深度报告：发展基础持续夯实，晾晒龙头成长动力充沛

Investment Rating - The report assigns an "Accumulate" rating for the company [8]. Core Viewpoints - The company is a leading enterprise in the drying industry, achieving significant growth in 2023, with a brand value reaching 22.809 billion yuan [7][16]. - The smart home industry has a broad outlook, with steady growth expected in the smart drying and door lock sectors [7][46]. - The company has a strong development momentum driven by product capabilities, with a focus on research and development, channel expansion, and product innovation [7][3]. Financial Summary - In 2023, the company expects a net profit attributable to shareholders to reach between 318 million yuan and 363 million yuan, representing a year-on-year growth of 40% to 60% [20]. - The company's revenue for the first three quarters of 2023 increased by 10.71% year-on-year, reaching 1.116 billion yuan [20]. - The gross profit margin for the first three quarters of 2023 was 50.48%, an increase of 5.37 percentage points year-on-year, while the net profit margin was 21.33%, up 4.24 percentage points year-on-year [22]. Industry Outlook - The domestic smart home market size was 651.56 billion yuan in 2022, with a year-on-year growth of 12.33% [7]. - The smart drying rack industry size was 10.4 billion yuan in 2022, with a year-on-year growth of 19.50%, and is expected to maintain a growth rate of around 20% in 2023-2024 [7][62]. - The smart door lock market in China is projected to reach 40.9 billion yuan by 2027, with a sales volume of 18.01 million units in 2023 [62]. Company Development - The company has accumulated over 1,300 national patents by the first half of 2023, enhancing its research and development capabilities [7]. - The company has achieved a compound annual growth rate (CAGR) of 31.61% in e-commerce channel revenue from 2018 to 2022 [7]. - The company has established a robust retail system and has been recognized as the industry sales leader on platforms like Tmall and JD for eight consecutive years [7].