Investment 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]

Core Viewpoint - The stock of Heertai has experienced a significant surge, achieving a limit-up for four consecutive trading days, indicating strong market interest and potential investor confidence [1] Stock Performance - As of 9:26 AM, the stock price reached 18.79 yuan, with a turnover rate of 2.94% and a trading volume of 23.58 million shares, amounting to a transaction value of 443 million yuan [1] - During the consecutive limit-up period, the stock has cumulatively increased by 46.34%, with a total turnover rate of 6.76% [1] - The latest total market capitalization of A-shares stands at 17.384 billion yuan, with a circulating market capitalization of 15.058 billion yuan [1] Margin Trading Data - As of November 13, the margin trading balance for the stock is 522 million yuan, with a financing balance of 520 million yuan, reflecting a decrease of 19.83 million yuan from the previous trading day, a decline of 3.67% [1] - Over the past four days, the cumulative decrease in margin trading has reached 51.99 million yuan, representing a 9.09% decline [1] Institutional Activity - The stock has appeared on the Dragon and Tiger list due to a cumulative deviation in price of 20% over three consecutive trading days [1] - Among the leading trading departments, institutional net buying amounted to 5.74 million yuan, while the Shenzhen Stock Connect recorded a cumulative net selling of 20.27 million yuan [1] - Total net buying from trading departments reached 67.02 million yuan [1] Financial Performance - According to the third-quarter report released on October 29, the company achieved total operating revenue of 7.04 billion yuan, reflecting a year-on-year growth of 28.30% [1] - The net profit for the same period was 355 million yuan, showing a year-on-year increase of 6.29% [1]

杭州市西湖区学院路 77 号 黄龙万科中心 A 座 16 楼 邮编：310012 电话：（86-571）2689-8188 传真：（86-571）2689-8189 junhehz@junhe.com 北京君合（杭州）律师事务所 关于深圳和而泰智能控制股份有限公司 2024 年第四次临时股东大会之法律意见书 致: 深圳和而泰智能控制股份有限公司 北京君合（杭州）律师事务所（以下简称"本所"）接受深圳和而泰智能控 制股份有限公司（以下简称"公司"）委托，根据《中华人民共和国证券法》（以 下简称《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券 监督管理委员会《上市公司股东大会规则（2022 年修订）》（以下简称《股东大会 规则》）、《律师事务所从事证券法律业务管理办法》等中华人民共和国（以下简 称"中国"）现行有效的法律、行政法规、规章和规范性文件（为本法律意见书 之目的，不包括香港特别行政区、澳门特别行政区和台湾地区现行有效的法律、 行政法规、规章和规范性文件）和现行有效的《深圳和而泰智能控制股份有限公 司章程》（以下简称《公司章程》）有关规定，指派律师列席了公司于 2024 年 11 月 ...

证券代码：002402 证券简称：和而泰 公告编号：2024-109 深圳和而泰智能控制股份有限公司 2024年第四次临时股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、会议召开时间： 二、会议出席情况 现场出席和通过网络投票的股东共1,140人，代表股份162,625,873股，占股权登记日 公司有表决权股份总数的17.6423％。 其中： （1）现场会议召开时间：2024年11月13日（星期三）下午14:30 （2）通过深圳证券交易所交易系统进行网络投票的具体时间为：2024年11月13日 上午9:15-9:25和9:30-11:30，下午13:00-15:00。通过深圳证券交易所互联网投票的具体 时间为：2024年11月13日9:15-15:00期间的任意时间。 2、现场会议召开地点：广东省深圳市南山区科技南十路深圳航天科技创新研究院 大厦D座10楼和而泰一号会议室 3、会议召开方式：本次股东大会采取现场投 ...

Stock Performance - The stock of HeerTec hit the daily limit up for three consecutive trading days, with the latest price at 17.08 yuan [1] - During the three-day limit-up period, the stock price increased by 33.02% [1] - The latest A-share total market capitalization reached 15.802 billion yuan, with a circulating market capitalization of 13.688 billion yuan [1] Trading Data - The turnover rate during the three-day limit-up period was 2.53% [1] - The latest trading volume was 2.6327 million shares, with a transaction amount of 449.659 million yuan [1] - The daily limit-up order amount was 2.991 billion yuan [1] Margin Trading Data - The latest margin trading balance was 542 million yuan, with a financing balance of 540 million yuan [1] - The financing balance decreased by 15.6905 million yuan compared to the previous trading day, a decrease of 2.83% [1] - Over the past three days, the financing balance decreased by 32.1616 million yuan, a decrease of 5.63% [1] Dragon and Tiger List Data - The stock was listed on the Dragon and Tiger List once due to a cumulative deviation of 20% in three consecutive trading days [1] - Institutional investors made a net purchase of 5.7416 million yuan [1] - Shenzhen-Hong Kong Stock Connect made a cumulative net sale of 20.2651 million yuan [1] - The total net purchase by brokerage seats was 67.0244 million yuan [1]

2、截至本公告披露日，上述限制性股票已在中国证券登记结算有限责任公司深圳 分公司办理完成注销手续。 一、限制性股票激励计划已履行的程序 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（以下简称"公司"）本次回购注销的限制 性股票数量为350,000股，占回购注销前公司总股本的0.0378%。本次回购注销涉及9名 激励对象，回购价格为7.6593元/股。本次回购注销完成后，公司股份总数为 925,192,285股。 1、2022年11月30日，公司召开第六届董事会第三次会议和第六届监事会第三次会 议，审议通过了《关于<2022年限制性股票激励计划（草案）>及其摘要的议案》等相 关议案，公司独立董事对此发表了同意的独立意见，北京君合（杭州）律师事务所就 此事项出具了法律意见书。具体内容详见2022年12月2日登载于巨潮资讯网 证券代码：002402 证券简称：和而泰 公告编号：2024-107 深圳和而泰智能控制股份有限公司 关于部分限制性股票回购注销完成的公告 （www.cninfo.com.cn）刊登了《关于20 ...

