公司报告 | 年报点评报告 好太太（603848） 证券研究报告 以旧换新带动更新需求增长 公司发布年报以及一季报 以旧换新政策有望进一步刺激需求 线下渠道继续深耕传统经销商渠道，持续推进"开疆焕新"行动，分城分区 精准招商，通过高管帮扶、多轮培训等方式赋能终端零售，充分把握以旧 换新政策机会抢占市场，提升助力头部市场破局。 25Q1 公司营收 2.6 亿，同减 11%，归母净利 0.3 亿，同减 40%，扣非后归 母净利 0.3 亿，同减 43%； 24A 营收 16 亿，同减 8%，归母净利 2.5 亿，同减 24%，扣非后归母净利 2.4 亿，同减 24%。 24 年线上模式收入 10 亿，同减 2%，毛利率 51%同减 3pct。线下模式收入 5.3 亿，同减 21%，毛利率 45%，同减 2pct。 24 年公司销售同减 9.51%，受全球经济增长放缓、国内消费需求疲软影响， 家居行业承压，消费者购买力及装修需求延迟释放。智能家居赛道竞争白 热化，部分企业通过价格战抢占市场，导致公司产品毛利率承压。 智能家居产品营收同减 7.39%，传统晾衣架产品营收同减 18.87%。公司通 过全域整合思路，加速 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 16.87 CNY, maintaining the rating [4][9]. Core Views - The company has experienced a decline in revenue and net profit in 2024, with a revenue of 1.557 billion CNY, down 7.78% year-on-year, and a net profit of 248 million CNY, down 24.07% year-on-year [2][9]. - Despite the overall market challenges, the company’s smart clothes drying rack sales have seen a year-on-year increase of 19.42% in 2024, driven by new product iterations and effective marketing strategies [3][9]. - The company is expected to benefit from the gradual implementation of national subsidies, which may stimulate demand in the second quarter of 2025 [3][9]. Financial Performance Summary - In 2024, the company's gross margin was 47.98%, a decrease of 3.37 percentage points year-on-year, with a significant drop in Q4 to 37.58% [4][8]. - The net profit margin for 2024 was 15.94%, down 3.42 percentage points year-on-year, with Q4 showing a net profit margin of 11.88% [8][9]. - The company’s revenue projections for 2025-2027 are 1.719 billion CNY, 1.921 billion CNY, and 2.156 billion CNY, respectively, with expected growth rates of 10.41%, 11.75%, and 12.25% [9][10]. Market Position and Strategy - The company is positioning itself as a leader in the smart home sector, focusing on enhancing its product offerings and expanding its online sales channels [3][9]. - The company is implementing a strategy to reduce reliance on traditional distribution models by transitioning to a direct sales approach [3][9]. - The ongoing development of a provincial operation platform and optimization of engineering channel structures are expected to support stable growth [9][10].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 15.57 billion yuan in 2024, a year-on-year decrease of 7.78%, and a net profit attributable to shareholders of 248 million yuan, down 24.07% year-on-year [2] - The company is facing operational pressure due to weak overall industry demand and intensified competition, but performance is expected to gradually improve with national subsidies and increased industry concentration favoring leading companies [2][5] - The company has maintained a leading position in product innovation with over 1,600 patents, and the recent increase in consumer subsidies is anticipated to boost downstream demand [5] Summary by Sections Financial Performance - In 2024, the company's overall revenue declined, with smart home products accounting for 85.24% of total revenue despite a 7.39% year-on-year decrease [3] - The gross margin for 2024 decreased by 3.37 percentage points to 47.98%, primarily due to intensified competition and accounting adjustments [4] - The company plans to distribute a cash dividend of 2 yuan per 10 shares (tax included) [2] Market Position and Strategy - The company is enhancing its online sales channels and optimizing offline channels to cope with market pressures, with a focus on new product iterations [3] - The company has launched several new products, including the GW-129 and GW-118 series, to strengthen its position in the smart drying sector [3] Future Outlook - Revenue forecasts for 2025-2027 are adjusted to 16.35 billion yuan, 18.22 billion yuan, and 20.65 billion yuan respectively, with corresponding EPS estimates of 0.68 yuan, 0.76 yuan, and 0.90 yuan [7] - The company is expected to benefit from the rapid development of the smart home sector and its status as a leading player [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company's revenue performance is under pressure, with expectations for demand recovery driven by national subsidies. The company has a solid foundation in smart drying products and aims to expand into multiple categories to drive future growth. The company has a market share of approximately 40% in the smart drying sector and anticipates a gradual recovery in revenue following the implementation of national subsidies in March 2025 [9][10]. Financial Performance Summary - For 2024, the company is projected to achieve revenue of 1.557 billion, net profit attributable to shareholders of 248 million, and net profit excluding non-recurring items of 244 million, representing year-on-year declines of 8%, 24%, and 24% respectively. In Q4 2024, the expected revenue is 488 million, with net profit attributable to shareholders at 58 million and net profit excluding non-recurring items at 54 million, reflecting year-on-year declines of 15%, 35%, and 42% respectively. For Q1 2025, the company is expected to generate revenue of 259 