Hotata(SH:603848) Tianfeng Securities·2024-08-29 00:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [4]. Core Viewpoints - The company has demonstrated competitive advantages in various aspects such as technology research and development, product innovation, manufacturing, quality control, brand building, sales channels, and customer service within the smart home industry [3]. - Despite a decline in revenue and net profit in the first half of 2024, the company is focusing on enhancing brand, channel, and product competitiveness through digital marketing and a comprehensive retail strategy [1][2]. - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 340 million, 370 million, and 420 million yuan respectively, reflecting a cautious outlook due to consumer confidence impacts [3]. Financial Performance Summary - In the first half of 2024, the company reported revenue of 700 million yuan, a decrease of 1% year-on-year, and a net profit of 140 million yuan, down 4% year-on-year [1]. - The gross margin for the first half of 2024 was 54.4%, an increase of 5.2 percentage points year-on-year, while the net profit margin was 20.2%, a decrease of 0.8 percentage points [1]. - The company's online sales accounted for 65% of its main business revenue, while offline sales contributed 35% [1]. Brand and Product Development - The company is advancing brand youthfulness and constructing a structured marketing communication matrix to enhance brand visibility and market recognition [2]. - Increased investment in innovation and R&D has led to breakthroughs in key technology areas, maintaining the competitiveness of its products [2]. Management and Operational Efficiency - The company is enhancing coordination between online and offline operations to achieve a leading market share across all networks [2]. - Implementation of comprehensive cost management and flexible supply chain strategies has improved production efficiency and product quality [1][2].