ROBAM(SZ:002508) INDUSTRIAL SECURITIES·2024-04-29 05:02Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company reported a revenue of 11.202 billion yuan in 2023, representing a year-on-year growth of 9.06%. The net profit attributable to shareholders was 1.733 billion yuan, up 10.20% year-on-year [2][4] - The company has a robust dividend policy, with a total dividend payout ratio of 54.48% for 2023, including a special dividend of 472 million yuan in January 2024 [2][4] - The company is implementing a stock option incentive plan for 2024, aiming to enhance employee motivation and align interests with shareholders [2][4] Financial Performance Summary - Revenue Forecast: Expected to grow from 12.343 billion yuan in 2024E to 14.962 billion yuan in 2026E, with a compound annual growth rate (CAGR) of approximately 10.2% [2][5] - Net Profit Forecast: Projected to increase from 1.922 billion yuan in 2024E to 2.365 billion yuan in 2026E, with a CAGR of around 10.3% [2][5] - Earnings Per Share (EPS): Expected to rise from 2.03 yuan in 2024E to 2.49 yuan in 2026E, with corresponding price-to-earnings (PE) ratios decreasing from 11.1 to 9.0 [2][5] Business Segment Analysis - The company’s main products, including range hoods and gas stoves, showed stable growth, with revenue increases of 10.13% and 8.71% respectively in 2023. New product categories like dishwashers and integrated stoves also contributed positively [2][4] - The retail channel is expected to maintain steady growth, while the engineering channel faces pressure due to high base effects and policy impacts [2][4] Dividend and Shareholder Return Strategy - The company has outlined a shareholder return plan for 2024-2026, committing to a cash dividend ratio of no less than 50% each year [2][4] Incentive Plans - The stock option incentive plan aims to grant up to 5.75 million options, representing 0.61% of total shares, to middle management and key technical personnel [2][4]