ROBAM(SZ:002508) GF SECURITIES·2024-04-26 06:32Investment Rating - The report assigns a rating of "Accumulate" for the company [4]. Core Views - The company reported a revenue of 11.2 billion RMB in 2023, representing a year-on-year increase of 9.1%, with a net profit of 1.73 billion RMB, up 10.2% year-on-year [2]. - The kitchen appliance industry showed slight recovery in 2023, with the company maintaining its leading position. The retail market for kitchen and bathroom appliances in China reached 166.9 billion RMB, growing by 5.3% year-on-year [2]. - In Q1 2024, the company experienced a slight revenue increase to 2.24 billion RMB, up 2.8% year-on-year, with a net profit of 400 million RMB, reflecting a 2.5% year-on-year growth [2]. - The company announced a special dividend at the end of 2023, raising the total dividend payout ratio to 54.5% [2]. - Profit forecasts for 2024-2026 estimate net profits of 1.87 billion, 2.03 billion, and 2.21 billion RMB, with respective growth rates of 8.0%, 8.5%, and 8.9% [2]. Financial Summary - Revenue for 2023 was 11,202 million RMB, with a growth rate of 9.1% [3]. - The company's EBITDA for 2023 was 1,990 million RMB, with a projected EBITDA of 2,463 million RMB for 2024 [3]. - The net profit for 2023 was 1,733 million RMB, with an expected net profit of 1,871 million RMB for 2024, reflecting a growth rate of 8.0% [3]. - The earnings per share (EPS) for 2023 was 1.83 RMB, with an expected EPS of 1.97 RMB for 2024 [3]. - The price-to-earnings (P/E) ratio for 2024 is projected to be 11.41x, with a target P/E of 13x, leading to a fair value estimate of 25.63 RMB per share [2][4].