H&T INTELLIGENT(002402) 平安证券·2025-04-27 09:51Investment 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].