ROBAM(002508) 中国银河·2025-03-13 08:45Investment Rating - The report maintains a "Recommended" rating for the company [2][55]. Core Viewpoints - The company is expected to benefit from government consumption stimulus and a recovery in the real estate market, gradually emerging from a low point [4]. - The company has a strong long-term value and is currently at a low valuation level, with a stable cash flow despite recent challenges in its engineering and decoration business [4][13]. - The kitchen appliance market is projected to improve in 2024, driven by national subsidies, with significant growth expected in retail sales of kitchen appliances [4][44]. Company Overview - The company has experienced a significant adjustment in market value over the past few years, with a notable decline in revenue growth rates from a CAGR of 28% (2010-2017) to 8% (2017-2023) [4][7]. - The company's net profit has also decreased, with a CAGR of 41% (2010-2017) dropping to 3% (2017-2023) [4][7]. - The company is focusing on enhancing its retail business in response to the increasing demand for unfinished housing, which is expected to support future retail market growth [4][44]. Financial Performance - The company is projected to achieve a net profit of 1.61 billion yuan in 2024, with an expected EPS of 1.71 yuan [55]. - Revenue for 2024 is estimated at 112.65 billion yuan, reflecting a slight increase from the previous year [55]. - The company’s gross margin is expected to be around 48.52% in 2024, with a net margin of 14.31% [55]. Market Conditions - The real estate policy is expected to continue improving, providing a solid foundation for the gradual recovery of the kitchen appliance industry [4][46]. - The government has announced a 3 billion yuan special bond to support consumption upgrades, which is anticipated to significantly benefit the kitchen appliance sector [4][31]. - The overall retail sales of kitchen appliances are projected to grow significantly in 2024, with specific categories like range hoods and gas stoves expected to see substantial increases in sales [4][44].