ROBAM(002508) 华兴证券·2024-11-03 02:15Investment Rating - The report assigns a "Hold" rating to the company with a target price of RMB 25.90, reflecting a 15% decrease from the previous target price of RMB 30.62 [1][2] Core Insights - The company's performance in the first three quarters of 2024 was below expectations, with revenue and net profit declining by 6.8% and 12.4% year-on-year, respectively [1][2] - The "old-for-new" policy has shown significant effects, but there is still a lack of long-term logic, leading to concerns about the risk-reward ratio [1][2] - The company is expected to see a revenue growth of 3% year-on-year in Q4 2024, driven by the "old-for-new" policy and improved online channel revenue growth [1][2] Financial Performance Summary - Revenue for 2024E is adjusted to RMB 10,749 million, a decrease of 14.1% from previous estimates [2] - The net profit for 2024E is revised down to RMB 1,662 million, reflecting a 25.7% reduction [2] - The EPS for 2024E is adjusted to RMB 1.76, down 25.3% from earlier projections [2] Market Position and Valuation - The current market capitalization of the company is approximately USD 3,199 million [1] - The company’s P/E ratio for 2025E is projected at 14 times, with a target price corresponding to this valuation [1][2] - The stock price has a potential upside of 8% from the current price of RMB 24.07 [1]