证券代码：002402 证券简称：和而泰 公告编号：2025-036 深圳和而泰智能控制股份有限公司 关于实际控制人部分股份解除质押及质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 深圳和而泰智能控制股份有限公司（以下简称"公司"）近日收到实际控制 人刘建伟先生的通知，获悉刘建伟先生所持有的公司部分股份办理了解除质押及 质押的业务，具体事项公告如下： 一、本次股份解除质押情况 | 股东 | 是否为控股 股东或第一 | 本次解除质 押股份数量 | 占其所持 股份比例 | 占公司总 股本比例 | 起始日 | | 解除日期 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其 一致行动人 | (股) | （%） | （%） | | | | | | | 刘建伟 | 是 | 10,480,000 | 7.0584 | 1.1329 | 2024 年 | 12 | 2025 年 | 4 | 重庆国际信托股 | | | | | | | 月 2 日 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has shown rapid revenue growth, with Q1 2025 revenue reaching 2.585 billion RMB, a year-on-year increase of 30.44%. The net profit attributable to the parent company for the same period was 169 million RMB, up 75.41% year-on-year [1]. - The domestic AI application market is experiencing robust growth, which is expected to accelerate the intelligent upgrade of terminal products, providing new opportunities for the company [1]. - The company has improved its profitability, with Q1 2025 gross margin and net profit margin at 19.53% and 6.55%, respectively, reflecting a year-on-year increase of 2.68 and 1.68 percentage points [3]. Summary by Sections Business Performance - The home appliance segment generated 6.094 billion RMB in revenue for 2024, up 33.08% year-on-year, driven by stable demand from overseas clients [2]. - The automotive electronics segment saw a revenue increase of 47.97%, reaching 816 million RMB, supported by expanding delivery scales to Tier 1 customers and rapid growth in self-developed product lines [2]. - The intelligent business segment achieved 1.22 billion RMB in revenue, a 26.29% increase, benefiting from the acceleration of intelligent upgrades in the AI era [2]. Profitability and Efficiency - The company’s focus on high-value clients and cost control has led to improved operational efficiency, with a decrease in expense ratios [3]. - The subsidiary Chengchang Technology turned a profit in Q1 2025, contributing positively to the overall financial performance [1][3]. Financial Forecasts and Valuation - The projected net profits for the company from 2025 to 2027 are 704 million, 904 million, and 1.204 billion RMB, respectively, with upward adjustments of 2% for 2025 and 2026 [4]. - The report estimates a target market capitalization of 21.47 billion RMB, with a target price of 23.19 RMB per share, reflecting a significant increase from the previous target of 17.50 RMB [4][14].

Investment Rating - The report maintains a "Buy" rating for the company [6][4] Core Views - The company has shown rapid revenue growth, achieving revenues of 9.66 billion and 2.58 billion RMB in 2024 and Q1 2025 respectively, with year-on-year growth rates of 28.66% and 30.44% [1] - The net profit attributable to the parent company for the same periods was 364 million and 169 million RMB, reflecting year-on-year increases of 9.91% and 75.41% [1] - The company is benefiting from increased customer orders and new projects, particularly in the AI application sector, which is experiencing significant growth [1][2] - The subsidiary Chengchang Technology has turned a profit in Q1 2025, contributing positively to the overall financial performance [1][3] Revenue Breakdown - The home appliance segment generated 6.09 billion RMB in 2024, up 33.08%, driven by stable demand from overseas clients [2] - The electric tools and industrial automation segment reported revenues of 1.01 billion RMB, a 24.26% increase, with new key customer orders [2] - The automotive electronics segment saw a remarkable 47.97% growth, reaching 816 million RMB, supported by expanding delivery scales to Tier 1 customers [2] - The smart business segment achieved revenues of 1.22 billion RMB, growing by 26.29%, indicating a strong market for intelligent product upgrades [2] Profitability and Efficiency - In Q1 2025, the company's gross margin and net profit margin improved to 19.53% and 6.55%, respectively, reflecting increases of 2.68 and 1.68 percentage points year-on-year [3] - The turnaround of Chengchang Technology from a loss of 15 million RMB in Q1 2024 to a profit of 30 million RMB in Q1 2025 significantly contributed to this improvement [3] - The company has effectively controlled its expense ratio, with a decrease in the period expense ratio to 12.74% and 11.12% for 2024 and Q1 2025, respectively [3] Financial Forecasts and Valuation - The company is projected to achieve net profits of 704 million, 904 million, and 1.20 billion RMB for the years 2025 to 2027, with upward revisions of 2% for 2025 and 2026 [4][15] - The report estimates a target market capitalization of 21.47 billion RMB, with a target price of 23.19 RMB per share, up from a previous estimate of 17.50 RMB [4][15] - The valuation methodology includes a PE of 70x for Chengchang Technology and 30x for the controller business for 2025 [4][15]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - The company has a solid foundation in its home appliance and power tool businesses, while emerging sectors such as automotive electronics and smart technology are rapidly expanding due to technological advancements and customer breakthroughs. The company's "technology + capacity + customer" integrated layout is clear, and its performance is expected to continue to release, with strong medium to long-term growth momentum [2][10]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved operating revenue of 9.659 billion yuan, a year-on-year increase of 28.66%. The net profit attributable to the parent company was 364 million yuan, up 9.91% year-on-year. In Q1 2025, the company reported operating revenue of 2.585 billion yuan, a year-on-year growth of 30.44%, and a net profit of 169 million yuan, which is a significant increase of 75.41% year-on-year [5][10]. Business Segments - The home appliance business maintains a strong competitive position, supported by a high coverage of global major customers and a comprehensive technical R&D system. The demand for smart controllers, a core component of home appliances, is increasing, leading to a rapid growth in market share [10]. - The power tool business is deepening its penetration across multiple fields, with a focus on providing comprehensive solutions that enhance industry chain collaboration. The company has become a key supplier for major clients and is expanding its customer base [10]. - The automotive electronics segment is undergoing a strategic transformation, with significant growth in smart cockpit and energy management areas. The company is building a comprehensive ecosystem through its smart product matrix [10]. Future Outlook - The company is expected to see continued performance growth, with projected net profits for 2025-2027 at 700 million yuan, 913 million yuan, and 1.173 billion yuan, representing year-on-year growth rates of 92%, 30%, and 28%, respectively. The corresponding price-to-earnings ratios are projected to be 25, 19, and 15 times [10].

