ZBOM(603801) 国泰君安·2024-11-01 13:52Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price raised to 17.85 CNY from the previous 16.66 CNY, while the current price is 14.99 CNY [5][6]. Core Views - The company's performance meets expectations, with steady progress in the whole-house business, opening up future growth opportunities. The short-term impact of the old-for-new policy has significantly boosted terminal sales [5][6]. - Revenue is currently under pressure, but overseas business shows strong performance, with a year-on-year growth of over 30% [6]. - The company plans to increase investment in management expenses, particularly in new retail channels and new product development, to improve overall profitability [6]. Financial Summary - Revenue: - 2022A: 5,389 million CNY - 2023A: 6,116 million CNY (up 13.5%) - 2024E: 5,788 million CNY (down 5.4%) - 2025E: 6,482 million CNY (up 12.0%) - 2026E: 7,130 million CNY (up 10.0%) [5][12] - Net Profit (attributable to parent): - 2022A: 537 million CNY - 2023A: 595 million CNY (up 10.8%) - 2024E: 520 million CNY (down 12.7%) - 2025E: 598 million CNY (up 15.0%) - 2026E: 686 million CNY (up 14.8%) [5][12] - Earnings Per Share (EPS): - 2022A: 1.23 CNY - 2023A: 1.36 CNY - 2024E: 1.19 CNY - 2025E: 1.37 CNY - 2026E: 1.57 CNY [5][12] - Return on Equity (ROE): - 2022A: 18.7% - 2023A: 18.1% - 2024E: 15.2% - 2025E: 16.1% - 2026E: 16.9% [5][12] - Price-to-Earnings Ratio (P/E): - Current: 11.00 - 2024E: 12.59 - 2025E: 10.95 - 2026E: 9.54 [5][12]