ROBAM(002508) 华创证券·2024-11-01 15:39Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 27 yuan, compared to the current price of 24.30 yuan [1]. Core Views - The company's revenue performance is under short-term pressure, with a total revenue of 7.4 billion yuan for the first three quarters of 2024, down 6.8% year-on-year, and a net profit of 1.2 billion yuan, down 12.4% year-on-year. In Q3 2024, revenue was 2.67 billion yuan, down 11.1% year-on-year, and net profit was 440 million yuan, down 18.5% year-on-year [1]. - Despite the revenue decline, the company maintains a leading market share in multiple categories, with the brand's retail market share for range hoods and gas stoves being the highest in the industry. New product categories are also growing rapidly, with integrated stoves and dishwashers leading in market share [1]. - The company's profit performance is weaker than revenue, with a slight decrease in net profit margin to 16.6% in Q3 2024, down 1.5 percentage points year-on-year. The gross margin improved to 53.2%, benefiting from a higher proportion of online sales [1]. - The company is expected to benefit from national subsidy policies, with a projected increase in sales during the promotional season in Q4 2024 [1]. Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 7.4 billion yuan, a decrease of 6.8% year-on-year, and a net profit of 1.2 billion yuan, down 12.4% year-on-year [1]. - The company’s Q3 2024 gross margin was 53.2%, up 1.0 percentage points year-on-year, while the net profit margin was 16.6%, down 1.5 percentage points year-on-year [1]. - The company’s EPS forecast for 2024-2026 is adjusted to 1.74, 1.92, and 2.10 yuan, respectively, with corresponding PE ratios of 14, 13, and 12 times [1][2].