Investment Rating - Industry rating: Recommended [4] Core Views - The report highlights a positive outlook on domestic demand recovery, driven by supportive policies and improving real estate data [2][3] - The retail sector shows significant recovery, with March retail sales growth at 5.9%, surpassing expectations [1][6] - The report emphasizes the potential for the home furnishing sector to rebound due to policy support and consumer demand [3][7] Summary by Sections Retail Data - In the first three months of 2025, total retail sales increased by 4.6% year-on-year, with March showing a 5.9% increase, exceeding the consensus forecast of 4.36% [1] - Specific categories such as furniture, cultural office supplies, cosmetics, and gold and silver jewelry saw growth rates of 18.1%, 21.7%, 3.2%, and 6.9% respectively [1] - Online retail sales growth was recorded at 7.9% in the first quarter, indicating a steady increase in online consumption [6] Real Estate Data - National residential new construction area, completion area, sales area, and development investment completed in the first three months of 2025 showed declines of 23.9%, 14.7%, 2.0%, and 9.0% respectively [1] - In March, the new construction area and completion area declined by 18.6% and 8.1% year-on-year, while the sales area decreased by 1.2% [1][2] Policy Impact - The government has released favorable signals to stabilize the real estate market, including measures to optimize housing provident fund policies [2][3] - The "Consumption Promotion Special Action Plan" emphasizes support for upgrading consumer goods, which is expected to stimulate demand in the home furnishing sector [3][7] Investment Recommendations - For the home furnishing sector, the report recommends companies like Oppein Home, Kuka Home, and others, anticipating steady growth driven by policy support and consumer demand [7] - In the cultural office supplies sector, it suggests Morning Glory Co., which is expected to benefit from collective procurement policies [7] - The cosmetics sector is highlighted for its potential growth, recommending domestic brands like Runben and Pechoin [7] - Gold and silver jewelry consumption is expected to remain strong, with recommendations for companies like Laopu Gold [7]

Investment Rating - The report maintains a "Recommended" rating for the smart home industry [6][27]. Core Insights - The smart home industry is expected to benefit from a combination of policy support, technological advancements, and evolving consumer demands, driving rapid growth in the sector [4][27]. - Recent government policies, including expanded subsidies for home appliances and a focus on digital economy development, are set to stimulate consumption in the smart home market [19][27]. - The shift in consumer preference from "single product intelligence" to "whole-home smart solutions" is accelerating due to rising living standards and the aging population, which is increasing demand for home care solutions [4][27]. Summary by Sections Market Review - In the past two weeks (March 3, 2025 - March 14, 2025), the Shanghai Composite Index rose by 2.97%, the Shenzhen Component Index by 3.46%, and the ChiNext Index by 2.60%. The smart home index (399996.SZ) increased by 4.65%, outperforming the Shanghai Composite by 1.68 percentage points [1][11]. - Year-to-date (January 1, 2025 - March 14, 2025), the smart home index has risen by 15.37%, significantly outperforming the Shanghai Composite by 13.35 percentage points [11][14]. Industry Policy Tracking - New national subsidies have been introduced, including the inclusion of kitchen and bathroom renovation products in the subsidy program, which is expected to enhance market penetration of energy-efficient products [17]. - The "Shenzhen Action Plan for Accelerating the Development of the Artificial Intelligence Terminal Industry (2025-2026)" aims to integrate AI capabilities into various smart home products [18]. Industry News Tracking - The 2025 government work report emphasizes actions to boost consumption, develop the digital economy, and promote aging-friendly renovations, providing a supportive direction for the smart home industry [19]. - Notable collaborations, such as the establishment of a smart home IoT open platform by Haoleke, Haotaitai, and Fengzhushou, aim to enhance smart home integration and control [22]. - The MWC 2025 highlighted smart home technology as a core focus, showcasing innovations in AI and IoT that redefine future living [24][25]. Investment Recommendations - The report suggests that the combination of policy support, technological innovation, and consumer demand will create a resonant effect, driving the smart home industry into a rapid growth phase [4][27]. - The expansion of subsidy categories from 8 to 12 and the focus on recycling and upgrading consumer goods are expected to further stimulate market consumption [27].

