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 ...

证券代码：603848 证券简称：好太太 公告编号：2025-006 广东好太太科技集团股份有限公司 关于使用部分闲置自有资金购买理财产品的公告 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、委托理财情况概述 （一）委托理财目的 公司坚持规范运作，防范风险，为实现资产的保值增值，确保不影响公司正常 运营的前提下，使用闲置自有资金购买理财产品，有利于盘活闲置资金，提高资 金使用效率，降低财务成本，增加投资收益，为公司及股东谋取更多的投资回报。 （二）委托理财金额 本次购买理财产品的总金额为人民币10,000.00万元。 （三）资金来源 本次购买理财产品的资金为公司营业活动产生的闲置自有资金。 二、审议程序 公司已于 2024 年 4 月 22 日召开第三届董事会第十二次会议、第三届监事会 第十二次会议，于 2024 年 5 月 13 日召开 2023 年年度股东大会，分别审议通过了 《关于公司使用闲置自有资金进行现金管理的议案》，同意公司及下属子公司使 用闲置自有资金合计不超过 100,000 万元， ...

Summary of Conference Call Company and Industry - The conference call primarily discusses the smart home industry and the company "好太太" (Hao Tai Tai) within this sector, focusing on the impact of national subsidies and market dynamics. Key Points and Arguments 1. **Impact of National Subsidies**: The national subsidies for the home industry in 2024 did not significantly benefit home enterprises as expected, but they did indicate a direction for future improvements [2][3][4]. 2. **Consumer Perception Shift**: There is a gradual shift in consumer perception towards Chinese products, moving from low-cost to higher quality and better value, which may lead to increased product premiums in the future [2][3]. 3. **Sales and Profitability**: Despite a challenging environment, the company maintained stable sales volume, although revenue decreased. The gross profit margin is expected to recover in 2025 due to controlled costs [3][7][28]. 4. **Channel Performance**: The company operates primarily through self-managed e-commerce channels, which are more effective than dealer channels that struggle to meet subsidy standards [3][4][10]. 5. **Dealer Participation**: Only a small percentage of dealers are willing to participate in the national subsidy program, limiting its overall impact [4][10]. 6. **Future Subsidy Expectations**: The company anticipates that the 2025 subsidy policies will be clearer and more beneficial than those in 2024, with expectations for improved execution at the local level [5][6][28]. 7. **Market Dynamics**: The overall home industry faced significant pressure in 2024, but the company expects a rebound in 2025 as economic conditions improve [7][28]. 8. **Product Development**: The company is focusing on enhancing its smart home product offerings, aiming to integrate more advanced features and improve consumer acceptance [15][16]. 9. **Cost Management**: The company plans to manage costs effectively, with expectations that material prices will stabilize, allowing for better profit margins in 2025 [19][28]. 10. **Sales Strategy**: The company is exploring new sales strategies, including leveraging online platforms to drive traffic to physical stores, which has shown promising results [23][25]. Other Important but Overlooked Content 1. **Economic Environment**: The overall economic environment is expected to improve in 2025, with consumer confidence showing signs of recovery [27][28]. 2. **Long-term Outlook**: The company is optimistic about its long-term growth prospects, projecting double-digit revenue growth for 2025 [28]. 3. **Market Share**: The company has gained market share amidst industry declines, benefiting from its established brand and operational efficiencies [26]. This summary encapsulates the main themes and insights from the conference call, highlighting the company's strategic positioning and outlook within the smart home industry.

