ROBAM(SZ:002508) KAIYUAN SECURITIES·2025-05-03 02:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced pressure on its performance in Q1 2025, but there is optimism regarding the potential improvement driven by the "old-for-new" policy [4] - In 2024, the company achieved revenue of 11.21 billion yuan (up 0.1% year-on-year) and a net profit attributable to shareholders of 1.58 billion yuan (down 9.0%) [4] - For Q1 2025, the company reported revenue of 2.08 billion yuan (down 7.2%) and a net profit of 340 million yuan (down 14.7%) [4] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.69 billion, 1.80 billion, and 1.92 billion yuan respectively, with corresponding EPS of 1.78, 1.91, and 2.03 yuan [4] Financial Performance Summary - In 2024, the company’s gross margin was 49.7%, a decrease of 1.0 percentage points year-on-year [6] - The net profit margin for Q1 2025 was 16.2%, a decrease of 1.5 percentage points year-on-year [6] - The company’s revenue for 2025 is projected to be 11.64 billion yuan, with a year-on-year growth of 3.8% [8] - The projected P/E ratios for 2025, 2026, and 2027 are 11.0, 10.3, and 9.6 respectively [8] Market Position and Product Performance - The company maintains a strong position in traditional categories, with year-on-year growth in range hoods and gas stoves of 2.51% and 3.96% respectively [5] - The new product categories, such as dishwashers and integrated products, showed significant growth, with revenues increasing by 4.22% and 5.47% respectively in 2024 [5] - The company’s main brand leads the high-end market, while its sub-brand, Mingqi, reported a revenue increase of 26% in 2024 [5]