Hotata(SH:603848) Tianfeng Securities·2025-05-01 14:23Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company is experiencing a decline in revenue and net profit due to a slowdown in global economic growth and weak domestic consumer demand, with a 9.51% decrease in sales [1] - The company is focusing on optimizing its product structure and increasing the promotion and sales of smart home products, which saw a sales volume increase of 19.42% [2] - The "old-for-new" policy is expected to stimulate demand, and the company is actively leveraging national and local subsidy policies to enhance cash flow efficiency [3] - The company aims to strengthen its brand position and improve channel management efficiency while exploring product innovation [3] Financial Performance - In Q1 2025, the company reported revenue of 260 million, a decrease of 11%, and a net profit of 30 million, down 40% [1] - For the year 2024, the company expects revenue of 1.6 billion, a decrease of 8%, and a net profit of 250 million, down 24% [1] - The gross margin for the main business products is 48.77%, a decrease of 2.06 percentage points, primarily due to severe market homogenization in traditional products [2] - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 280 million, 330 million, and 390 million respectively [4] Market Position and Strategy - The company is transitioning from a traditional distribution model to a direct sales model to reduce reliance on traditional distributors and enhance retail thinking [1] - The company is also focusing on integrating smart home product iterations and enhancing online sales through live streaming e-commerce [1] - The company has established several wholly-owned subsidiaries in 2024 to prepare for the "old-for-new" national subsidy policy [3]