ROBAM(SZ:002508) Guolian Minsheng Securities·2025-09-09 14:00Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has shown stable operations, with Q2 2025 revenue growth turning positive compared to Q1 2025. Profitability has improved year-on-year due to channel structure optimization and internal cost reduction efforts. The company announced a mid-term dividend for 2025, with a total dividend amounting to 472 million yuan, representing 66% of its performance, indicating a high dividend yield. Looking ahead, the company is expected to continue its growth through deepening its core business, expanding new product categories, and exploring new channels and markets [4][15]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 4.608 billion yuan, a year-on-year decrease of 2.58%. The net profit attributable to shareholders was 712 million yuan, down 6.28% year-on-year, while the net profit excluding non-recurring items was 642 million yuan, a decrease of 2.40% year-on-year. In Q2 2025, revenue reached 2.531 billion yuan, an increase of 1.57% year-on-year, with a net profit of 372 million yuan, up 2.96% year-on-year [12][21]. Revenue Growth and Product Performance - The revenue growth in Q2 2025 was driven by the retail channel benefiting from national subsidies, while the e-commerce channel saw a positive growth rate due to promotional activities. The engineering channel's growth may still fluctuate due to pressures in the real estate market. The main products, such as range hoods and gas stoves, experienced slight revenue declines, while new product categories like dishwashers and integrated machines showed growth, with significant volume increase in the new cabinet category [13][20]. Profitability and Cost Management - The gross profit margin in Q2 2025 increased by 1.26 percentage points year-on-year, primarily due to a decrease in the proportion of the engineering channel and internal cost reduction efforts. The company’s operating cash flow in Q2 2025 saw a significant year-on-year increase, indicating good profit quality [14][19]. Shareholder Returns - The company has been actively optimizing its inventory turnover efficiency, with inventory turnover days reduced to below 100 days by H1 2025. The high dividend payout ratio reflects the company's commitment to shareholder returns, and it is expected to maintain a high dividend yield moving forward [14][15]. Future Outlook - The company is expected to maintain steady growth through its core business development, new product launches, and expansion into new markets and channels. The projected net profit attributable to shareholders for 2025-2027 is estimated at 1.596 billion, 1.673 billion, and 1.755 billion yuan, respectively, with corresponding P/E ratios of 12.0, 11.5, and 10.9 times [15][16].