\u3000\u3 Shengda Resources Co.Ltd(000603) 848 Guangdong Hotata Technology Group Co.Ltd(603848) )
Event: on March 24, Guangdong Hotata Technology Group Co.Ltd(603848) issued an announcement on jointly increasing capital with related parties to buy a good home and participate in bidding for land use rights and related party transactions. The company and Guangzhou Holike Creative Home Co.Ltd(603898) jointly increased the capital of Haohao real estate by 1.03 billion yuan in cash in the same proportion, of which Guangdong Hotata Technology Group Co.Ltd(603848) increased the capital by 721 million yuan with its own funds and Guangzhou Holike Creative Home Co.Ltd(603898) increased the capital by 309 million yuan with its own funds to purchase land use rights and subsequent operating funds for Haohao real estate.
Increase investment, promote the innovation and development center project, and help the company attract high-end talents
On October 18, 2021, Guangdong Hotata Technology Group Co.Ltd(603848) and Guangzhou Holike Creative Home Co.Ltd(603898) jointly invested to set up a joint venture to buy a good home, and through the joint venture to find suitable plots in key business districts of Guangzhou, timely develop, construct and operate the "innovation and development center" project. The registered capital of Haohao real estate is 300 million yuan, of which Guangdong Hotata Technology Group Co.Ltd(603848) holds 70% and Guangzhou Holike Creative Home Co.Ltd(603898) holds 30%. The company's capital increase to Haohao real estate is mainly based on the comprehensive consideration of long-term strategic development, brand image and industrial layout. The completion of the "innovation and development center" project will help to attract high-end talents and meet the site needs of the company's future industrial R & D, sales, e-commerce and intelligent exhibition hall.
The intellectualization of product structure continues to upgrade, and the effectiveness of all-round channel reform is becoming more and more obvious
In 2021, the company will accelerate the intelligent transformation of product structure, and in 2022, it will further optimize its business model and provide consumers with whole house smart home solutions. In terms of categories, the revenue of smart home products in 2021h1 reached 422 million yuan, a year-on-year increase of 108.26%, accounting for 73.27%. The company's main products are comprehensively upgraded from traditional drying products to intelligent drying products, and comprehensively enter the field of smart home by building four smart home systems: intelligent drying, intelligent security, intelligent cleaning and intelligent interaction.
From the perspective of channels, the company's offline channels continue to promote the provincial operation platform model, which is expected to cover the whole country this year. At the same time, the company actively arranges more convenient transaction scenarios such as supermarkets, home appliances and home decoration fusion stores. At present, the new channel has brought revenue increment to the company. Tiktok, Kwai Chung shopping center, the company actively develops the layout, New Millet shopping mall, a lot of flagship stores, shopping mall, jitter and fast shop, and optimize the operation efficiency of Jingdong self catering, Tmall home decoration channel and Jingdong FCS channel. With the gradual increase of hardcover penetration, the company strengthened the strategic cooperation with real estate developers and home decoration enterprises, further enriched the b-end dedicated product line and improved the overall supporting proportion. The smart home industry has a vast space, and there is still room to improve its penetration rate. The company will consolidate its competitive advantage by continuously incubating new technologies and products and strengthening the integration of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) marketing resources, which is expected to boost performance growth.
Investment suggestion: Guangdong Hotata Technology Group Co.Ltd(603848) as the leading company of intelligent airing subdivision track, it will continue to promote the upgrading of product structure and boundary expansion, and deepen the channel reform by starting the provincial operation platform mode and empowering dealers. At the same time, the company's capital increase holding subsidiary made a good purchase to promote the implementation of the "innovation and development center" project and further promote the long-term development of the company. We estimate that the operating revenue of Guangdong Hotata Technology Group Co.Ltd(603848) 20212023 will be 1.399 billion yuan, 1.695 billion yuan and 2.004 billion yuan, with a year-on-year increase of 20.58%, 21.19% and 18.22%; The net profit attributable to the parent company was RMB 322 million, RMB 387 million and RMB 462 million, with a year-on-year increase of 21.19%, 20.26% and 19.31%. The corresponding PE was 16.4x, 13.6x and 11.4x, and the investment rating of Buy-A was given.
Risk warning: industry competition intensifies the risk; Risk of sharp fluctuations in raw material prices; The cost of channel reform exceeds the expected risk.
