ROBAM(SZ:002508) KAIYUAN SECURITIES·2025-05-03 02:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q1 2025 faced pressure, but the "old-for-new" policy is expected to drive improvement [4] - In 2024, the company achieved revenue of 11.21 billion yuan (YoY +0.1%) and a net profit attributable to shareholders of 1.58 billion yuan (YoY -9.0%) [4] - For Q1 2025, the company reported revenue of 2.08 billion yuan (YoY -7.2%) and a net profit of 340 million yuan (YoY -14.7%) [4] - The company has adjusted its profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 1.69 billion, 1.80 billion, and 1.92 billion yuan respectively [4] - The current stock price corresponds to a PE ratio of 11.0, 10.3, and 9.6 for 2025-2027 [4] - The "old-for-new" policy is anticipated to significantly boost the kitchen appliance market, benefiting leading brands [4] Financial Summary - In 2024, the company's gross margin was 49.7% (down 1.0 percentage points), with a net margin of 14.1% [6] - For Q1 2025, the gross margin improved to 52.7% (up 2.1 percentage points), while the net margin was 16.2% [6] - The company’s revenue is projected to grow to 11.64 billion yuan in 2025, with a YoY growth of 3.8% [8] - The net profit attributable to shareholders is expected to reach 1.68 billion yuan in 2025, reflecting a YoY increase of 6.9% [8] - The company’s ROE is projected to decline from 13.8% in 2024 to 13.0% in 2025 [8] Sales Channels and Product Performance - The retail channel has effectively driven sales, while the engineering channel has seen a gradual narrowing of its drag on performance [5] - Traditional product categories have shown stable growth, with the company maintaining the top market share in range hoods and gas stoves [5] - New product categories, such as dishwashers and water heaters, have benefited significantly from government subsidies [5] - The company’s embedded dishwashers achieved a market share of 16.01% offline and 7.26% online in 2024 [5]