Investment Rating - The report maintains a "Recommended" rating for the smart home industry [6][27]. Core Insights - The smart home industry is expected to benefit from a combination of policy support, technological advancements, and evolving consumer demands, driving rapid growth in the sector [4][27]. - Recent government policies, including expanded subsidies for home appliances and a focus on digital economy development, are set to stimulate consumption in the smart home market [3][4][19]. - The shift in consumer preference from "single product intelligence" to "whole-home smart solutions" is accelerating due to rising living standards and the aging population, which is increasing demand for home care solutions [4][27]. Summary by Sections Market Review - In the past two weeks (March 3, 2025 - March 14, 2025), the Shanghai Composite Index rose by 2.97%, the Shenzhen Component Index by 3.46%, and the ChiNext Index by 2.60%. The smart home index (399996.SZ) increased by 4.65%, outperforming the Shanghai Composite by 1.68 percentage points [1][11]. - Year-to-date (January 1, 2025 - March 14, 2025), the smart home index has risen by 15.37%, significantly outperforming the Shanghai Composite by 13.35 percentage points [11][14]. Industry Policy Tracking - New national subsidies have been introduced, including the inclusion of kitchen and bathroom renovation products in the subsidy program, which is expected to enhance market penetration of energy-efficient products [2][17]. - The "Shenzhen Action Plan for Accelerating the Development of the Artificial Intelligence Terminal Industry (2025-2026)" aims to integrate AI capabilities into various smart home products [2][18]. Industry News Tracking - The 2025 government work report emphasizes actions to boost consumption, develop the digital economy, and promote aging-friendly renovations, providing a supportive direction for the smart home industry [3][19]. - Collaborative efforts among major companies, such as the establishment of a smart home IoT open platform, are indicative of the industry's move towards integrated solutions [3][22]. Investment Recommendations - The report highlights that the expansion of the appliance subsidy program from 8 to 12 categories is expected to further stimulate the smart home market, building on the previous year's success which saw over 62 million units sold, generating nearly 270 billion yuan in consumption [4][27]. - The continuous evolution of technologies such as IoT, AI, and big data is expected to broaden the application boundaries of smart home devices, leading to the creation of high-value innovative products [4][27].

Investment Ratings - The report gives a "Buy" rating for Xiangxin Technology (002965) and other companies such as Baoshan (03998) and Haotaitai (603848) [20][38][40] Core Insights - The report highlights the robust growth potential in the new energy vehicle sector, with Xiangxin Technology's clients like Geely and BYD targeting significant sales increases by 2025 [35][36] - The report emphasizes the importance of strategic partnerships in enhancing technological capabilities, particularly in robotics and smart manufacturing [36][37] - The report notes the ongoing transformation in the real estate market towards higher quality and sustainability, indicating a shift from quantity expansion to quality improvement [27][28] Summary by Sections Economic Environment - The government continues a "moderately loose" monetary policy, with potential adjustments in reserve requirements and interest rates based on economic conditions [24] - Fiscal policies are becoming more proactive, with a target deficit rate of around 4%, indicating a willingness to leverage debt for economic growth [25] Industry Trends - The wind power sector is experiencing a positive demand outlook, with significant growth expected in both onshore and offshore wind installations globally [3][7] - The report indicates a recovery in the wind turbine industry, with price stabilization and profitability improvements expected from 2024 onwards [7] Company-Specific Insights - Xiangxin Technology is positioned well in the new energy vehicle supply chain, with a focus on structural components and battery technology [35][36] - Baoshan is launching new outdoor apparel lines that balance fashion and functionality, targeting diverse consumer needs [10][32] - Haotaitai is forming a joint venture to enhance its smart home ecosystem, leveraging partnerships to drive innovation in digital living solutions [40][41]

证券代码：603848 证券简称：好太太 公告编号：2025-008 3、类型：其他有限责任公司 4、住所：广州市天河区员村东郊工业园科韵路 18 号 5、法定代表人：沈汉标 广东好太太科技集团股份有限公司 关于参股子公司完成设立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。 广东好太太科技集团股份有限公司（以下简称"好太太"）与广州好莱客创 意家居股份有限公司（以下简称"好莱客"）、蜂助手股份有限公司（以下简称 "蜂助手"）于 2025 年 3 月 10 日签署《投资合作协议》，拟共同投资设立广州 合觅科技有限公司（以下简称 "合觅科技"）。具体内容详见 2025 年 3 月 11 日 刊登在《中国证券报》《上海证券报》《证券时报》《证券日报》及上海证券交 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签署投 资合作协议及拟设立参股子公司的公告》（公告编号：2025-007）。 2025 年 3 月 13 日，合觅科技收到广州市天河区行政审批局颁发的营业执照， ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company is collaborating with Hao Laike and Feng Assistant to establish a joint venture, Guangzhou Hami Technology Co., Ltd., with a registered capital of 50 million yuan, aiming to enhance the digital living experience [1][2]. - The joint venture will leverage the strengths of each partner to develop a "smart integration gateway" product for home automation, creating an open platform for smart home IoT and enhancing the overall consumer experience [2]. - Government policies are expected to support the home appliance market, with a projected increase in consumer demand, positively impacting the company's order performance [3]. Financial Performance and Forecast - The company’s revenue for 2022 was 1,382.02 million yuan, with a projected revenue of 1,688.33 million yuan for 2023, reflecting a growth rate of 22.16% [4]. - The adjusted net profit forecasts for 2024, 2025, and 2026 are 273.78 million yuan, 304.36 million yuan, and 344.87 million yuan respectively, with corresponding P/E ratios of 21X, 19X, and 17X [4]. - The company’s EBITDA is expected to grow from 367.29 million yuan in 2024 to 439.40 million yuan in 2026, indicating a positive trend in operational efficiency [4]. Market Position and Strategy - The joint venture is expected to enhance the company's market channels and product coverage, thereby improving its competitive edge and long-term profitability [2]. - The company aims to create a high-value smart home product ecosystem by integrating digital goods from Feng Assistant, which will contribute to a more convenient and secure digital lifestyle for consumers [2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company is collaborating with Hao Laike and Feng Assistant to establish a joint venture, Guangzhou Hami Technology Co., Ltd., with a registered capital of 50 million yuan, aiming to enhance the digital living experience [1][2]. - The joint venture will leverage the strengths of each partner to develop a "smart integration gateway" product for home automation, creating an open platform for smart home IoT and enhancing the overall consumer experience [2]. - Government policies are expected to support the home improvement market, which will likely boost the company's order performance [3]. - The profit forecast has been adjusted, with expected net profits for 2024, 2025, and 2026 being 273.78 million yuan, 304.36 million yuan, and 344.87 million yuan respectively, reflecting a cautious outlook due to previous weak operating conditions [4]. Financial Data and Valuation - Revenue is projected to grow from 1,382.02 million yuan in 2022 to 1,945.96 million yuan in 2026, with a compound annual growth rate of approximately 11.23% [4]. - The company's net profit margin is expected to improve from 15.82% in 2022 to 17.72% in 2026, indicating a strengthening profitability outlook [10]. - The price-to-earnings (P/E) ratio is projected to decrease from 21.11 in 2024 to 16.76 in 2026, suggesting potential value for investors [4][10].