证券代码：603848 证券简称：好太太 公告编号：2025-005 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。 广东好太太科技集团股份有限公司（以下简称"公司"）于 2024 年 10 月 17 日 召开了公司第三届董事会第十六次会议，于 2024 年 11 月 25 日召开了公司第三届 董事会第十八次会议，分别审议通过了《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 10 月 18 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变更注册资本并 修订<公司章程>的公告》（公告编号：2024-045）；于 2024 年 11 月 26 日披露在上 海证券交易所网站（www.sse.com.cn）上的《广东好 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [8]. Core Viewpoints - The company has been a leader in the smart drying industry for over 20 years, with a brand market share of 40%. The current penetration rate of smart drying products in China is approximately 17%, indicating significant growth potential. The company is expected to leverage its brand and product strengths to maintain rapid growth through comprehensive channel strategies, including e-commerce and offline sales [2][4][5]. - The company aims to expand its product line beyond smart drying products to include smart locks and other smart home devices, creating a comprehensive smart home ecosystem that will drive long-term growth [2][7]. Summary by Sections Company Overview - The company has established itself as a leading smart home enterprise, focusing on the smart drying sector. It has been recognized as one of the "Top 500 Chinese Brands" for ten consecutive years, with a brand value of 28.617 billion yuan. From 2018 to 2023, the company's revenue grew at a CAGR of 5.2%, with a 22% year-on-year increase in 2023, achieving a revenue of 1.688 billion yuan [4][14]. Industry Analysis - The traditional drying market is saturated, while the smart drying market has substantial room for growth. The estimated market size for smart dryers in China is about 3.21 million units in 2024, with a penetration rate of 17%. If the penetration rate increases to 40%, the company could see a 140%+ growth in its smart dryer business [5][38]. Business Strategy - The company has a strong focus on product innovation and has accumulated over 1,400 patents, significantly outpacing competitors. The brand recognition and purchase rates in first-tier and new first-tier cities are 73.1% and 39.1%, respectively, indicating a strong brand effect [5][42][50]. - The company has diversified its sales channels, achieving a revenue split of 63% from online and 34% from offline channels in the first half of 2024. It has a leading market share in major e-commerce platforms, with 31% on Tmall and 40% on JD [6][52]. Future Growth Potential - The company is expanding its product categories to include smart locks and other smart home devices, aiming to create a full suite of smart home solutions. The projected net profits for 2024-2026 are 260 million, 320 million, and 380 million yuan, respectively, with corresponding P/E ratios of 21, 17, and 14 [7][21]. - The company is also focusing on improving its supply chain and production efficiency through the establishment of smart factories, which is expected to enhance profitability and operational efficiency [54].

广东好太太科技集团股份有限公司 证券代码：603848 证券简称：好太太 公告编号：2025-004 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 22 日召开第三届董事会第十二次会议、第三届监事会第十二次会议，于 2024 年 5 月 13 日召开 2023 年年度股东大会，分别审议通过了《关于公司使用闲置自有资金进 行现金管理的议案》，同意公司及下属子公司使用闲置自有资金合计不超过 100,000 万元，期限自公司 2023 年年度股东大会通过之日起 12 个月内有效，在决议有效 期内资金可滚动使用，用于购买金融机构发行的安全性高、流动性好的保本型和中 低风险非保本型金融机构理财产品。公司授权管理层在股东会审批授权额度及期 限内，负责实施和管理本次现金管理相关事宜，包括但不限于签署相关文件、合同 并办理相关手续等。具体内容详见公司刊登在《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（www.sse.com.cn）上的《广东好太太科技集 团股份有限公司关于使用闲置自有资金进行现金管理的公告》（公告编号：2024-013） 和《广东好太太科技集团股份有限 ...

证券时报e公司讯，企查查APP显示，近日，苏州市晒宝智能科技有限公司成立，法定代表人为曹彩 凤，注册资本为50万元，经营范围包含：人工智能应用软件开发；普通机械设备安装服务；室内木门窗 安装服务；家具安装和维修服务；家用电器制造；家用电器研等。 企查查股权穿透显示，该公司由好太太全资持股。 ...

证券代码：603848 证券简称：好太太 公告编号：2025-002 广东好太太科技集团股份有限公司 部分董事、高级管理人员减持股份计划公告 本公司董事会、全体董事及相关股东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： 董事、高级管理人员持股的基本情况：截至本减持计划披露日，广东好 太太科技集团股份有限公司（以下简称"公司"）董事兼高管肖娟女士直接持有 公司股份 700,000 股，占公司总股本的比例为 0.1733%；高管周亮先生直接持有 公司股份 400,000 股，占公司总股本的比例为 0.0990%。 减持计划的主要内容：肖娟女士因个人资金需求，拟自本公告披露日起 15 个交易日后的 3 个月内通过集中竞价方式、大宗交易等方式合计减持不超过 175,000 股，约占公司当前总股本的 0.0433%；周亮先生因个人资金需求，拟自 本公告披露日起 15 个交易日后的 3 个月内通过集中竞价方式、大宗交易等方式 合计减持不超过 100,000 股，约占公司当前总股本的 0.0248%。 上述减持主体无一致行动人。 1 股东名称 ...