ROBAM(002508) 国投证券·2024-10-30 00:23Investment Rating - The report maintains a Buy-A rating for Robam Electric (002508 SZ) with a 6-month target price of 28 35 RMB [4] Core Views - Robam Electric's Q3 2024 performance shows pressure with revenue of 7 40 billion RMB, a YoY decrease of 6 8%, and net profit of 1 20 billion RMB, a YoY decrease of 12 4% [1] - Despite the overall decline, core categories such as gas stoves and range hoods show marginal improvement with online sales growth of 51 1% and 46 6% respectively in Q3 2024 [2] - The company's gross margin improved to 53 2%, up by 1 0 pct YoY, driven by better performance in retail channels and weaker engineering channel sales [3] - The report expects a potential rebound in revenue due to the impact of the trade-in policy, particularly benefiting core products like gas stoves and range hoods [2] Financial Performance - In Q3 2024, Robam Electric's operating cash flow decreased by 320 million RMB, likely due to slower receivables collection [3] - The company's net profit margin for Q3 2024 was 16 3%, with a slight improvement expected in the future as the company optimizes its product structure and operational efficiency [3] - The report forecasts EPS for 2024 and 2025 to be 1 89 RMB and 1 93 RMB respectively, with a target P/E ratio of 15x for 2024 [8] Channel and Product Analysis - Online channels are expected to outperform overall company growth due to the trade-in policy, while offline channels may see slower growth, especially in lower-tier markets [2] - The engineering channel, impacted by a 29 0% decline in residential completion area, is expected to stabilize as real estate policies improve [2] - Core products like gas stoves and range hoods are expected to see sustained demand growth due to policy incentives, with online sales in September 2024 growing by 145 4% and 155 9% respectively [2] Valuation and Forecast - The report forecasts Robam Electric's revenue for 2024E and 2025E to be 10 96 billion RMB and 11 43 billion RMB respectively, with net profit expected to grow to 1 78 billion RMB in 2024E and 1 83 billion RMB in 2025E [8] - The company's ROE is projected to be 15 2% in 2024E and 14 5% in 2025E, with a dividend yield of 3 9% in 2024E and 4 0% in 2025E [8] - The report highlights the company's strong ability to adapt to market changes, which is expected to support stable growth in the future [8]