Robam reported 1H17 results on Wednesday (25-Jul) after market close followed by a management call on Thursday. Revenue/net profit recorded Rmb3.2 bn/Rmb597.7 mn (27%/41% YoY), which missed consensus by 3%/1.6%, respectively. We believe a slower 2Q17 (1Q/2Q is 34%/22%) growth is attributed to the property market control starting in 4Q16 and accounting policy change. If we "restore" the numbers without such change, revenue is ~Rmb3.2 bn, which missed consensus by 1.9%. The company will continue to expand POS in lower-tier cities in 2H and increase average selling price (ASP) in e-commerce starting in July. We believe these two measures will partly offset the negative impact of property slowdown and YoY raw material price increase. We fine-tune our numbers on slower revenue assumptions but better gross profit margin assumptions. Our new target price is Rmb47.50 (from Rmb48.46), based on 27x forward P/E.