Hotata(SH:603848) Southwest Securities·2024-05-06 01:00Investment Rating - The report maintains a "Hold" rating for the company, with a current price of 14.81 yuan and no specified target price for the next six months [30]. Core Insights - The company achieved a revenue of 1.688 billion yuan in 2023, representing a year-on-year increase of 22.2%. The net profit attributable to shareholders was 330 million yuan, up 49.7% year-on-year [1]. - The gross margin for 2023 was 51.4%, an increase of 5 percentage points compared to the previous year, driven by product structure optimization and cost reduction measures [30]. - The company’s smart home product revenue reached 1.432 billion yuan in 2023, a year-on-year increase of 26.4%, indicating strong growth potential in this category [39]. Financial Performance Summary - In Q4 2023, the company reported a revenue of 570 million yuan, up 53% year-on-year, and a net profit of 90 million yuan, reflecting a 92.1% increase [1]. - For Q1 2024, the company achieved a revenue of 290 million yuan, a 5.7% increase year-on-year, with a net profit of 60 million yuan, up 15.1% [1]. - The forecasted EPS for 2024-2026 is 0.99 yuan, 1.19 yuan, and 1.40 yuan, with corresponding PE ratios of 15x, 12x, and 11x respectively [2]. Revenue and Cost Projections - The total revenue is projected to grow from 1.688 billion yuan in 2023 to 2.793 billion yuan in 2026, with year-on-year growth rates of 20.4%, 18.4%, and 16.1% for the respective years [13]. - The gross margin is expected to improve gradually, reaching 53.6% by 2026 [13]. Product and Channel Development - The company is focusing on enhancing its online and offline sales channels, with offline sales growing by 37.5% and online sales by 13.7% in 2023 [35]. - The smart home category is expected to continue its rapid growth, with the company planning to strengthen its brand image and product offerings in this segment [39].