Hotata(603848) 广发证券·2024-04-23 10:02Investment Rating - The report maintains a "Buy" rating for the company, with an expected stock price performance exceeding the market by more than 15% over the next 12 months [7][22]. Core Insights - The company reported a revenue of 1.688 billion yuan in 2023, representing a year-on-year growth of 22.16%, and a net profit attributable to shareholders of 327 million yuan, up 49.71% year-on-year [2][21]. - The smart drying industry is experiencing continuous penetration, with the company positioned as a leader, showcasing strong R&D capabilities and ongoing product structure optimization [28]. - The company’s gross margin improved to 51.35% in 2023, an increase of 5.0 percentage points, while the net margin rose to 19.36%, up 3.6 percentage points [21][28]. Financial Summary - For 2023, the company achieved a revenue of 1.688 billion yuan, with a projected revenue growth of 20.6% in 2024, reaching 2.036 billion yuan [35]. - The net profit for 2023 was 327 million yuan, with forecasts of 404 million yuan and 478 million yuan for 2024 and 2025, respectively [35]. - The report estimates a reasonable value of 19.83 yuan per share, corresponding to a 20x PE ratio for 2024 [28][22].