证券代码：002402 证券简称：和而泰 公告编号：2025-035 深圳和而泰智能控制股份有限公司 关于2024年年度股东大会增加临时提案 暨股东大会补充通知的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，不存在虚 假记载、误导性陈述或者重大遗漏。 深圳和而泰智能控制股份有限公司（以下简称"公司"）已于2025年4月23日 披露了《关于召开2024年年度股东大会的通知》，公告了关于召开2024年年度股 东大会的时间、地点、审议事项等有关事宜。 2025年4月21日，公司召开第六届董事会第二十五次会议审议通过《关于开展 远期汇期交易业务的议案》，具体内容详见公司于2025年4月23日在《证券时报》 《中国证券报》及巨潮资讯网（http://www.cninfo.com.cn）上披露的相关公告。公 司控股股东刘建伟先生于2025年4月28日向公司董事会提交了《关于提请公司增加 2024年年度股东大会临时提案的函》，为促进公司规范运作、提高决策效率，提 请将上述《关于开展远期汇期交易业务的议案》作为临时提案提交公司2024年年 度股东大会审议。 公司董事会对上述临时提案进行了审查，认为刘建伟先生 ...

证券代码：002402 证券简称：和而泰 公告编号：2025-034 深圳和而泰智能控制股份有限公司 关于2022年限制性股票激励计划第二个限售期 解除限售股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、深圳和而泰智能控制股份有限公司 2022 年限制性股票激励计划第二个限 售期解除限售条件已经成就，本期可解除限售的限制性股票激励对象为 241 名， 可解除限售的限制性股票数量为 490.50 万股，占目前公司股本总额的 0.5302%。 2、公司 2022 年限制性股票激励计划第二个限售期解除限售股份上市流通日 为 2025 年 4 月 30 日。 深圳和而泰智能控制股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日召开第六届董事会第二十五次会议和第六届监事会第二十三次会议审议通 过了《关于 2022 年限制性股票激励计划第二个限售期解除限售条件成就的议 案》，同意公司按照《2022 年限制性股票激励计划（草案）》（以下简称 "《激励计划》"）的相关规定，为 2022 年限制性股票激励计划第二个限售期 ...

