Financials Hangzhou Robam Appliances Co., Ltd.

Equities

002508

CNE100000WY9

Appliances, Tools & Housewares

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
23.85 ^CNY	+5.02%		-3.40%	+9.50%

10:14am	Nomura Adjusts Hangzhou Robam Appliances’s Price Target to 29 Yuan From 33.50 Yuan, Keeps at Buy	MT
Apr. 28	ROBAM Announces Breakthrough Dishwasher Technology, Poised to Lead in Industry	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	32,087	38,701	34,006	26,208	20,562	22,517	-	-
Enterprise Value (EV) ¹	28,032	34,786	30,234	20,973	18,677	19,155	16,446	17,240
P/E ratio	20.2 x	23.3 x	25.5 x	16.6 x	11.9 x	11.9 x	10.2 x	10.1 x
Yield	1.48%	1.23%	1.39%	1.8%	2.3%	4.38%	4.42%	5.2%
Capitalization / Revenue	4.13 x	4.76 x	3.35 x	2.55 x	1.84 x	1.86 x	1.69 x	1.61 x
EV / Revenue	3.61 x	4.28 x	2.98 x	2.04 x	1.67 x	1.58 x	1.24 x	1.23 x
EV / EBITDA	14.2 x	16.9 x	18.1 x	10.8 x	8.58 x	8.66 x	6.63 x	6.67 x
EV / FCF	21.8 x	27.7 x	32.4 x	14.5 x	9.04 x	14.5 x	8.27 x	8.74 x
FCF Yield	4.58%	3.61%	3.08%	6.88%	11.1%	6.88%	12.1%	11.4%
Price to Book	4.67 x	4.8 x	3.97 x	2.71 x	1.96 x	1.95 x	1.67 x	1.6 x
Nbr of stocks (in thousands)	949,024	949,024	944,095	944,095	944,095	944,095	-	-
Reference price ²	33.81	40.78	36.02	27.76	21.78	23.85	23.85	23.85
Announcement Date	2/28/20	2/23/21	2/24/22	4/25/23	4/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,761	8,129	10,148	10,272	11,202	12,088	13,284	13,994
EBITDA ¹	1,976	2,061	1,671	1,939	2,176	2,213	2,481	2,583
EBIT ¹	1,858	1,951	1,544	1,775	1,988	2,060	2,393	2,377
Operating Margin	23.95%	24.01%	15.21%	17.28%	17.75%	17.04%	18.01%	16.99%
Earnings before Tax (EBT) ¹	1,858	1,949	1,540	1,773	1,986	2,185	2,540	2,584
Net income ¹	1,582	1,661	1,334	1,572	1,733	1,902	2,221	2,244
Net margin	20.39%	20.43%	13.15%	15.31%	15.47%	15.73%	16.72%	16.03%
EPS ²	1.670	1.750	1.410	1.670	1.830	2.006	2.342	2.367
Free Cash Flow ¹	1,283	1,256	932.5	1,443	2,065	1,317	1,989	1,974
FCF margin	16.53%	15.45%	9.19%	14.05%	18.44%	10.9%	14.98%	14.1%
FCF Conversion (EBITDA)	64.92%	60.93%	55.8%	74.44%	94.92%	59.52%	80.19%	76.39%
FCF Conversion (Net income)	81.1%	75.61%	69.89%	91.79%	119.19%	69.26%	89.59%	87.96%
Dividend per Share ²	0.5000	0.5000	0.5000	0.5000	0.5000	1.044	1.054	1.240
Announcement Date	2/28/20	2/23/21	2/24/22	4/25/23	4/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	3,211	4,917	3,077	2,086	2,358	4,444	2,793	3,035	5,827	2,177	2,758	4,935	2,998	3,269	2,237	2,881	3,226	3,555	-	-
EBITDA ¹	-	-	-	-	232.5	-	689.6	-	-	-	-	-	-	-	-	522.8	582.5	642.2	-	-
EBIT ¹	735.8	1,216	-50.88	431.1	420.4	-	601.7	321.9	923.5	458.7	515.1	973.7	643.6	370.6	465.8	478	525.8	535.9	-	-
Operating Margin	22.91%	24.72%	-1.65%	20.66%	17.83%	-	21.55%	10.61%	15.85%	21.07%	18.68%	19.73%	21.47%	11.34%	20.82%	16.59%	16.3%	15.07%	-	-
Earnings before Tax (EBT) ¹	734.7	1,214	-54.45	-	420.6	-	601.4	318.9	920.3	-	516.3	975.1	639.7	371.3	-	520.8	585.9	651	-	-
Net income ¹	612.3	1,048	-8.225	367.7	355.8	723.5	510	338.9	848.9	-	441	829.7	543.3	359.8	398.4	442.5	497.8	553.1	-	-
Net margin	19.07%	21.32%	-0.27%	17.63%	15.09%	16.28%	18.26%	11.17%	14.57%	-	15.99%	16.81%	18.12%	11.01%	17.81%	15.36%	15.43%	15.56%	-	-
EPS ²	-	-	0.0500	0.3875	0.3700	-	0.5400	0.3700	-	0.4100	0.4600	-	0.5800	0.3800	0.4200	0.4831	0.5322	0.5364	-	-
Dividend per Share ²	-	-	0.5000	-	-	-	-	0.5000	-	-	-	-	-	-	-	-	-	1.058	-	-
Announcement Date	8/27/20	2/23/21	2/24/22	4/19/22	8/25/22	8/25/22	10/24/22	4/25/23	4/25/23	4/25/23	8/23/23	8/23/23	10/25/23	4/24/24	4/24/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	4,054	3,915	3,773	5,235	1,886	3,362	6,070	5,277
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,283	1,256	933	1,443	2,065	1,317	1,989	1,974
ROE (net income / shareholders' equity)	24.8%	22.4%	16.1%	17.2%	16.8%	16.9%	16.8%	16.4%
ROA (Net income/ Total Assets)	15.7%	14.4%	10.1%	10.2%	-	10.7%	11.4%	10.7%
Assets ¹	10,073	11,555	13,181	15,386	-	17,782	19,468	20,894
Book Value Per Share ²	7.240	8.500	9.070	10.30	11.10	12.20	14.30	14.90
Cash Flow per Share ²	1.640	1.620	1.440	2.050	2.520	1.650	2.320	2.130
Capex ¹	272	282	433	501	327	295	327	309
Capex / Sales	3.51%	3.46%	4.27%	4.88%	2.92%	2.44%	2.46%	2.21%
Announcement Date	2/28/20	2/23/21	2/24/22	4/25/23	4/24/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hangzhou Robam Appliances Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

22.71 CNY

Average target price

28.16 CNY

Spread / Average Target

+24.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Household Appliances

	1st Jan change	Capi.
HANGZHOU ROBAM APPLIANCES CO., LTD.	+9.50%	2.96B
GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI	+25.92%	28.64B
BEIJING ROBOROCK TECHNOLOGY CO., LTD.	+45.96%	6.93B
HISENSE HOME APPLIANCES GROUP CO., LTD.	+79.56%	6.43B
WHIRLPOOL CORPORATION	-20.49%	5.17B
ECOVACS ROBOTICS CO., LTD.	+10.23%	3.3B
ARÇELIK ANONIM SIRKETI	+28.17%	3.14B
RINNAI CORPORATION	+2.91%	3.06B
SHANGHAI FLYCO ELECTRICAL APPLIANCE CO., LTD.	-6.34%	3.04B
COWAY CO., LTD.	-0.17%	2.96B

Household Appliances