ROBAM(SZ:002508) Guoxin Securities·2024-08-29 13:03Investment Rating - The investment rating for the company is "Outperform the Market" [4][12] Core Views - The company experienced operational pressure in Q2 2024, with a revenue decline of 9.6% year-on-year to 2.49 billion, and a net profit drop of 18.2% to 360 million [1] - The company is expected to benefit from the gradual implementation of the national replacement policy for old appliances, which may stimulate demand for kitchen appliances [1] - The company is actively promoting dual-brand development, with its sub-brand "Mingqi" achieving a revenue growth of 40.5% to 230 million in H1 2024 [1] Financial Performance Summary - In H1 2024, the company achieved a revenue of 4.73 billion, down 4.2% year-on-year, and a net profit of 760 million, down 8.5% [1] - The company's main product categories showed relative stability, with a 2.9% decline in range hoods to 2.26 billion and a 1.2% decline in gas stoves to 1.17 billion [1] - Emerging product categories faced more pressure, with significant declines in revenue for integrated machines, steam ovens, and ovens [1] - The gross profit margin in Q2 was 47.3%, down 2.4 percentage points year-on-year, influenced by raw material costs and the rising proportion of Mingqi's revenue [1] Profit Forecast and Valuation - The profit forecast for the company has been revised down, with expected net profits of 1.70 billion, 1.79 billion, and 1.88 billion for 2024, 2025, and 2026 respectively, reflecting a growth rate of -2%, +6%, and +5% [1][12] - The diluted EPS is projected to be 1.79, 1.89, and 1.98 for the years 2024, 2025, and 2026, with corresponding PE ratios of 10, 10, and 9 [1][12]