Hotata(603848) 信达证券·2025-04-26 09:35Investment 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].