H&T INTELLIGENT(002402) 招商证券·2025-04-23 04:33Investment 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].