好太太：智能家居驱动发展，电商渠道快速拓展

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 1.688 billion yuan in 2023, representing a year-on-year growth of 22.16%, and a net profit attributable to shareholders of 327 million yuan, up 49.71% year-on-year [5][12] - The company has shown strong growth in both offline and e-commerce channels, with offline revenue in southern China increasing by 22.50% and in northern China by 32.42% in 2023 [6] - The gross margin and net profit margin have significantly improved, with the gross margin reaching 51.35% in 2023, an increase of 4.98 percentage points year-on-year [9] Financial Performance - In Q4 2023, the company achieved a revenue of 572 million yuan, a year-on-year increase of 53.05%, and a net profit of 89 million yuan, up 92.11% year-on-year [5] - For Q1 2024, the company reported a revenue of 292 million yuan, a growth of 5.73%, and a net profit of 56 million yuan, up 15.07% year-on-year [5] - The company’s sales net profit margin for 2023 was 19.36%, an increase of 3.55 percentage points year-on-year [9] Product Development - The company’s smart home products generated revenue of 1.433 billion yuan in 2023, growing by 26.39% year-on-year, driven by continuous innovation and product iteration [12] - The drying rack products achieved revenue of 216 million yuan in 2023, with a modest growth of 1.58% [12] Earnings Forecast - The company is expected to achieve net profits of 398 million yuan, 477 million yuan, and 546 million yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 21.5%, 19.9%, and 14.4% [13] - The projected price-to-earnings (P/E) ratio for 2024 is estimated to be between 20 and 21 times [13] Market Comparison - The company is compared to peers in the industry, with an average P/E ratio of 11.1 for similar companies, indicating a favorable valuation for the company [14]