million, with net profit attributable to shareholders at 33 million and net profit excluding non-recurring items at 32 million, showing year-on-year declines of 11%, 40%, and 43% respectively [2][7][9]. Revenue and Profit Analysis - The company faces significant operational pressure in 2024, with an overall revenue decline of 8%. In Q4 2024, the revenue decline is projected at 15%. However, the decline in Q1 2025 is expected to narrow to 11%. The sales performance of smart home products is expected to grow, while traditional drying rack products are projected to decline by 19% [13]. The gross margin is under pressure due to changes in product mix, with Q4 2024 and Q1 2025 gross margins at 37.6% and 47.9% respectively, reflecting year-on-year declines of 15.5 and 4.0 percentage points [13]. Future Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 280 million, 330 million, and 380 million for the years 2025 to 2027, corresponding to price-to-earnings ratios of 20, 17, and 15 times respectively [9].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][27] Core Views - The company is experiencing short-term operational pressure due to weak external demand, with a revenue decline of 7.8% in 2024 and a net profit drop of 24.1% [1][3] - The company aims to improve revenue and profit through a "trade-in" program [1] - Despite the challenges, the company maintains its leading position in the smart home sector and continues to expand its product offerings [3] Financial Performance Summary - In 2024, the company achieved a revenue of 1.56 billion, down 7.8%, and a net profit of 248 million, down 24.1% [4] - The first quarter of 2025 saw a revenue of 260 million, down 11.4%, and a net profit of 30 million, down 39.7% [1] - The gross margin for 2024 was 48.0%, a decrease of 3.4 percentage points, with a significant drop in Q4 to 37.6% [3][4] Product and Sales Channel Analysis - The smart home product segment generated 1.33 billion in revenue, down 7.4%, but saw a volume increase of 19.4% to 1.533 million units sold [2] - Online sales remained relatively stable at 990 million, down 2.0%, while offline sales dropped significantly by 20.8% to 530 million [2] - The company is focusing on a multi-channel strategy, strengthening its online presence while addressing challenges in offline sales [2] Profitability and Cost Structure - The company's net profit margin for 2024 was 12.9%, a decrease of 6.1 percentage points, primarily due to intensified price competition and increased expenses [3] - The sales, management, and R&D expense ratios increased, indicating higher operational costs impacting profitability [3] Future Earnings Forecast - The company has revised its profit forecasts for 2025-2027, expecting net profits of 300 million, 360 million, and 410 million respectively, reflecting growth rates of 21.8%, 18.3%, and 13.7% [3][4] - The current stock price corresponds to a price-to-earnings ratio of 18.5 for 2025, indicating a valuation adjustment in light of market conditions [3][4]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook for performance recovery driven by national subsidies and the company's strong market position [1]. Core Viewpoints - The company is expected to solidify its leading position in the smart drying rack market, with performance recovery anticipated due to the implementation of national subsidy policies [1]. - The company has faced challenges in 2024, with a revenue decline of 7.8% year-on-year to 1.557 billion yuan and a net profit drop of 24.1% to 248 million yuan, primarily due to weak market demand and competition from emerging brands [1][2]. - The smart home product segment showed resilience, with a 19.42% increase in sales, despite overall revenue declines in other categories [2]. - The company is actively pursuing a multi-channel sales strategy, balancing online and offline sales, and focusing on expanding into underdeveloped markets [3]. Financial Performance Summary - In 2024, the company reported total revenue of 1.557 billion yuan, a decrease of 7.8% year-on-year, with a net profit of 248 million yuan, down 24.1% [6]. - The gross margin for 2024 was 48.0%, reflecting a decline of 3.37 percentage points compared to the previous year [3]. - The company’s operating cash flow for 2024 was 285 million yuan, a decrease of 219 million yuan year-on-year, attributed to performance pressures and increased payments [4]. - Forecasts for net profit from 2025 to 2027 are 282 million yuan, 329 million yuan, and 384 million yuan, representing year-on-year growth rates of 13.3%, 17.0%, and 16.5% respectively [4]. Market Position and Strategy - The company is recognized as a leader in the smart drying rack industry, with a commitment to innovation driving growth [2]. - The smart drying rack market is projected to exceed 15 billion yuan in 2024, with an annual growth rate of over 20% in the past five years, supported by trends in home automation and renovation [2]. - The company is enhancing operational efficiency through cost reduction and process optimization initiatives [4].

