Robam Appliances (002508 CH) Downgrade to Hold: Earnings at trough; turning point yet to emerge

研报英文原文证据摘录

Robam Appliances (002508 CH) Downgrade to Hold: Earnings at trough; turning point yet to emerge

k price. We downgrade our rating on the stock to Hold from Buy, as Dividend yield (%) 5.3 5.4 5.8 6.1

we see near-term uncertainties for its earnings due to rising raw material prices. We EV/EBITDA (x) 10.8 10.4 9.8 9.0

could turn more positive on the company’s outlook if we see stronger-than-expected ROE (%) 11.1 10.9 11.4 11.8

operating resilience in 2Q26 coupled with a low base in 2H26.

52-WEEK PRICE (CNY)

Estimate changes. Given Robam’s operating performance over the past two quarters,

we see higher-than-expected pressure on its revenue growth this year, and thus we 23.00

lower our 2026-27 revenue estimates by c15-17%. Given lower contribution of 2B 20.00

channels to improve its blended GPM, while rising raw material costs to partially

offset the positive impact of channel mix change, we cut our 2026 GPM estimate by 05/25 11/25 05/2617.00

0.3ppt, but keep our 2027 GPM estimate largely unchanged. We cut our 2026-27 Target price: 21.00 High: 22.00 Low: 17.93 Current: 18.81

operating expense estimates to reflect the continued control of selling expenses.

Overall, we lower our 2026-27 net profit estimates by c26% for each year. With this Source: LSEG IBES, HSBC Qianhai Securities estimates

note, we introduce our 2028 estimates.

Li Quan* (Reg. No. S1700520030002)

Accelerated change in channel mix; continued pressure on 2B channels. Per Analyst, A-Share Consumer Sector

the company’s report, Robam delivered +8%/-13%/-36% revenue growth in HSBC Qianhai Securities Limited

distribution/direct/2B channels in 2025. The decline in 2B channels has dragged the sales li.quan@hsbcqh.com.cn

+86 755 8898 3471

of range hoods, stoves and dishwashers.