丨证券研究报告丨 公司研究丨点评报告丨好太太（603848.SH） [Table_Title] 好太太 2025H1 点评： Q2 收入降幅收窄，盈利阶段性承压 报告要点 [Table_Summary] 公司 2025H1 实现营收/归母净利润/扣非净利润 6.77/0.86/0.82 亿元，同比-5%/-40%/-43%；其 中 2025Q2 实现营收/归母净利润/扣非净利润 4.18/0.53/0.50 亿元，同比-1%/-40%/-42%。 分析师及联系人 [Table_Author] 蔡方羿 米雁翔 SAC：S0490516060001 SAC：S0490520070002 SFC：BUV463 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 好太太（603848.SH） cjzqdt11111 [Table_Title 好太太 2025H1 2] 点评： Q2 收入降幅收窄，盈利阶段性承压 [Table_Summary2] 事件描述 公司 2025H1 实现营收/归母净利润/扣非净利润 6.77/0.86/0.82 亿元，同比-5%/-40%/-43% ...

公司报告 | 年报点评报告 好太太（603848） 证券研究报告 以旧换新带动更新需求增长 公司发布年报以及一季报 以旧换新政策有望进一步刺激需求 线下渠道继续深耕传统经销商渠道，持续推进"开疆焕新"行动，分城分区 精准招商，通过高管帮扶、多轮培训等方式赋能终端零售，充分把握以旧 换新政策机会抢占市场，提升助力头部市场破局。 25Q1 公司营收 2.6 亿，同减 11%，归母净利 0.3 亿，同减 40%，扣非后归 母净利 0.3 亿，同减 43%； 24A 营收 16 亿，同减 8%，归母净利 2.5 亿，同减 24%，扣非后归母净利 2.4 亿，同减 24%。 24 年线上模式收入 10 亿，同减 2%，毛利率 51%同减 3pct。线下模式收入 5.3 亿，同减 21%，毛利率 45%，同减 2pct。 24 年公司销售同减 9.51%，受全球经济增长放缓、国内消费需求疲软影响， 家居行业承压，消费者购买力及装修需求延迟释放。智能家居赛道竞争白 热化，部分企业通过价格战抢占市场，导致公司产品毛利率承压。 智能家居产品营收同减 7.39%，传统晾衣架产品营收同减 18.87%。公司通 过全域整合思路，加速 ...

Core Viewpoint - The company is facing short-term operational pressure due to weak external demand, resulting in a decline in revenue and profit for 2024 and Q1 2025 [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 1.56 billion, a decrease of 7.8%, with a net profit of 250 million, down 24.1% [1]. - Q4 2024 revenue was 490 million, down 14.7%, with a net profit of 60 million, a decline of 34.7% [1]. - For Q1 2025, revenue was 260 million, down 11.4%, and net profit was 30 million, down 39.7% [1]. Group 2: Product Performance - In 2024, smart home product sales grew by 19.4%, but revenue for smart home business was 1.33 billion, down 7.4% due to price competition and a shift towards lower-priced products [2]. - Traditional drying rack product revenue was 170 million, down 18.9%, with sales volume decreasing by 21.4% [2]. - Online channel revenue was 990 million, down 2.0%, while offline channel revenue was 530 million, down 20.8% [2]. Group 3: Profitability and Cost Structure - The gross margin for 2024 was 48.0%, a decrease of 3.4 percentage points, with Q4 gross margin at 37.6%, down 15.5 percentage points [3]. - In Q1 2025, the gross margin was 47.9%, down 4.0 percentage points, with net profit margin at 12.9%, down 6.1 percentage points [3]. - Increased competition, reduced scale effects, and higher expense ratios contributed to the decline in profitability [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][27] Core Views - The company is experiencing short-term operational pressure due to weak external demand, with a revenue decline of 7.8% in 2024 and a net profit drop of 24.1% [1][3] - The company aims to improve revenue and profit through a "trade-in" program [1] - Despite the challenges, the company maintains its leading position in the smart home sector and continues to expand its product offerings [3] Financial Performance Summary - In 2024, the company achieved a revenue of 1.56 billion, down 7.8%, and a net profit of 248 million, down 24.1% [4] - The first quarter of 2025 saw a revenue of 260 million, down 11.4%, and a net profit of 30 million, down 39.7% [1] - The gross margin for 2024 was 48.0%, a decrease of 3.4 percentage points, with a significant drop in Q4 to 37.6% [3][4] Product and Sales Channel Analysis - The smart home product segment generated 1.33 billion in revenue, down 7.4%, but saw a volume increase of 19.4% to 1.533 million units sold [2] - Online sales remained relatively stable at 990 million, down 2.0%, while offline sales dropped significantly by 20.8% to 530 million [2] - The company is focusing on a multi-channel strategy, strengthening its online presence while addressing challenges in offline sales [2] Profitability and Cost Structure - The company's net profit margin for 2024 was 12.9%, a decrease of 6.1 percentage points, primarily due to intensified price competition and increased expenses [3] - The sales, management, and R&D expense ratios increased, indicating higher operational costs impacting profitability [3] Future Earnings Forecast - The company has revised its profit forecasts for 2025-2027, expecting net profits of 300 million, 360 million, and 410 million respectively, reflecting growth rates of 21.8%, 18.3%, and 13.7% [3][4] - The current stock price corresponds to a price-to-earnings ratio of 18.5 for 2025, indicating a valuation adjustment in light of market conditions [3][4]