Financial Performance - The company's operating revenue for 2024 was CNY 1,556,940,230.10, a decrease of 7.78% compared to CNY 1,688,325,298.64 in 2023[23]. - Net profit attributable to shareholders for 2024 was CNY 248,485,286.55, down 24.07% from CNY 327,256,938.63 in 2023[23]. - The cash flow from operating activities for 2024 was CNY 285,070,082.32, representing a decline of 43.49% compared to CNY 504,426,212.85 in 2023[23]. - Basic earnings per share for 2024 were CNY 0.62, a decrease of 24.39% from CNY 0.82 in 2023[24]. - The weighted average return on equity for 2024 was 10.62%, down 4.56 percentage points from 15.18% in 2023[24]. - Total assets at the end of 2024 were CNY 3,373,598,528.85, an increase of 6.78% from CNY 3,159,409,165.98 at the end of 2023[23]. - The net assets attributable to shareholders at the end of 2024 were CNY 2,441,766,739.55, up 6.34% from CNY 2,296,282,493.96 at the end of 2023[23]. - The company reported a net profit of CNY 55,549,590.00 in Q1 2024, with total revenue of CNY 292,063,615.37[27]. - Non-recurring gains and losses for 2024 totaled CNY 4,486,370.20, compared to CNY 4,248,042.33 in 2023[29]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 2.00 RMB per 10 shares, totaling approximately 80.78 million RMB based on the current total share capital of 403,911,511 shares[6]. - The board of directors has approved the profit distribution plan, pending approval from the 2024 annual general meeting[6]. - The cumulative cash dividend amount over the last three accounting years is 282,227,302.20 RMB, with an average annual net profit of 264,777,239.86 RMB, resulting in a cash dividend ratio of 106.59%[167]. Risk Management - The company emphasizes the importance of risk awareness regarding future plans and development strategies[7]. - The company has detailed potential risks in its management discussion and analysis section[9]. - The company faces significant risks from fluctuations in raw material prices, which constitute a high proportion of production costs[121]. - The company has established a risk assessment mechanism to address potential impacts from market competition and real estate fluctuations[125]. Corporate Governance - The company adheres to strict governance practices, holding annual shareholder meetings and ensuring independent operations from its controlling shareholder[128]. - The board of directors has convened 9 times during the reporting period, focusing on strategic decision-making and risk management[130]. - The company emphasizes transparency in information disclosure, ensuring all shareholders receive timely and accurate information[132]. - The company maintained transparent and proactive investor relations management, enhancing communication through various channels[134]. Market Position and Strategy - The company is committed to becoming the leading brand in smart drying racks and a well-known brand in smart locks in China[50]. - The company is focusing on expanding its market presence in high-consumption urban areas, particularly targeting women aged 25-39 in regions like Guangdong and Jiangsu[90]. - The smart home market in China is projected to reach 876.74 billion RMB in 2024, with smart appliances being the dominant segment[49]. - The company has launched multiple popular products, including the GW-129 series and GW-118 series, which received international and domestic awards[38]. Research and Development - The company holds over 1,600 national patents and has been recognized as a "High-tech Enterprise" for six consecutive times[55]. - The company has established a comprehensive product system, transitioning from single product design to smart home product design and function design[54]. - The company has implemented a comprehensive training program to enhance employee capabilities, covering various levels from entry-level to senior management[159]. - The company has employed 124 R&D personnel, accounting for 9.90% of the total workforce[80]. Environmental and Social Responsibility - The company has invested 12.28 