公司研究 证 券 研 究 报 告 好太太（603848）重大事项点评 强推（维持） 成立智能家居子公司，三方联手共建智能家 居生态平台 事项： ❖ 好太太、好莱客和蜂助手于 2025 年 3 月 10 日签署《投资合作协议》，拟共同 投资设立广州合觅科技有限公司，其中好莱客/好太太/蜂助手分别持股 50%/25%/25%。合资公司将整合和发挥各方的资源及行业优势，凭借好莱客 全屋定制产品和全渠道业态布局，依托蜂助手数字商品资源、物联网技术的优 势能力，以及结合好太太智能家居硬件产品矩阵及供应链整合能力，研发家庭 端"智能融合网关"产品，实现全屋自动组网连接和智能控制，打造智能家居物 联网开放平台，通过转售蜂助手提供的数字商品，构建高附加值智能家居产品 生态体系，为消费者带来更加便捷、舒适、安全的数字化生活体验，提升家庭 生活品质。 评论： [ReportFinancialIndex] 主要财务指标 | | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,688 | 1,574 | 1,732 | 1 ...

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - Haolaike, Haotaitai, and Fengzhushou signed an investment cooperation agreement on March 10, 2025, to establish a joint venture with a registered capital of 50 million yuan, where Haolaike, Haotaitai, and Fengzhushou will contribute 25 million yuan, 12.5 million yuan, and 12.5 million yuan respectively, holding 50%, 25%, and 25% of the shares [2][6] - The joint venture aims to develop a smart home IoT open platform, leveraging Haolaike's full-house customization products, Fengzhushou's digital goods resources and IoT technology, and Haotaitai's smart home hardware product matrix and supply chain integration capabilities [12] - The joint venture will focus on creating a "smart integration gateway" product for home automation and control, enhancing the smart home product ecosystem through the resale of digital goods provided by Fengzhushou [12] Summary by Sections Company Overview - Haolaike specializes in full-house customization, integrating design, research, production, and sales, with a nationwide sales network and leading marketing and service scale in the industry [12] - Fengzhushou is a well-known provider of digital virtual goods services, focusing on mobile internet scenarios and expanding into IoT application solutions and cloud services [12] - Haotaitai has over 20 years of experience in the smart drying industry, leading with a market share of 40%, and aims to expand its product offerings into a full smart home ecosystem [12] Market Potential - The penetration rate of smart drying products in China is currently around 17%, indicating significant growth potential [12] - The expected national subsidies for smart homes in 2025 are anticipated to drive replacement demand in the market [12]

证券代码：603848 证券简称：好太太 公告编号：2025-007 广东好太太科技集团股份有限公司 关于签署投资合作协议及拟设立参股子公司的公告 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。 重要内容提示： 一、 交易概述 公司与好莱客、蜂助手于 2025 年 3 月 10 日签署《投资合作协议》，拟共同投 资设立合资公司。合资公司注册资本 5,000 万元，好莱客认缴出资 2,500 万元，持 股 50%，由好莱客控股；好太太认缴出资额 1,250 万元，持股 25%；蜂助手认缴出 资额 1,250 万元，持股 25%；各方均以货币方式出资。 合资公司将整合和发挥各方的资源及行业优势，凭借好莱客全屋定制产品和 广东好太太科技集团股份有限公司（以下简称"好太太"或"公司"）与广州 好莱客创意家居股份有限公司（以下简称"好莱客"）、蜂助手股份有限公司（以 下简称"蜂助手"）于 2025 年 3 月 10 日签署《投资合作协议》，拟共同投资设 立广州合觅科技有限公司（暂定名，以市场监督管理局核定为准，以下简称"合 资公司 ...