好太太：产品创新&渠道调优驱动业绩增长

独立不迁 横而不流

Independent and Unwavering,

Steadfast without Yielding.

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好太太：

产品创新&渠道调优驱动业绩增长

26H1E results: product innovation and channel optimization drove revenue growth

投资要点

Investment Thesis

公司发布2026年半年报

2026Q2公司实现营业收入4.38亿元，同比+4.72%，归母净利润0.62亿元，同比+16.90%，扣非归母净利润0.52亿元，同比+3.44%；

2026H1公司实现营业收入7.53亿元，同比+11.21%，归母净利润1.02亿元，同比+18.64%，扣非归母净利润0.90亿元，同比+10.12%；

2026年上半年，我国晒衣机行业规模持续扩容，行业竞争格局向头部集中，品牌力成为核心分水岭。公司锚定战略方向，系统推动渠道精耕、品牌塑造、产品迭代、智能制造升级与管理精细化等重点工作，从多个维度夯实经营韧性，业务基本盘保持稳健。收入及利润同比增长主要系上半年公司加大线上、线下营销拓展力度，协同市场增长所致。

盈利能力逆势提升，现金流表现靓丽

26H1公司毛利率46.94%，同比+0.64pct，归母净利率13.57%，同比+0.85pct；毛利率提升主要受销售规模提升、核心零部件自供比例提升等正向因素拉动；也因公司自动化产线改造、科学化排产、原材料锁价等内部经营效率提高得以改善；同时受大宗原材料成本波动影响，但通过成本管控与价格策略可实现稳定预期。

26H1经营活动产生的现金流量净额1.5亿元，同比+206%，主要系收到销售商品、提供劳务的现金增加所致。

线下调改成效显现，电商推进利润优化

销售端：线下渠道，公司加快渠道零售转型，全面激活线下终端活力，抢占零售市场；调改门店初期增速显著但后续逐步回归稳定水平，目前经营状态良好，表现符合公司预期。公司后续线下渠道布局不再单纯追求数量，而是转向销售额和运营质量。

电商渠道，公司持续深耕主流电商平台，加快突破新平台、推高卖高，稳固提升现有市场份额；线上流量费用持续抬升是行业共性，公司始终坚持多平台均衡发展，销售费用投放处于合理预期，公司实施多品牌差异化布局，灵活应对行业价格战争，通过差异化运营策略来实现利润优化。

产品端：公司产品紧跟消费者需求，加强品类研发，同时会根据行业竞争格局进行动态调整。行业在向超薄化演进的同时，公司也在持续创新，推动产品高端功能下放中低端机型，迎合消费者多元化需求。

品牌端：公司以全域整合为核心，系统推动线上流量转化、线下创意执行与资源整合的深度联动，上半年打造多场重磅活动。

制造端：公司引进多套智能化生产装备，持续提升生产自动化能级；公司依托数据模型迭代与分析机制的健全，需求预测精准度取得突破，进一步强化对市场需求的动态适配能力。

Hotata delivered revenue and profit growth in H1E and bucked the market trend with sound cash flow. Amid intense competition, its advantages held up: omnichannel distribution, a multi-brand portfolio, and inhouse R&D and production of core components. We maintain our ACCUMULATE call.

The gist: ACCUMULATE

- 26H1E results: robust growth in both revenue and profit

- Sound cash flow bucked the market trend in H1

- O2O channels: store restructure paid off; ecommerce profit quality improved

26H1E results: robust growth in both revenue and profit

Guangdong Hotata Technology delivered healthy growth despite intense competition in the first half of 2026E, according to its unaudited results report released in mid-August:

Key metrics:

- Revenue: RMB753m in H1, up 11.21% yoy; including RMB438m from Q2, up 4.72% yoy.

- Net profit: RMB102m in H1, up 18.64% yoy; RMB62m from Q2E, up 16.90% yoy.

- Recurring net profit: RMB90m in H1, up 10.12% yoy; with RMB52m from Q2E, up 3.44% yoy.

Key H1 factors:

- Market concentration: As China’s laundry dryer industry expanded in H1, competition intensified among leading players, leading to increasing market concentration, and brand strength emerged as the key differentiator.

- Hotata’s initiatives: The company refocused on its strategic roadmap and advanced key initiatives—channel development, brand building, product iteration, smart manufacturing upgrades, and detail-oriented management—to boost operational resilience across the board and keep the business stable.

- Profit drivers: Hotata doubled up on online and offline marketing, which increased revenue and profit yoy growth, and aligned the company with market growth in H1.

Profitability: Hotata solid cash flow bucked the market trend in H1:

- Net margin: 13.57% in H1, ticking up 0.85ppt yoy.

- Gross margin: 46.94%, widening 0.64ppt yoy due to the following factors:

- Higher sales volume.

- A bigger proportion of core components sourced internally.

- Better operational efficiency with revamped automated production lines, systematic production scheduling, and locked-in raw material prices.

- Costs: Hotata managed bulk raw material cost fluctuation through cost control and pricing strategies, which helped it to make stable projections.

- Net cash flow: Net cash from operating activities amounted to RMB150m in H1, up 206% yoy, driven by cash received from sales of goods and services provided.

O2O channels: store restructure paid off; ecommerce profit quality improved

We look at channel operations through four major perspectives: sales, products, branding, and manufacturing:

1) Sales

- Physical stores: In its current retail channel restructure, Hotata is revitalizing physical outlets to gain market share. The revamped stores posted high growth initially, which tapered as they stabilized, and current performance levels are in line with company expectations. Future offline channel development will focus more on sales volume and operational quality, rather than solely on quantity.

- Ecommerce: Hotata is expanding its presence on mainstream ecommerce platforms and entering new ones. It aims to push up sales volume and increase market share. While rising online traffic costs are a common factor, the company is committed to driving balanced development across multiple platforms, while keeping sales expenses within reasonable expectations. Its differentiated multi-brand strategy allows for flexible responsiveness to industry price wars, as well as profit maximization through differentiated operations.

2) Products: The company's products closely follow consumer demand through strong category R&D, while allowing dynamic adjustments to manage the competition. While the industry continually evolves toward ultra-thin designs, the company is constantly innovating to add premium features into mid-to-low-end models to cater to diverse consumer requirements.

3) Branding: With omnichannel integration the core focus, Hotata systematically drives the synergy of online traffic conversion, offline creative execution, and resource integration. To this end, it launched several major events in H1.

4) Manufacturing: The company unveiled several sets of smart production equipment to improve automated production levels. Helped by sound data model iteration and its analysis mechanism, Hotata achieved a breakthrough in demand forecasting accuracy, strengthening its ability to adapt to market demand.

投资建议

Investment Thesis

维持“增持”评级

公司凭借全渠道布局、多品牌产品矩阵、核心零部件自研自产等优势，在存量竞争中稳定了市场份额与利润。我们维持盈利预测，预计公司26-28年归母净利润分别为2.3/2.7/3.2亿元。

Valuation and risks

Leveraging advantages such as omnichannel distribution, a multi-brand product portfolio, and inhouse R&D and manufacture of core components, Hotata stabilized market share and profits in the face of intense competition. We maintain our earnings forecast at net profit of RMB230m/270m/320m in 2026/27/28E. We maintain our ACCUMULATE rating.

风险提示

原材料价格波动风险、市场竞争以及行业跨界风险、房地产市场变化风险等。

Risks include

raw material price fluctuation; competitive risks; cross-industry risks; and changes in the real estate market.

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WEEKLY 周报

2026.9.7-2026.9.11

TOPIC 专题

科技行情再次上涨所需条件有哪些？

RESEARCH 研报

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