Investment Rating - The report maintains a "Recommendation" rating for the company [1][10]. Core Views - The company achieved a revenue of 9.659 billion yuan in 2024, representing a year-on-year increase of 28.66%, and a net profit attributable to shareholders of 364 million yuan, up 9.91% year-on-year [4][7]. - In the first quarter of 2025, the company reported a revenue of 2.585 billion yuan, a year-on-year increase of 30.44%, and a net profit of 169 million yuan, up 75.41% year-on-year [4][7]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares (tax included) for 2024 [4]. Summary by Sections Business Performance - The company’s various business segments are progressing steadily, contributing to stable growth in operating performance. The market share continues to increase across different sectors [7][8]. - In the home appliance controller sector, the company is a leading player with a revenue increase of 33.08% year-on-year to 6.094 billion yuan in 2024 [8]. - The electric tools and industrial automation segment saw a revenue increase of 24.26% year-on-year to 1.008 billion yuan in 2024, driven by new projects and customer orders [8]. - The automotive electronics business achieved a revenue increase of 47.97% year-on-year to 816 million yuan in 2024, with significant breakthroughs in product and customer areas [8]. - The smart products segment reported a revenue increase of 26.29% year-on-year to 1.22 billion yuan in 2024, focusing on smart home and personal care products [8]. Financial Projections - The company’s revenue is projected to grow to 12.113 billion yuan in 2025, with a year-on-year growth rate of 25.4% [6][12]. - Net profit attributable to shareholders is expected to reach 717 million yuan in 2025, reflecting a significant increase of 96.9% year-on-year [6][12]. - The report forecasts a steady increase in gross margin and net margin, with gross margin at 19.1% and net margin at 5.9% for 2025 [6][12]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 24.8 times in 2025, decreasing to 14.7 times by 2027 [10][12]. - The price-to-book (P/B) ratio is expected to decline from 3.8 in 2024 to 2.6 in 2027 [10][12].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation of stock performance that exceeds market performance by 10% to 20% within the next six months [12]. Core Insights - The company achieved a revenue of 9.659 billion yuan in 2024, representing a year-on-year increase of 28.66%, and a net profit attributable to shareholders of 364 million yuan, up 9.91% year-on-year [4][7]. - In the first quarter of 2025, the company reported a revenue of 2.585 billion yuan, a year-on-year increase of 30.44%, and a net profit of 169 million yuan, reflecting a significant year-on-year growth of 75.41% [4][7]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares (tax included) for 2024 [4]. Summary by Sections Business Performance - The company has shown stable growth across various business segments, with a notable increase in market share. The revenue from the home appliance controller segment grew by 33.08% to 6.094 billion yuan in 2024 [7][8]. - The electric tools and industrial automation segment also performed well, with a revenue increase of 24.26% to 1.008 billion yuan, driven by new projects and customer orders [7][8]. - The automotive electronics segment saw a remarkable growth of 47.97%, reaching 816 million yuan, attributed to significant breakthroughs in product and customer development [8]. - The smart products segment, focusing on smart home and personal care, achieved a revenue increase of 26.29% to 1.22 billion yuan [8]. Financial Projections - The company’s revenue is projected to grow to 12.113 billion yuan in 2025, with a year-on-year growth rate of 25.4%, and net profit is expected to reach 717 million yuan, reflecting a substantial increase of 96.9% [6][10]. - The projected earnings per share (EPS) for 2025 is 0.78 yuan, with a price-to-earnings (P/E) ratio of 24.8 [10]. Financial Ratios - The company’s gross margin is expected to stabilize around 19.1% for 2025, while the net margin is projected to improve to 5.9% [10]. - Return on equity (ROE) is anticipated to rise to 13.7% in 2025, indicating improved profitability [10].

Group 1: Company Performance Overview - In 2024, the company achieved a revenue of 9.659 billion yuan, a year-on-year increase of 28.66% [4] - The controller business segment generated a revenue of 9.448 billion yuan, growing by 30.86% [4] - The net profit attributable to shareholders was 364 million yuan, reflecting a year-on-year growth of 9.91% [4] - The first quarter of 2025 saw a revenue of 2.585 billion yuan, up 30.44% year-on-year, with the controller segment contributing 2.493 billion yuan, a 27.06% increase [4] Group 2: Cost Management and Profitability - The company managed to reduce overall expense ratio by 1.41%, despite a 15.38% increase in period expenses [4] - The gross margin improved by 2.69% in Q1 2025, attributed to customer and product structure optimization [5] - The net profit margin also saw significant improvement, with a net profit of 169 million yuan in Q1 2025, a 75.41% increase year-on-year [4] Group 3: Strategic Initiatives and Future Outlook - The company plans to continue enhancing market share and focusing on high-value customers to improve product competitiveness [6] - A global layout strategy was initiated in 2018 to adapt to changing trade dynamics, with a focus on operational efficiency and cash flow management [8] - The overseas production capacity currently accounts for 30% of total capacity, with plans to adjust based on actual business needs [6] Group 4: Innovation and New Business Development - The company has made significant strides in the electric tools sector, with revenue surpassing 1 billion yuan, driven by new customer acquisitions and projects [7] - In the AI domain, the company has integrated advanced technologies into its products, enhancing algorithm precision and service quality [8] - The automotive electronics segment is expected to contribute significantly to future revenues, with new projects underway and a focus on deepening customer relationships [11]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company's performance in the smart controller segment continues to improve, with significant revenue growth in Q1 2025 and a strong outlook for the automotive electronics sector [6][7]. - The company is expected to see substantial profit growth in the coming years, with projected net profits of 6.92 billion, 9.04 billion, and 11.03 billion for 2025, 2026, and 2027 respectively, reflecting growth rates of 90%, 31%, and 22% [6][7]. Financial Performance Summary - In 2024, the company achieved total revenue of 96.59 billion, a year-on-year increase of 28.66%, and a net profit of 3.64 billion, up 9.91% [1][2]. - For Q1 2025, the company reported revenue of 25.85 billion, a 30.44% increase year-on-year, and a net profit of 1.69 billion, which is a remarkable 75.41% growth [1][2]. - The smart controller business generated revenue of 94.48 billion in 2024, growing 30.86% year-on-year, with a net profit of 3.79 billion, up 28.97% [6][7]. - The automotive electronics segment is experiencing rapid growth, transitioning from OEM to ODM projects, which is expected to enhance profit margins [6][7]. Valuation Metrics - The company’s projected PE ratios for 2025, 2026, and 2027 are 26.0, 19.9, and 16.3 respectively, indicating a favorable valuation trend [6][7]. - The report highlights a decrease in overall expense ratios, contributing to improved profitability [6][7]. Shareholder Information - The major shareholder, Liu Jianwei, holds a 16.05% stake in the company [3].