ROBAM(002508) Changjiang Securities·2025-05-09 05:41Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In 2024, the company achieved revenue of 11.213 billion yuan, a year-on-year increase of 0.10%, and a net profit attributable to shareholders of 1.577 billion yuan, a year-on-year decline of 8.97% [2][4]. - The company plans to distribute a cash dividend of 5 yuan per 10 shares (including tax), resulting in a dividend payout ratio of 59.88% for 2024, an increase of 5.4 percentage points from the previous year [4]. - The company is rolling out an equity incentive plan for 2025, indicating confidence in its growth trajectory [10]. Financial Performance Summary - For 2024Q4, the company reported revenue of 3.817 billion yuan, a year-on-year increase of 16.78%, and a net profit of 375 million yuan, a year-on-year increase of 4.28% [2][4]. - In 2025Q1, the company experienced a revenue decline of 7.20% year-on-year, with net profit decreasing by 14.66% [2][4]. - The gross profit margin for 2024 was down by 1.00 percentage points, while the operating profit decreased by 14.57% year-on-year [10]. Revenue Breakdown - The revenue from key product categories in 2024 showed varied performance: range hoods, gas stoves, dishwashers, and integrated machines saw increases of 2.51%, 3.96%, 4.22%, and 2.40% respectively, while the disinfection cabinet category saw a decline of 22.14% [10]. - The company’s revenue growth in 2024Q4 was significantly driven by government subsidies, particularly in the C-end channel [10]. Future Projections - The company forecasts net profits of 1.662 billion yuan, 1.747 billion yuan, and 1.847 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 11.23, 10.68, and 10.10 [10].