ROBAM(SZ:002508) Haitong Securities·2024-05-11 07:01Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7]. Core Views - The company achieved a double-digit growth in net profit for the year 2023, with a revenue of 11.202 billion yuan, representing a year-on-year increase of 9.06%. The net profit attributable to the parent company was 1.732 billion yuan, up 10.20% year-on-year [6][11]. - The company plans to distribute a dividend of 0.5 yuan per share for 2023, corresponding to a dividend yield of 2.0% based on the current stock price [6][11]. - The company has launched a stock option incentive plan for 2024, aiming for a compound annual growth rate (CAGR) of 10% from 2024 to 2026, with a trigger value of 5% [6][7]. Financial Performance - In 2023, the company reported a revenue of 11.202 billion yuan, with a net profit of 1.733 billion yuan. The revenue for Q4 2023 and Q1 2024 was 3.269 billion yuan and 2.237 billion yuan, respectively, showing year-on-year growth of 7.71% and 2.75% [6][11]. - The company’s main product categories, including range hoods and gas stoves, showed steady growth, with revenues of 5.32 billion yuan and 2.67 billion yuan, respectively, both growing by 10% and 9% year-on-year [6][11]. - The gross profit margins for the range hood and gas stove segments were 53.99% and 55.77%, respectively, reflecting an increase of 2.26 percentage points and 1.1 percentage points year-on-year [6][11]. Market Position - The company holds significant market shares in offline retail, with 31% for range hoods and gas stoves, and 20% for dishwashers. In online retail, the market shares are 33% for range hood and gas stove sets [6][11]. - The company is recognized as a leading brand in the kitchen appliance sector, with a well-established channel layout and a solid market position [7][11]. Future Outlook - The company is expected to maintain a net profit growth rate of 7.5% for 2024, with earnings per share (EPS) projected at 1.96 yuan, and a reasonable valuation range of 25.48 to 31.36 based on a price-to-earnings (P/E) ratio of 13x to 16x for 2024 [7][11].