ROBAM(002508) 长江证券·2024-11-12 01:49Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's revenue for the first three quarters of 2024 was RMB 7.396 billion, a year-on-year decrease of 6.78%, with net profit attributable to the parent company declining by 12.44% to RMB 1.202 billion [1][4] - In Q3 2024, the company's revenue was RMB 2.666 billion, down 11.07% year-on-year, with net profit attributable to the parent company falling by 18.49% to RMB 443 million [1][4] - The decline in performance is attributed to weak industry demand, particularly due to the sluggish real estate market, with new housing starts in China dropping by 22.2% year-on-year from January to September 2024 [4] - The company's gross profit margin for the first three quarters of 2024 was 50.43%, down 1.60 percentage points year-on-year, primarily due to a decrease in sales scale [4] - Operating cash flow decreased by 62.30% year-on-year, mainly due to reduced collections and increased payments to suppliers [4] Financial Performance - The company's gross profit margin in Q3 2024 was 53.18%, up 0.99 percentage points year-on-year, likely due to changes in channel structure [4] - Sales expenses in Q3 2024 increased by 2.26 percentage points year-on-year, possibly due to higher e-commerce channel contributions during promotional periods [4] - The company's net profit margin attributable to the parent company in Q3 2024 decreased by 1.51 percentage points year-on-year to 16.61% [4] Innovation and Future Growth - The company is actively exploring technological innovations to drive changes in cooking and is expanding into new product categories, such as dishwashers and integrated stoves, to tap into incremental markets [5] - As of June 30, 2024, the company has accumulated 5,064 authorized patents, including 261 invention patents, and has participated in the formulation of 155 standards, including 42 led by the company [5] - The company is expected to achieve net profits attributable to the parent company of RMB 1.681 billion, RMB 1.796 billion, and RMB 1.924 billion in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 13.7x, 12.8x, and 11.9x [5] Market Performance - The company's stock price as of November 8, 2024, was RMB 24.30, with a total market capitalization of RMB 94.413 million shares [7] - The company's stock performance over the past 12 months has shown a decline of 19%, underperforming the Shanghai Composite Index [8]