ROBAM(SZ:002508) Guolian Securities·2024-04-25 09:00Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 28.00 yuan, based on a valuation of 14 times earnings for 2024 [4][8]. Core Insights - The company demonstrated stable operational performance with a revenue increase of 9.06% year-on-year in 2023, reaching 11.202 billion yuan, and a net profit growth of 10.20% to 1.733 billion yuan [1][2]. - The company has implemented long-term incentive plans to support growth, including a second phase of the partnership stockholding plan and a stock option incentive plan for key middle management [2][3]. - The company plans to increase its cash dividend payout ratio to at least 50% from 2024 to 2026, with a total dividend of 4.72 billion yuan proposed for 2023, resulting in a dividend rate of 54% [2][3]. Financial Performance Summary - In 2023, the company achieved a total revenue of 11.202 billion yuan, with a year-on-year growth rate of 9.06% [3][11]. - The company's net profit for 2023 was 1.733 billion yuan, reflecting a year-on-year increase of 10.20% [3][12]. - The first quarter of 2024 saw a revenue of 2.237 billion yuan, up 2.75% year-on-year, and a net profit of 398 million yuan, an increase of 2.49% [1][2]. - The company expects revenues of 12.338 billion yuan and 13.625 billion yuan for 2024 and 2025, respectively, with growth rates of 10.14% and 10.43% [2][3]. Segment Performance - The engineering channel's revenue grew by 1% in 2023, contributing 19% to total revenue, while e-commerce and offline retail saw a growth of approximately 11% [2][11]. - The major product categories, including range hoods and gas stoves, reported revenue growth of 10% and 9%, respectively, while dishwashers and integrated stoves grew by 28% and 21% [2][11]. - The fourth quarter of 2023 experienced a revenue increase of 8%, primarily impacted by a decline in the engineering channel, while e-commerce and retail channels are expected to maintain double-digit growth [2][3]. Profitability Metrics - The company's net profit margin for 2023 was 15.5%, with a slight year-on-year increase of 0.2% [2][12]. - The gross profit margin for 2023 was 48.45%, down 1.14 percentage points from the previous year [12][13]. - The report indicates that the company maintained stable overall profitability despite challenges in the business structure and rising sales expenses [2][3].