Hotata(603848) 中邮证券·2024-11-01 04:42Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has experienced pressure on its performance, with a year-on-year revenue decline of 4.22% to 1.069 billion yuan and a net profit drop of 20.10% to 190 million yuan in the first three quarters of 2024. The third quarter alone saw a revenue decrease of 10.29% and a net profit decline of 46.76% [3][4] - The company anticipates a recovery in industry consumption driven by government subsidies for replacing old home products, improved consumer confidence, and promotional activities such as Double Eleven. The introduction of new smart drying products and the expansion of smart lock channels are expected to strengthen its market position [4][6] Financial Performance Summary - For the first three quarters of 2024, the company's overall gross margin and net margin were 52.73% and 17.79%, respectively, showing a year-on-year increase of 2.24 percentage points and a decrease of 3.54 percentage points. In Q3, the gross margin and net margin were 49.33% and 13.15%, reflecting a decline of 3.44 percentage points and 8.99 percentage points year-on-year [5] - The company has increased its sales expenses significantly, with Q3 sales expenses reaching 96 million yuan, up 22.05% year-on-year, leading to a sales expense ratio increase of 7.16 percentage points to 27.01% [5] - The company is projected to achieve net profits of 289 million yuan, 325 million yuan, and 353 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of -11.62%, +12.37%, and +8.73% [6][9]