ROBAM(SZ:002508) EBSCN·2024-09-11 00:11Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company maintains a leading position in traditional categories, but its Q2 performance faced pressure due to market conditions [5] - The company is optimistic about its medium to long-term development despite the overall industry downturn [5] Financial Performance - In H1 2024, the company achieved operating 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% year-on-year [4][5] - Q2 2024 results showed operating revenue of 2.49 billion yuan, a decline of 9.6%, and a net profit of 360 million yuan, down 18.2% year-on-year [4][5] Product Performance - The first product category, including range hoods and gas stoves, generated revenues of 2.26 billion yuan and 1.17 billion yuan, respectively, with declines of 2.85% and 1.17% year-on-year [5] - The second product category, including integrated machines and steam ovens, saw revenues of 282 million yuan, 28 million yuan, and 26 million yuan, with declines of 11.24%, 18.47%, and 23.48% respectively [5] - The third product category, including dishwashers and water purifiers, achieved revenues of 318 million yuan, 15 million yuan, and 110 million yuan, with a growth of 14.84% for water heaters, while dishwashers and water purifiers declined by 4.01% and 23.59% respectively [5] Market Position - The company remains competitive in traditional product categories, with retail sales in the kitchen appliance sector showing slight growth in retail channels, up 6.4% and 7.8% for range hoods and gas stoves respectively [5] - The engineering channel revenue has significantly declined, primarily due to weak new home sales, with a year-on-year decrease of 21.7% [5] Profitability and Cash Flow - The company's gross margin for H1 2024 was 48.9%, down 3.1 percentage points year-on-year, with Q2 gross margin at 47.3%, down 2.4 percentage points [5] - Operating cash flow for H1 2024 was 410 million yuan, a decrease of 56.9% year-on-year, attributed to slower payment collection [5] Earnings Forecast and Valuation - The net profit forecasts for 2024-2026 have been adjusted to 1.59 billion yuan, 1.65 billion yuan, and 1.72 billion yuan, reflecting decreases of 16.05%, 21.02%, and 23.45% from previous estimates [5] - The current stock price corresponds to P/E ratios of 11, 10, and 10 for the respective years [5]