证券代码：002402 证券简称：和而泰 公告编号：2024-108 深圳和而泰智能控制股份有限公司 股票交易异常波动公告 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，没有虚 假记载、误导性陈述或者重大遗漏。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。 3、公司目前经营情况正常，近期公司经营情况及内外部经营环境未发生重 大变化。 4、经核查，公司、控股股东和实际控制人不存在关于本公司的应披露而未 披露的重大事项或处于筹划阶段的重大事项。 5、经核查，股票异常波动期间，控股股东、实际控制人未买卖公司股票。 三、不存在应披露而未披露信息的说明 一、股票交易异常波动的情况介绍 深圳和而泰智能控制股份有限公司（以下简称"公司"）股票（证券简称： 和而泰，证券代码：002402）于 2024 年 11 月 8 日、11 月 11 日、11 月 12 日连 续三个交易日收盘价格涨幅偏离值累计超过 20%。根据深圳证券交易所的相关 规定，属于股票交易异常波动的情况。 二、公司关注及核实情况说明 针对公司股票交易异常波动情况，公司对有关事项进行了核查，并询问了公 ...

证券研究报告：家用电器 | 公司点评报告 2024 年 11 月 10 日 公司基本情况 最新收盘价（元） 12.84 总股本/流通股本（亿股）9.26 / 8.01 总市值/流通市值（亿元）119 / 103 52 周内最高/最低价 14.47 / 8.79 资产负债率(%) 47.0% 市盈率 36.05 第一大股东 刘建伟 股票投资评级 买入|首次覆盖 个股表现 -37% -30% -23% -16% -9% -2% 5% 12% 19% 26% 2023-11 2024-01 2024-04 2024-06 2024-08 2024-11 和而泰 家用电器 资料来源：聚源，中邮证券研究所 研究所 分析师:杨维维 SAC 登记编号:S1340522090007 Email:yangweiwei@cnpsec.com 和而泰(002402) 控制器主业保持高增，净利率环比大幅改善 ⚫ 事件： 公司发布 2024 年三季度报： 2024 年前三季度公司实现收入 70.40 亿元，同比+28.30%；归母 净利润 3.55 亿元，同比+6.29%。 其中，Q3 单季度公司实现收入 24.71 亿元，同比+30 ...

Group 1: Company Performance Overview - In the first three quarters of 2024, the company achieved operating revenue of 7.04 billion CNY, a year-on-year increase of 28.30% [2] - The net profit attributable to shareholders was 355 million CNY, reflecting a growth of 6.29% [2] - The net profit after deducting non-recurring gains and losses was 334 million CNY, up by 7.21% [2] Group 2: Business Segment Performance - The controller business segment generated operating revenue of 2.443 billion CNY, with a year-on-year growth of 29.70% [2] - The net profit from the controller segment was 370 million CNY, an increase of 19.56% [2] - The gross profit margin for all business segments improved, with the overall gross margin recovering to over 19% in the third quarter [2] Group 3: Cost Reduction and Efficiency Improvement - The company implemented significant cost reduction measures, resulting in a notable increase in net profit in the third quarter, particularly in the controller segment, which saw over 50% quarter-on-quarter growth [5] - Efforts included optimizing processes, digital transformation, and supply chain management to enhance operational efficiency [5] Group 4: Market Position and Strategy - The smart controller market is large and fragmented, with increasing competition; however, the company maintains a competitive edge through R&D capabilities and global operational layout [3][4] - The company aims to expand its market share by enhancing product offerings and penetrating new domestic and international clients [4] Group 5: Future Outlook - The company plans to focus on improving operational quality, including governance, profit margins, and cash flow management, to ensure sustainable growth [3] - The automotive electronics business is expected to maintain high growth rates due to a strong order backlog and ongoing client acquisition [5]

[Table_Stock] 和而泰（002402） 证 券 研 究 报 告 ◼ 公 司 点 评 | --- | --- | |--------|-----------------------------| | | | | 日期 : | shzqdatemark 2024年11月06日 | | --- | --- | |-------------------------|----------------------| | | | | [Table_Author] 分析师 : | 刘京昭 | | E-mail: | liujingzhao@shzq.com | | SAC 编号 : | S0870523040005 | | --- | --- | |-----------------------------|------------| | | | | [Table_BaseInfo] 基本数据 | | | 最新收盘价（元） | 11.99 | | 12mth A 股价格区间（元） | 8.79-14.47 | | 总股本（百万股） | 925.54 | | 无限售 A 股 / 总股本 | 86.59% | | 流 ...