H&T INTELLIGENT(002402) 华创证券·2024-11-14 07:48Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 19.20 RMB, compared to the current price of 15.53 RMB [1] Core Views - The company's revenue for Q1-3 2024 reached 7.04 billion RMB, a year-on-year increase of 28.30%, with net profit attributable to the parent company at 355 million RMB, up 6.29% YoY [1] - In Q3 2024, the company's revenue was 2.471 billion RMB, a YoY increase of 30.83%, with net profit attributable to the parent company at 157 million RMB, up 11.90% YoY [1] - The company's gross margin for Q1-3 2024 was 18.11%, a slight decrease of 0.72 percentage points YoY [1] Business Segment Performance - Home appliance business grew by 32.52% YoY, with domestic revenue doubling in H1 2024 [1] - Power tool business increased by 22.24% YoY, with new projects contributing to revenue growth [1] - Automotive electronics business surged by 82.76% YoY, with rolling orders of approximately 9 billion RMB [1] - Smart business grew by 20.48% YoY, with products like smart mattresses and smart backpacks entering mass production [1] Subsidiary Performance - The subsidiary Chengchang Technology, a T/R chip leader, has multiple projects entering mass production, with accelerated performance expected due to low-orbit satellite network deployment [1] Overseas Expansion - The company has manufacturing bases in China, Vietnam, Romania, Italy, and Mexico, with R&D and operation centers in over 20 countries and regions [1] - The company has replicated its Shenzhen smart factory model in overseas bases, enhancing production and delivery capabilities [1] Financial Forecast - The company's revenue is expected to grow from 9.747 billion RMB in 2024E to 16.139 billion RMB in 2026E, with a CAGR of 29.8% [3] - Net profit attributable to the parent company is forecasted to increase from 523 million RMB in 2024E to 949 million RMB in 2026E [3] - The company's EPS is projected to grow from 0.57 RMB in 2024E to 1.03 RMB in 2026E [3] Valuation Metrics - The company's P/E ratio is expected to decrease from 27x in 2024E to 15x in 2026E [3] - The P/B ratio is forecasted to decline from 2.9x in 2024E to 2.4x in 2026E [3]