ROBAM(SZ:002508) Changjiang Securities·2024-09-09 04:04Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Views - The company reported a decline in revenue and net profit for the first half of 2024, with revenue at 4.72 billion yuan, down 4.16% year-on-year, and net profit at 759 million yuan, down 8.48% year-on-year [5] - The decline in demand in the industry has led to a decrease in the company's revenue, particularly in key product categories such as range hoods and gas stoves, while water heaters saw a growth of 14.84% [5] - The company is actively expanding its market share in the retail channel despite the overall downturn in the new housing market, maintaining leading positions in various product categories [5] Summary by Sections Financial Performance - In 2024 H1, the company's gross margin was 48.88%, a decrease of 3.05 percentage points year-on-year, attributed to declining sales scale and rising raw material prices [6] - The operating profit for 2024 H1 was 690 million yuan, down 15.03% year-on-year, with a net profit margin of 16.06%, down 0.76 percentage points year-on-year [6] - The company expects net profits for 2024-2026 to be 1.82 billion, 1.96 billion, and 2.10 billion yuan, respectively, with corresponding P/E ratios of 9.3, 8.6, and 8.0 times [6] Market Position - The company holds a market share of 31.9% in offline retail sales of range hoods and 31.3% in gas stoves, indicating its strong position as a leading brand in the kitchen appliance sector [5] - The company is exploring new product directions and expanding into dishwashers and integrated stoves, which may open up additional market opportunities [6]