was 4.729 billion CNY, a year-on-year decrease of 4.16%, with a net profit of 759 million CNY, down 8.48% year-on-year [15][19]. - The company plans to distribute a cash dividend of 5 CNY per 10 shares, totaling 472 million CNY, which represents 62% of its H1 2024 net profit [19]. Summary by Sections 1. Investment Recommendation - The report suggests a "Buy" rating based on the company's potential for revenue growth and market positioning [4][13]. 2. Performance Overview - In H1 2024, the company reported a revenue of 4.729 billion CNY, a decrease of 4.16% year-on-year, and a net profit of 759 million CNY, down 8.48% year-on-year [15][19]. 3. Revenue Analysis - The company's brand "Mingqi" showed strong performance with a revenue increase of 40% year-on-year in H1 2024. Traditional products like range hoods and gas stoves performed better than integrated stoves [16][19]. 4. Profitability Metrics - The gross margin for H1 2024 was 48.88%, down 3.05 percentage points year-on-year, while the net margin was 15.84%, down 0.85 percentage points year-on-year [17][19]. 5. Balance Sheet and Cash Flow - As of H1 2024, the company had cash and cash equivalents plus trading financial assets totaling 3.699 billion CNY, with inventory at 1.399 billion CNY [18][19]. 6. Dividend Policy - The company announced a cash dividend of 5 CNY per 10 shares, which is aimed at enhancing shareholder returns and boosting market confidence [19].