和而泰（002402）：快速盈利增长，智能化升级带来新的发展动力

FastEarningsGrowth,IntelligentUpgrade Brings New Momentum Huatai Research Company Update 15 May 2025│China (Mainland) Communications Equip Manufacturing AnalystWANG XingSAC No. S0570523070003SFC No. BUC499wangxing@htsc.com+(86) 21 3847 6737 For2024/1Q25,H&TIntelligentControl’s(H&T)revenueswereRMB9,659/2,585mn(+28.66/30.44%yoy) andattributablenet profits(NP)wereRMB364/169mn(+9.91/75.41%yoy), in line withitsprofit alert. Theimpressiveperformancewas driven by continued customer base expansion, broader product coverage,andincreases inorders,new customers,and projects. In addition, subsidiaryChengchang Technology turned profitable in 1Q25.With domestic AIapplicationsina rapid development phase, we believepotential acceleration ofintelligentupgrades for terminal productscould bring newopportunities for the company,andH&T’sprofitability issetto improvealongsideongoing product-mix optimizationandrisingcapacity utilization. Maintain BUY. AnalystGAO MingyaoSAC No. S0570523080006SFC No. BUP971gaomingyao@htsc.com+(86) 21 2897 2228 AnalystWANG KeSAC No. S0570524080005SFC No. BWA966wangke020520@htsc.com+(86) 755 8249 2388 Keydata Controller segment posted solid growthBy segment, home-appliance business revenue wasRMB6,094mn in 2024, upby33.08%yoy, mainly benefiting from steadily increasing orders from major overseascustomers and continued breakthroughs inadvantageousproduct lines.PowertoolsandindustrialautomationsegmentrevenuewasRMB1,008mn,upby24.26%yoy, supported by the company’s breakthroughs intheBMS platform andnew motor platform orders from key customers.Automotive electronics revenueroseby47.97%yoy toRMB816mn, driven by both expanding delivery scale forier-1 clients and rapidvolumeramp-upsatself-developed product lines.ntelligentsegment revenuewasRMB1,220mn, upby26.29%yoy. We believe intelligentupgradesofterminal productsshouldaccelerateintheAI era, creating a newdevelopmentwindow forH&T’sintelligentbusiness. Profitabilityjumpedin 1Q25,ongoingoperationalefficiency upliftIn 1Q25, H&T’s GPM/attributable NPM were 19.53/6.55% (+2.68/1.68pp yoy). We attributethischieflyto:1)ChengchangTechnology’sturnaroundfromanRMB15mn loss in 1Q24 to anRMB30mn profit in 1Q25; 2) H&T’s focus onhigh-value clients,as well asenhancedoperational efficiencyand value-creationcapabilitythrough technologyinnovation and productmixoptimization; and 3)effectiveexpense-ratiocontrol.In 2024/1Q25, H&T’s overall expense ratio (sales,administrative, R&D, and financial expense ratios) fellby0.97/1.75ppyoyto12.74/11.12%.We expect the company’s operatingefficiency to keep improving asitcontinues strengtheningcost and expense management. Source:Wind MaintainBUYWe are optimistic about long -term demand for intelligentcontrollers and thecompany’s prospects in auto electronics. We expect steady earnings growth in theintelligent-controller business, along with expanded applications for subsidiaryChengchangTechnology’sRFchipbusiness.Weproject2025/2026/2027attributableNP at RMB704/904/1,204mn (+2/+2/-%vs previous estimates).In ourSOTP model, we value subsidiaryChengchang Technology/thecontroller businessat70x/30x 2025E PE,resulting in atargetmarketcapof RMB21.47bn.OurtargetpriceisRMB23.19 (previous:RMB17.50, based on76x/17x 2025E PE). MaintainBUY. Risks: significant price increases in upstream components; lower demandfor intelligent controllers and RF chips than we expect. Source:Wind, Huatai Research Source:Wind, Huatai Research Full financials Disclaimers Analyst CertificationI/We, WANG Xing, GAO Mingyao, WANG Ke, hereby certify that the views expressed in this report accurately reflect the personal views of the analyst(s) about the subjectsecurities or issuers; and no part of the compensation of the analyst(s) was, is, or willbe, directly or indirectly, related to the inclusion of specific recommendations or views in this report. General Disclaimers and DisclosuresThis research reporthas been prepared by Huatai Financial Holdings (Hong Kong) Limited (hereinafter referred to as “HFHL”).The information herein is strictly confidential to the recipient. This report is intended for HFHL, its clients and associatedcompanies. Any other person shall not be deemed a client of the Company merely from his or her receipt of this report. This report is based on information deemed reliable and publicly available by HFHL, but HFHL and its associated company(ies)(collectively, hereinafter“Huatai”)makes no guarantee as to the accuracy or completeness of such information. The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. Huataimay issue research reports that contain inconsistentviews, assessments and projections with those set out herein at differenttimes. The prices, values and investment returns of the securities or investment instruments referred to herein may fluctuate.Past performance is not a guide to future performance,future returns are not guaranteed, and a loss of original