证券代码：603848 证券简称：好太太 公告编号：2024-025 广东好太太科技集团股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络文字互动 投资者可于 2024 年 5 月 20 日(星期一) 至 5 月 24 日(星期五)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱（ir@hotata.com） 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 广东好太太科技集团股份有限公司（以下简称"公司"）已于 2024 年 4 月 23 日发布公司 2023 年年度报告，已于 2024 年 4 月 30 日发布公司 2024 年一季 度报告，为便于广大投资者更全面深入地了解公司 2023 年度及 2024 年一季度的 经营成果、财务状况，公司计划于 2024 年 5 月 27 日 13 ...

股票简称：好太太 股票代码：603848 广 东 好 太 太 科 技 集 团 股 份 有 限 公 司 2023 年年度股东大会会议资料 二〇二四年五月十三日 地点：广州 广东好太太科技集团股份有限公司 2023 年年度股东大会会议资料 | 广东好太太科技集团股份有限公司 | 2023 年年度股东大会会议议程 | 2 | | --- | --- | --- | | 广东好太太科技集团股份有限公司 | 2023 年年度股东大会会议须知 | 3 | | 广东好太太科技集团股份有限公司 | 2023 年年度股东大会表决办法 | 4 | | 广东好太太科技集团股份有限公司 | 2023 年年度股东大会审议议案 | 6 | | 议案一 公司董事会 | 2023 年度工作报告 | 6 | | 公司独立董事 | 2023 年度述职报告（孙振萍） | 16 | | 公司独立董事 | 2023 年度述职报告（黄建水） | 22 | | 议案二 公司监事会 | 2023 年度工作报告 | 29 | | 议案三 公司 2023 | 年度报告全文及其摘要 | 34 | | 议案四 公司 2023 | 年度财务决算报告 | 35 | | ...

