Hotata(SH:603848) Tianfeng Securities·2025-03-13 05:11Investment 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].