ROBAM(002508) 华创证券·2024-08-28 09:14Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 24 yuan, compared to the current price of 18.31 yuan [1]. Core Insights - The company reported a total revenue of 4.73 billion yuan for the first half of 2024, a year-on-year decrease of 4.2%, and a net profit attributable to shareholders of 760 million yuan, down 8.5% year-on-year [1][2]. - In Q2 2024, the company achieved a revenue of 2.49 billion yuan, a decline of 9.6% year-on-year, and a net profit of 360 million yuan, down 18.15% year-on-year [1][2]. - The company plans to distribute a mid-term dividend of 5 yuan per 10 shares, totaling 472 million yuan [2]. Revenue and Market Position - The kitchen appliance industry faced challenges due to real estate downturns, weak consumer demand, and intensified competition, impacting overall revenue [2]. - Despite the challenges, the company maintained its leading market share in multiple product categories, with revenue from core products such as range hoods and stoves showing slight declines [2]. - Specific revenue figures for key products include 2.26 billion yuan for range hoods, 1.17 billion yuan for stoves, and 180 million yuan for ovens, with year-on-year changes of -2.9%, -1.2%, and -14.0% respectively [2]. Profitability and Cost Management - The company's net profit margin in Q2 2024 was 14.2%, down 1.6 percentage points year-on-year, with a gross margin of 47.3%, a decrease of 2.4 percentage points [2]. - The increase in raw material costs and competitive pricing pressures contributed to the decline in profitability [2]. - The company actively managed costs, resulting in a decrease in sales expense ratio by 1.2 percentage points [2]. Future Outlook and Strategic Initiatives - The company is optimistic about future demand recovery, supported by government policies promoting appliance upgrades and renovations in older neighborhoods [2]. - The company has increased its dividend payout ratio and plans to maintain a cash dividend ratio of no less than 50% from 2024 to 2026 [2]. - The dual-brand strategy, including the launch of the "Mingqi" brand, has shown promising growth, with a 40.47% year-on-year increase in revenue for the new brand [2]. Financial Forecasts - The company’s earnings per share (EPS) forecasts for 2024, 2025, and 2026 have been adjusted to 1.70 yuan, 1.88 yuan, and 2.06 yuan respectively, with corresponding price-to-earnings (PE) ratios of 11, 10, and 9 [2][3]. - The total revenue projections for 2024, 2025, and 2026 are 10.83 billion yuan, 11.49 billion yuan, and 12.32 billion yuan, reflecting a year-on-year growth rate of -3.3%, 6.1%, and 7.2% respectively [3].