ROBAM(002508) 申万宏源·2024-10-29 09:15Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - Q3 performance met expectations, with total revenue for the first three quarters reaching 7.396 billion yuan, a year-on-year decrease of 6.78%, and net profit attributable to shareholders of 1.202 billion yuan, down 12.44% year-on-year [4][6] - The implementation of the old-for-new policy is expected to benefit the kitchen appliance category, with significant retail growth observed in September for range hoods and gas stoves [5][6] - Profitability showed a slight decline, with a gross margin of 50.43% for the first three quarters, down 1.60 percentage points year-on-year [6] Summary by Sections Market Data - Closing price: 23.95 yuan - Market capitalization: 22.339 billion yuan - P/E ratio: 14 times for 2024E [2][3] Financial Performance - Total revenue for 2024E is projected at 10.823 billion yuan, with a year-on-year growth rate of -3.4% [7] - Net profit for 2024E is expected to be 1.621 billion yuan, reflecting a year-on-year decrease of 6.5% [7] - Earnings per share for 2024E is estimated at 1.72 yuan [7] Industry Insights - The kitchen appliance industry is considered a mature segment within the home appliance sector, with stable overall market performance [6] - The old-for-new policy is anticipated to drive incremental revenue for the company, particularly in the kitchen appliance category [5][6]