ROBAM(002508) 开源证券·2024-10-30 03:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][11] Core Views - The company has experienced a decline in revenue and net profit in 2024Q1-3, with revenue at 7.4 billion yuan (down 6.8% year-on-year) and net profit at 1.2 billion yuan (down 12.4% year-on-year) [4] - Despite the challenges, the company is expected to benefit from the "old-for-new" policy, which is anticipated to improve performance in Q4 [4][5] - The company maintains a leading market share in traditional categories, with offline retail market shares for range hoods and gas stoves at 31.6% and 31.2% respectively [5] Financial Performance Summary - For 2024Q3, the company reported revenue of 2.67 billion yuan (down 11.1% year-on-year) and net profit of 440 million yuan (down 18.5% year-on-year) [4] - The company's gross margin improved to 53.2% (up 1.0 percentage points), while the net profit margin decreased to 16.4% (down 1.6 percentage points) [6] - The earnings per share (EPS) forecast for 2024-2026 is adjusted to 1.75, 1.87, and 1.99 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 13.7, 12.8, and 12.0 [4][7] Market Position and Strategy - The company is expanding into new categories, with the offline retail market share for dishwashers reaching 20.65% and integrated stoves at 38.0% [5] - The "old-for-new" policy is expected to significantly boost sales in the home appliance market, with online sales for various products showing substantial year-on-year growth [5] - The company is focusing on maintaining its competitive edge in the market through strategic channel management and product innovation [5][6]