million RMB in environmental protection during the reporting period[179]. - The company has implemented measures to reduce carbon emissions, including optimizing lighting and air conditioning, and using photovoltaic power projects[182]. - The company does not belong to key pollutant discharge units and adheres to national and local environmental protection laws[180]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[181]. Financial Management - The company has received a standard unqualified audit report from Guangdong Sinong Accounting Firm[5]. - The company’s financial report is guaranteed to be true, accurate, and complete by its management[5]. - The company has established a robust internal control management system in compliance with regulatory requirements, enhancing decision-making efficiency[174]. - The company has decided to reappoint the accounting firm Sinong for the 2024 and 2025 fiscal years, ensuring continuity in audit work[188]. Related Party Transactions - The company has engaged in related party transactions, including selling products and services to Haolaike for an estimated amount of RMB 15 million, with actual transactions amounting to RMB 1.68 million[190]. - The company also purchased products and services from Haolaike for an estimated RMB 15 million, with actual transactions amounting to RMB 0.24 million[190]. - The company has no guarantees provided to shareholders, actual controllers, or their related parties[196]. Employee Management - The total number of employees in the parent company and major subsidiaries is 1,252, with 450 in production, 505 in sales, 124 in technical roles, 23 in finance, and 150 in administration[157]. - The company has a structured approach to performance evaluation and remuneration for its executives, ensuring alignment with company objectives[144]. - The average market price of the restricted stocks at the end of the reporting period is CNY 16.46[172].

Core Viewpoint - The company, 好太太, announced a plan to repurchase and cancel 1.505 million restricted stocks due to the departure of incentive targets and unmet performance assessments in the 2023 incentive plan [1][2]. Group 1: Reasons for Repurchase and Quantity - The repurchase involves 135,000 shares from four departed incentive targets who no longer qualify for the incentive program [2]. - Additionally, 1.37 million shares from 32 remaining employees could not be released due to unmet performance criteria for the 2024 fiscal year [2]. - The total number of restricted stocks to be repurchased and canceled is 1.505 million shares [2]. Group 2: Repurchase Price and Company Impact - The repurchase price is set at 7.62 yuan per share, plus the interest from the People's Bank of China for the same period [3]. - Following the repurchase, the total number of shares will decrease from 403.911511 million to 402.406511 million, and the registered capital will reduce from 403.911511 million yuan to 402.406511 million yuan [3]. Group 3: Creditor Notifications - The company is notifying creditors about the reduction in registered capital due to the stock repurchase, allowing them to claim debts or request guarantees within specified timeframes [4]. - Creditors must submit necessary documentation for claims, including business licenses and identification for corporate and individual creditors [4]. - The submission period for claims starts from April 26, 2025, for 45 days, with specific contact details provided for inquiries [4].

广东好太太科技集团股份有限公司 独立董事工作制度 （2025年4月修订） 第一章 总则 为进一步完善广东好太太科技集团股份有限公司（以下简称"公司"）的法 人治理结构，促进公司规范运作，依据《中华人民共和国公司法》《中华人民共 和国证券法》《上海证券交易所股票上市规则》（以下简称《股票上市规则》）、《上 市公司独立董事管理办法》（以下简称《管理办法》）、《上海证券交易所公司自律 监管指引第 1 号——规范运作》（以下简称《自律监管指引第 1 号》）等国家有关 法律、法规、规范性文件及《广东好太太科技集团股份有限公司公司章程》（以 下简称《公司章程》），制定本制度。 第二章 独立董事 第一条 公司独立董事是指不在公司担任除董事外的其他职务，并与公司及 其主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进 行独立客观判断关系的董事。 第二条 独立董事对公司及全体股东负有忠实与勤勉义务。独立董事应当按 照相关的法律法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、 证券交易所业务规则和《公司章程》的要求，认真履行职责，在董事会中发挥参 与决策、监督制衡、专业咨询作用，维护公司整体利益，保 ...