报告名称：Robam Appliances(002508)Earnings preannouncement beat expectations
报告类型：点评报告
报告日期：2016-01-13
研究机构：中金公司
股票名称：老板电器
股票代码：002508
页数：4
简介：What's new
Robam announced that its 2015e net profit attributable to shareholders will likely grow 40~50% (vs. 20~40% inprevious guidance) YoY.
Comments
4Q15 earnings to beat expectations: 1) driven by promotions like the “11.11 Shopping Festival”, the proportion ofits e-commerce business kept rising, driving up overall gross margin; 2) raw material prices remained low, reducingproduction costs; 3) market demand was better than in 3Q15.
Stock prices experienced significant corrections due to the volatile market, offering a good opportunityto buy quality growth stocks like Robam. Its earnings will likely maintain >30% growth, mainlybecause: 1) it still enjoys a huge potential market. The range hood market will likely be in an up-cycle of 10~15 yearsand the market size could be doubled. In 2015, shipments of Robam’s range hoods accounted for 9% of the market andmay grow further. Its new businesses like dishwashers and water purifiers are still taking shape. 2) It would make moreefficient use of its selling expenses. As a high-end brand, Robam’s advertising and promotion expenses accounted for alarge share of its revenue (7% in 2013; 8.7% in 2014); budget for CCTV ads accounted for the largest part. As onlinevideo and smart TVs started to weigh on traditional live TVs, Robam would spend more on new media advertisements toimprove the efficiency of advertising.
Valuation and recommendation
Lift 2015e EPS forecast by 3% to Rmb1.70; lift 2016e EPS forecast by 1% to Rmb2.24. Maintain BUY andTP of Rmb55, implying 25x 2016e P/E.
Risks
Fluctuations in market demand.

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