ROBAM(SZ:002508) Haitong Securities·2024-09-17 07:10Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company, Boss Electric, reported a revenue of 4.729 billion yuan for the first half of 2024, a year-on-year decrease of 4.16%, and a net profit attributable to shareholders of 759 million yuan, down 8.48% year-on-year. The second quarter of 2024 saw a revenue of 2.492 billion yuan, a decline of 9.63% year-on-year, with a net profit of 361 million yuan, down 18.15% year-on-year [6][9] - The company maintains a leading market share in its core product categories, with offline retail market shares of 32% for range hoods, 31% for gas stoves, 27% for integrated steam ovens, and 18% for dishwashers. The online retail market shares for smoke and stove packages and kitchen appliance packages are 28% and 27%, respectively [6][9] - Despite short-term pressures from the real estate market, the company is expected to maintain its market position and return to growth in the long term, with projected EPS of 1.70, 1.84, and 1.99 yuan per share for 2024-2026 [6][9] Financial Summary - For 2023, the company is projected to have a total revenue of 11.202 billion yuan, with a net profit of 1.733 billion yuan. The EPS is expected to be 1.84 yuan, with a gross margin of 50.7% [7][9] - The company’s gross margin is projected to be 50.3% in 2024, with a net profit margin of 15.0% [9][10] - The company’s asset-liability ratio is expected to decrease from 36.6% in 2023 to 29.9% in 2026, indicating improved financial stability [10]