ROBAM(SZ:002508) Haitong Securities·2025-09-08 09:01Investment Rating - The investment rating for the company is "Accumulate" [5][18]. Core Views - The report highlights that new product categories and channel strategies are expected to contribute incremental growth, with a high interim dividend payout ratio and the cabinet business opening new growth opportunities [2][11]. Financial Summary - The company's projected revenue for 2025 is 11,681 million, reflecting a growth of 4.2% from 2024 [4]. - The net profit attributable to the parent company for 2025 is estimated at 1,710 million, with an increase of 8.4% compared to 2024 [4]. - Earnings per share (EPS) for 2025 is projected to be 1.81, with a growth rate of 8% [11]. - The company plans to distribute a dividend of 0.5 per share, totaling 4.72 million, resulting in a dividend payout ratio of 66% and a current dividend yield of 2.5% [11]. Business Performance - In the first half of 2025, the company achieved a revenue of 46.08 billion, a decrease of 2.58% year-on-year, with a net profit of 7.12 billion, down 6.28% year-on-year [11]. - The retail channel benefited from policies like "old-for-new" exchanges, showing an increase of 8.9% year-on-year [11]. - The emerging product categories, such as dishwashers and integrated machines, continued to show high growth rates of 6.03% and 6.27% respectively [11]. - The cabinet business contributed 102 million in revenue, marking a new growth area for the company [11]. Market Data - The company's market capitalization is 18,776 million, with a total share capital of 945 million [6]. - The stock price has ranged between 17.71 and 24.36 over the past 52 weeks [6]. Valuation - The target price for the company's stock is set at 27.15 [5][11]. - The company is valued at a price-to-earnings (P/E) ratio of 10.93 for 2025 [4].