Hotata(603848) 国投证券·2025-04-29 10:03Investment 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].