ROBAM(002508) 海通证券·2024-10-31 00:51Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company, Boss Electric, reported a revenue decline of 6.78% year-on-year for the first three quarters of 2024, amounting to 7.396 billion yuan, with a net profit decrease of 12.44% to 1.202 billion yuan [6] - The gross margin showed a slight improvement, reaching 53.18% in Q3 2024, up by 0.99 percentage points year-on-year [6] - The company is expected to benefit from a recovery in demand for kitchen appliances, particularly as national subsidies are rolled out, which may lead to a return to revenue growth in Q4 2024 [7] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.666 billion yuan, down 11.07% year-on-year, and a net profit of 443 million yuan, down 18.49% [6] - The company’s operating revenue for 2024 is projected to be 11.224 billion yuan, with a slight increase of 0.2% year-on-year [10] - The net profit for 2024 is estimated at 1.745 billion yuan, reflecting a growth of 0.7% year-on-year [10] Profitability Metrics - The company’s gross margin is projected to be 50.6% in 2024, slightly decreasing from 50.7% in 2023 [10] - The net profit margin is expected to remain stable at around 15.5% for 2024 [10] Earnings Per Share (EPS) Forecast - The EPS for 2024 is forecasted to be 1.85 yuan, with projections of 2.01 yuan and 2.15 yuan for 2025 and 2026 respectively [10] Market Position and Strategy - Boss Electric is positioned as a leading brand in the kitchen appliance sector, with a well-established distribution network [7] - The company’s partner program aims to align the interests of various stakeholders, ensuring a cohesive approach to achieving performance targets [7]