ROBAM(002508) 国联证券·2024-10-29 09:01Investment Rating - The investment rating for the company is maintained as "Buy" [4][6]. Core Views - The report indicates that while the company's third-quarter operations faced short-term pressure, improvements are expected due to significant policy boosts to terminal demand, healthy inventory levels, and a recovery in industry average prices. Revenue growth and profit improvement are anticipated in the future [2][6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 7.396 billion, a year-on-year decrease of 6.78%. The net profit attributable to the parent company was 1.202 billion, down 12.44% year-on-year. In Q3 alone, revenue was 2.666 billion, a decline of 11.07% year-on-year, with net profit at 443 million, down 18.49% year-on-year [6][7]. - The company’s gross margin improved by 1.0 percentage point in Q3, attributed to a decrease in low-margin projects and a slight increase in average prices. However, the increase in expense ratios and bad debt provisions negatively impacted profitability, leading to a net profit margin decline of 1.5 percentage points year-on-year [6][9]. Future Earnings Projections - The company is expected to see revenue growth of 1%, 12%, and 8% for the years 2024, 2025, and 2026 respectively. The corresponding valuations are projected at 13X, 12X, and 11X [2][6]. Market Trends - Since September, retail in the industry has shown significant improvement, with a notable increase in sales for traditional kitchen appliances like range hoods and gas stoves, which saw year-on-year growth rates of 43% and 37% respectively. This trend is expected to continue into Q4, leading to improved revenue for the company [6][9].