ROBAM(002508) Guoxin Securities·2025-05-09 05:05Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company has shown resilience in operations despite pressure from the real estate sector, with expectations for further demand release through trade-in programs [1]. - The company has adjusted its profit forecasts downward, anticipating net profits of 1.64 billion, 1.75 billion, and 1.83 billion for 2025, 2026, and 2027 respectively, with growth rates of +4%, +6%, and +5% [4][5]. Financial Performance Summary - In 2024, the company achieved revenue of 11.21 billion, a slight increase of 0.1%, and a net profit of 1.58 billion, a decrease of 9.0%. The first quarter of 2025 saw revenue of 2.08 billion, down 7.2%, and a net profit of 340 million, down 14.7% [1][5]. - The company plans to distribute a cash dividend of 5 yuan for every 10 shares, resulting in a total cash dividend rate of 59.9% [1]. - The company's gross margin for 2024 was 49.7%, a decrease of 1.0 percentage points year-on-year, with a recovery noted in Q1 2025, where the gross margin increased by 2.1 percentage points to 52.7% [3][4]. Product Category Performance - The main product categories, such as range hoods and gas stoves, have shown stable growth, with retail demand for range hoods increasing by 14.9% and gas stoves by 15.7% in 2024 [2]. - The company’s revenue from its sub-brand, Mingqi, grew by 26.3% to 570 million in 2024, indicating a successful strategy to target practical and youthful consumer needs [3]. Sales Channel Performance - The company’s agency sales revenue grew by 21.2% to 3.54 billion in 2024, benefiting from government subsidies, while direct sales revenue decreased by 3.2% to 5.68 billion [2].