ROBAM(SZ:002508) KAIYUAN SECURITIES·2024-08-31 08:37Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11]. Core Views - The company maintains a strong position in core categories, with the brand "Boss" leading in market share, while the new brand "Mingqi" shows rapid revenue growth, indicating resilience in operations [5]. - Despite a temporary decline in revenue due to market conditions, the company is expected to recover with a projected increase in net profit over the next three years [5]. Financial Performance Summary - In H1 2024, the company achieved revenue of 4.73 billion yuan, a year-on-year decrease of 4.2%, and a net profit attributable to shareholders of 760 million yuan, down 8.5% [5]. - For Q2 2024, revenue was 2.49 billion yuan, a decline of 9.6%, with a net profit of 360 million yuan, down 18.2% [5]. - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 1.69 billion, 1.83 billion, and 1.95 billion yuan respectively [5]. Market Position and Brand Performance - The traditional product categories continue to lead in market share, with the "Boss" brand holding a retail market share of 31.9% for range hoods and 31.3% for gas stoves [5]. - The new brand "Mingqi" generated revenue of 229 million yuan in H1 2024, reflecting a year-on-year growth of 40.5% [5]. Profitability and Cost Structure - The gross margin for H1 2024 was 48.9%, a decrease of 3.1 percentage points compared to the previous year [5]. - The operating expense ratio was 31.4%, down 2.4 percentage points, leading to a net profit margin of 16.1% [5]. Financial Projections - Revenue projections for 2024-2026 are 11.03 billion, 11.67 billion, and 12.40 billion yuan, with corresponding net profits of 1.69 billion, 1.83 billion, and 1.95 billion yuan [6][7]. - The expected EPS for 2024-2026 is 1.79, 1.94, and 2.07 yuan, with P/E ratios of 10.4, 9.6, and 9.0 respectively [6][7].