ROBAM(SZ:002508) Guotou Securities·2025-08-28 08:35Investment Rating - The investment rating for the company is maintained at "Buy-A" with a 6-month target price of 23.80 CNY, corresponding to a 14 times dynamic price-to-earnings ratio for 2025 [4][2]. Core Insights - The company reported a revenue of 4.61 billion CNY for the first half of 2025, a year-over-year decrease of 2.6%, and a net profit attributable to shareholders of 710 million CNY, down 6.3% year-over-year. In Q2 alone, the revenue was 2.53 billion CNY, showing a year-over-year increase of 1.6%, while the net profit was 370 million CNY, up 3.0% year-over-year [1][2]. - The company is expected to benefit from the old-for-new policy, which is anticipated to improve the performance of its core channels and main products [1]. - The company has been actively promoting old kitchen renovations and optimizing its service system, which is expected to enhance user experience and drive revenue growth in offline retail channels [1][2]. Financial Performance Summary - Q2 net profit margin was 14.7%, an increase of 0.2 percentage points year-over-year, primarily due to an increase in gross margin by 1.3 percentage points [2]. - The company’s operating cash flow for Q2 increased by 340 million CNY year-over-year, attributed to the growth in sales revenue [2]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.70 CNY, 1.77 CNY, and 1.87 CNY respectively [2][4]. Sales Channel Performance - In Q2, the online sales of the company's range of kitchen appliances remained stable year-over-year, while offline retail channels showed positive growth due to the promotion of the old-for-new program [1]. - The engineering channel revenue saw a decline due to a 17% year-over-year drop in national residential completion area, but the company is focusing on expanding its presence in the renovation market [1].