Hotata(SH:603848) China Post Securities·2024-04-24 02:30Investment Rating - The investment rating for the company is "Buy" and is maintained [3][24] Core Insights - The company has shown steady growth in its core business of smart home products, benefiting from continuous product innovation and a collaborative development of online and offline channels, with sales volume and average selling price increasing by 18% and 7% year-on-year, respectively [6][24] - The company's revenue for 2023 reached 1.688 billion yuan, representing a year-on-year growth of 22.16%, with a net profit attributable to the parent company of 327 million yuan, up 49.71% year-on-year [43][44] - The gross margin and net margin for 2023 were 51.35% and 19.36%, respectively, with significant improvements attributed to the increased proportion of smart products and ongoing cost reduction initiatives [42][43] Financial Performance - In 2023, the company achieved revenues of 1.688 billion yuan, with a projected revenue of 2.026 billion yuan for 2024, reflecting a growth rate of 20% [44] - The net profit for 2024 is expected to be 393 million yuan, with a growth rate of 20.16% compared to 2023 [44] - The company's earnings per share (EPS) for 2023 was 0.81 yuan, projected to increase to 0.97 yuan in 2024 [44] Market Position - The company is recognized as a leading player in the smart home industry, with strong competitive advantages in branding, channel development, and research and development [24] - The company plans to distribute a cash dividend of 3 yuan per 10 shares (tax included) [43]