ROBAM(SZ:002508) CMS·2025-03-17 13:20Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1]. Core Views - The company is expected to benefit from national subsidy policies and a recovery in the real estate market, leading to improved business performance [1]. - The 2024 kitchen appliance industry is projected to see double-digit growth due to national subsidies, with retail sales of range hoods and gas stoves expected to grow by 15% and 16% respectively [1]. - The company is positioned to take advantage of the extended national subsidy policies in 2025, which are anticipated to support its performance [1]. Summary by Sections Financial Data and Valuation - The company's total revenue for 2022 was 10,272 million, with a projected increase to 12,148 million in 2025, reflecting an 8% growth [6]. - The net profit attributable to the parent company is expected to rise from 1,572 million in 2022 to 1,866 million in 2025, marking a 9% increase [6]. - The company's PE ratio is projected to decrease from 14.3 in 2022 to 12.1 in 2025, indicating a low valuation relative to historical levels [6]. Market Performance - The company's stock has shown a 30% increase over the past six months, outperforming the market [3]. - The report highlights a significant recovery in the real estate market, with major cities experiencing double-digit growth in housing transactions, which is expected to positively impact demand for large kitchen appliances [1]. Dividend Policy - The company has increased its dividend payout ratio from approximately 30% to over 50%, with a projected dividend of 1 yuan per share for 2024, resulting in a dividend yield of about 4.3% [1].