Investment Rating - The report maintains a "Hold" rating for the company [2][4]. Core Views - The company has shown robust revenue growth, with a 2023 revenue of 1.688 billion yuan, representing a year-on-year increase of 22.2%. The net profit attributable to the parent company reached 327.26 million yuan, up 49.7% year-on-year [4][5]. - The company is focusing on both online and offline channels, with significant growth in the smart home product category, which saw a revenue increase of 26.4% in 2023 [6][7]. - The overall gross margin improved to 51.4% in 2023, benefiting from product structure optimization and cost reduction measures [5][6]. Financial Summary - **Revenue and Profit Forecasts**: - 2023A: Revenue of 1,688.33 million yuan, net profit of 327.26 million yuan - 2024E: Revenue of 2,032.17 million yuan, net profit of 399.78 million yuan - 2025E: Revenue of 2,406.07 million yuan, net profit of 479.47 million yuan - 2026E: Revenue of 2,793.84 million yuan, net profit of 567.63 million yuan [3][4][19]. - **Earnings Per Share (EPS)**: - 2023: 0.81 yuan - 2024: 0.99 yuan - 2025: 1.19 yuan - 2026: 1.40 yuan [3][4]. - **Return on Equity (ROE)**: - 2023: 12.13% - 2024: 13.88% - 2025: 14.90% - 2026: 15.71% [3][4]. Product and Channel Development - The smart home segment is expected to continue its growth trajectory, with a projected revenue of 1.7708 billion yuan in 2024, reflecting a year-on-year growth of 23.6% [19]. - The company is enhancing its channel management efficiency, with offline and online revenues of 6.7 billion yuan and 10.1 billion yuan in 2023, respectively [7][19]. Cost and Margin Analysis - The gross margin for smart home products was 53.1% in 2023, an increase of 4.8 percentage points year-on-year [5][19]. - The total expense ratio for the company was 28.2% in 2023, with a net profit margin of 19.4%, up 3.6 percentage points year-on-year [5][19].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 292,063,615.37, representing a year-on-year increase of 5.73%[2] - The net profit attributable to shareholders for the same period was CNY 55,549,590.00, reflecting a growth of 15.07% compared to the previous year[2] - Basic and diluted earnings per share were both CNY 0.14, an increase of 16.67% from the previous year[2] - Total operating revenue for Q1 2024 reached ¥292,063,615.37, an increase of 5.9% compared to ¥276,225,222.78 in Q1 2023[15] - Net profit for Q1 2024 was ¥55,446,571.45, representing a 15.5% increase from ¥48,217,228.55 in Q1 2023[16] - The company reported a total comprehensive income of ¥55,446,571.45 for Q1 2024, up from ¥48,217,228.55 in Q1 2023, an increase of 15.5%[16] - Total comprehensive income attributable to the parent company was CNY 55,549,590, an increase from CNY 48,272,831 in the same period last year, representing a growth of approximately 15.8%[17] Cash Flow and Investments - The net cash flow from operating activities was negative at CNY -25,239,809.38, a significant decline of 167.17% year-on-year[2] - Cash inflows from operating activities totaled CNY 361,880,003, up from CNY 344,733,145, indicating an increase of about 5%[17] - Cash outflows from investing activities were CNY 14,167,047, compared to CNY 217,479,546 in the same period last year, showing a significant reduction in investment spending[18] - Net cash flow from investing activities was negative CNY 14,153,147, an improvement from negative CNY 49,039,992 in the previous year[18] - The company reported a cash outflow of CNY 475,200 related to financing activities, compared to CNY 244,070 in the previous year, reflecting increased financial obligations[18] - The company received CNY 8,233,386 in tax refunds, which is an increase from CNY 6,018,319 in the previous year, indicating improved cash flow from tax-related activities[17] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,136,446,983.46, a decrease of 0.73% from the end of the previous year[3] - The company's current assets totaled CNY 613,354,959.65, down from CNY 651,944,878.47 at the end of 2023, indicating a decrease of approximately 5.9%[11] - Cash and cash equivalents were reported at CNY 340,629,447.74, a decrease of 10.5% from CNY 380,556,780.82 as of December 31, 2023[10] - The company's non-current assets totaled CNY 2,523,092,023.81, slightly up from CNY 2,507,464,287.51, showing a growth of approximately 0.6%[11] - The total liabilities are not specified in the provided documents, but the company should monitor its debt levels closely given the changes in asset values[10] - The company's total liabilities decreased to ¥382,439,420.29 in Q1 2024 from ¥464,597,306.90 in Q1 2023, a reduction of 17.6%[13] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 9,271[6] - The report indicates that there are no significant changes in the shareholder structure or financing activities among the top shareholders[9] Operational Efficiency - Total operating costs for Q1 2024 were ¥235,187,154.00, up from ¥229,083,921.51 in Q1 2023, reflecting a rise of 2.4%[15] - The company's operating profit for Q1 2024 was ¥63,084,651.76, compared to ¥52,319,914.84 in Q1 2023, reflecting a growth of 20.6%[16] - Research and development expenses increased to ¥10,104,462.72 in Q1 2024, compared to ¥7,986,498.30 in Q1 2023, marking a growth of 26.5%[15] - The company reported non-recurring gains of CNY 146,438.27 for the period, after accounting for tax and minority interests[5] - Prepayments increased by 31.66% due to higher promotional expenses for e-commerce platforms during the reporting period[5] - Contract assets rose by 70.17% as a result of increased receivables from project warranty deposits[5] Financial Management - The company should focus on improving cash flow management as cash reserves have decreased significantly[10] - The company has maintained a stable level of long-term equity investments at CNY 134,758,807.91, unchanged from the previous period[11] - The company reported a significant increase in other non-current assets, totaling CNY 224,821,250.35, compared to CNY 223,337,926.83 previously[11]

证券研究报告 | 2024年04月25日 2023 年年报点评：产品迭代、渠道深化，盈利能力提升 | --- | --- | --- | --- | --- | --- | |----------------------------------------|-----------|-----------|-----------|----------------------------------|-----------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 1,382 | 1,688 | 2,038 | 2,416 | 2,885 | | (+/-%) | -3.0% | 22.2% | 20.7% | 18.5% | 19.4% | | 归母净利润(百万元) | 219 | 327 | 391 | 476 | 576 | | (+/-%) | -27.2% | 49.7% | 19.6% | 21.6% | 21.0% | | 每股收益（元） | 0.55 | 0.81 | 0.97 | 1.18 | 1.43 ...

