H&T INTELLIGENT(002402) 长江证券·2025-04-28 14:13Investment 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].