证券研究报告|轻工制造 [Table_StockName] ——好太太（603848）点评报告 [Table_ReportDate] 2024 年 04 月 24 日 投资要点: 产品结构持续优化，线上线下双驱发展。分产品：公司主营产品从传统 晾晒产品向智能晾晒产品持续升级，2023 年，公司智能家居产品实现 收入 14.33 亿元（同比+26.39%），占主营业务收入比例提升至 85.70%； 毛利率上升 4.84 个 pct 至 53.10%；晾衣架产品收入 2.16 亿元（同比 +1.58%），占主营业务比例下滑至 12.89%，毛利率上升 6.62 个 pct 至 44.04%。分渠道：公司积极拓宽线下渠道，实现线上线下双驱发展。2023 年线下渠道实现销售收入快速增长，同比+37.51%，占比提升至 39.82%。 线上渠道实现销售收入 10.06 亿元，同比+13.71%。 -30% -20% -10% 0% 10% 20% 30% 40% 好太太 沪深300 | --- | --- | --- | --- | --- | |------------------------|---------|- ...

证券代码：603848 证券简称：好太太 公告编号：2024-023 广东好太太科技集团股份有限公司 关于完成工商变更登记并取得营业执照的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、基本情况 广东好太太科技集团股份有限公司（以下简称"公司"）于 2024 年 1 月 23 日 召开了公司第三届董事会第十次会议，审议通过了《关于变更公司注册资本并修订 <公司章程>的议案》。根据公司 2023 年第一次临时股东大会的授权，本次变更注 册资本、修订《公司章程》并办理工商变更事项属于授权范围内事项，无需提交公 司股东大会审议。具体内容详见公司于 2024 年 1 月 23 日披露在上海证券交易所 网站（www.sse.com.cn）上的《广东好太太科技集团股份有限公司关于修改公司经 营范围并修订<公司章程>的公告》（公告编号：2024-004）。 二、本次工商变更登记及备案情况 6、注册资本：肆亿零肆佰壹拾伍万元（人民币） 7、成立日期：2005 年 01 月 05 日 8、经营范围：研究和实验发展（具体经营项目请 ...

其他家居 好太太（603848.SH） 增持-A(维持) 2023 年盈利能力改善显著，存货周转效率提升 事件点评 请务必阅读最后一页股票评级说明和免责声明 1 风险提示 资料来源：最闻，山西证券研究所 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------|---------|-------|-------|-------|-------|------------------------------------|-------|-------|-------|-------|-------| | 资产负债表 ( 百万元 ) \n会计年度 | \n2022A | 2023A | 2024E | 2025E | 2026E | 利润表 ( 百万元 ) \n 会计年度 | 2022A | 2023A | 2024E | 2025E | 2026E | | 流动资产 | 615 | 652 | 1136 | 1084 | 1266 | 营业收入 | 13 ...

2024 年 4 月 22 日 总股本/流通股本（亿股）4.04 / 4.01 52 周内最高/最低价 17.03 / 11.86 市盈率 18.43 买入|维持 研究所 好太太(603848) ⚫ 事件： 2023 年公司智能家居产品、晾衣架产品、其他产品收入分别为 14.33、2.16、0.24 亿元，同比分别+26.39%、+1.58%、+1.73%；毛利 率分别为 53.10%、44.04%、18.05%，同比分别+4.84pct、+6.62pct、 -14.35pct，各业务均实现稳步增长，其中核心主业智能家居产品受益 于公司产品持续迭代创新，线下线上渠道协同发展，销售量、销售均 价同比分别+18%、+7%，毛利率大幅提升。 分渠道看，2023 年电商渠道收入 10.06 亿元，同比+19.38%；毛 利率为 53.92%，同比+5.45pct，电商渠道保持稳步增长，且毛利率水 平提升明显。 ⚫ 投资建议： ⚫ 风险提示： ◼ 盈利预测和财务指标 资料来源：公司公告，中邮证券研究所 资料来源：公司公告，中邮证券研究所 负债和所有者权益总计 3159 3598 4156 4778 | --- | -- ...

[Table_StockCode] 好太太(603848) [Table_InvestRank] 推荐 (维持) ⚫ 毛利率提升带动净利率改善，加大推广致销售费用率增加。 分析师 | --- | --- | |--------------------------------------|-----------| | [Table_Market] 市场数据 2024-04-23 | | | 股票代码 | 603848.SH | | A 股收盘价(元) | 14.50 | | 上证指数 | 3,021.98 | | 总股本(万股) | 40,415 | | 实际流通 A股( 万股) | 40,100 | | 流通 A 股市值(亿元) | 58.15 | [Table_Research] 【银河轻纺】公司点评_轻纺行业_好太太：利润实现大 幅增长，产品渗透&渠道布局不断向好 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------|-------|-------|---- ...