证券代码：002402 证券简称：和而泰 公告编号：2024-091 深圳和而泰智能控制股份有限公司 关于与专业投资机构共同投资的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、与专业投资机构共同投资概况 深圳和而泰智能控制股份有限公司（以下简称"公司"）作为有限合伙人于2024年 9月6日与硬核坚果（北京）私募基金管理有限责任公司、德马科技集团股份有限公 司、海南鑫和达企业管理合伙企业（有限合伙）、宁波嘉谷企业管理合伙企业（有限合 伙）、高立里、北京中和红信文化艺术有限公司签署了《嘉兴坚元股权投资合伙企业 （有限合伙）合伙协议》（以下简称"合伙协议"）。合伙企业总认缴出资额为人民币 3,131万元，公司作为有限合伙人，拟以自有资金认缴合伙企业出资额人民币1,000万 元，占合伙企业认缴出资总额的31.9387%。 本次交易不构成关联交易，亦不构成重大资产重组。根据《深圳证券交易所股票 上市规则》《深圳证券交易所上市公司自律监管指引第7号——交易与关联交易》及 《公司章程》等的规定，本次交易事项，无需提交董事会和股东大会审议。 二、专业投资者机构基本 ...

证券代码：002402 证券简称：和而泰 公告编号：2024-090 二、其他说明 公司回购股份的时间、回购的股份数量、回购的股份价格及集中竞价交易的委托时 段符合《深圳证券交易所上市公司自律监管指引第9号——回购股份》的相关规定。具 体说明如下： 1、公司未在下列期间内回购股份： 深圳和而泰智能控制股份有限公司 关于股份回购进展情况的公告 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。 深圳和而泰智能控制股份有限公司（以下简称"公司"）于2024年2月6日召开第六届 董事会第十六次会议，审议通过了《关于回购公司股份方案的议案》。同意公司使用自 有资金不少于人民币10,000万元（含），不超过人民币20,000万元（含），以集中竞价交 易方式回购公司部分A股股份，回购的股份将用于员工持股计划或股权激励，以及维护 公司价值及股东权益（其中，用于员工持股计划或股权激励的回购资金总额不低于人民 币3,000万元（含），不超过人民币5,000万元（含）；用于维护公司价值及股东权益的回 购资金总额不低于人民币7,000万元（含），不超过人民币15,000万元（含）） ...

证券研究报告 | 公司动态点评 2024 年 08 月 28 日 和而泰（002402.SZ） 24H1 各业务板块实现稳健增长，全球化布局助力公司发展 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|--------|--------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 5,965 | 7,507 | 9,576 | 12,100 | 14,941 | 股票信息 | | | 增长率 yoy （ % ） | -0.3 | 25.8 | 27.6 | 26.4 | 23.5 | | | | 归母净利润（百万元） | 438 | 331 | 545 | 736 | 956 | 行业 | 电子 | | 增 ...

证券代码：002402 证券简称：和而泰 公告编号：2024-089 关于实际控制人部分股份补充质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 深圳和而泰智能控制股份有限公司（以下简称"公司"）近日收到实际控 制人刘建伟先生的通知，获悉其所持有公司的部分股份办理了补充质押业务， 具体事项公告如下： | | 是否为控 股股东或 | 本次质押股 | 占其所 | 占公司 | 是否为 限售股 （如 | 是否 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | | | 持股份 | 总股本 | | 为补 | 质押起 | | 质押到 | | 质押 | | 名称 | 第一大股 | 份数量 | 比例 | 比例 | 是， | 充质 | 始日 | | 期日 | 质权人 | 用途 | | | 东及其一 | （股） | （%） | （%） | 注明限 | 押 | | | | | | | | 致行动人 | | | | 售类 型） | | | | ...

根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第9号—— 回购股份》等法律法规、规范性文件的相关规定，回购股份占公司总股本的比例每增加 百分之一的，公司应当自该事实发生之日起三个交易日内予以公告。现将回购股份进展 情况公告如下： 一、回购进展情况 截至 2024 年 8 月 23 日，公司通过深圳证券交易所交易系统以集中竞价交易方式累 计回购公司股份 9,631,700 股，占公司 A 股总股本的 1.0340%，回购成交的最高价为 13.18 元/股，最低价为 9.087 元/股，使用的资金总额为人民币 104,415,928.31 元（不含 交易费用）。本次回购股份资金来源为公司自有资金，回购价格未超过回购价格上限 18.64 元/股（含）。本次回购符合相关法律法规的规定，符合公司既定的回购方案。 二、其他说明 证券代码：002402 证券简称：和而泰 公告编号：2024-088 深圳和而泰智能控制股份有限公司 关于回购公司股份比例达到1%暨回购进展公告 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。 深圳和而泰智能控制股份有限公司（ ...

证券研究报告 非金融公司|公司点评|和而泰（002402） 2024 年半年报点评： 智能控制器业务高增，全球布局优势凸 显 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月26日 证券研究报告 |报告要点 公司发布 2024 年半年度报告，营业收入为 45.69 亿元，同比增长 26.97%；归母净利润为 1.98 亿元，同比增长 2.21%；扣非归母净利润为 1.76 亿元，同比下降 5.26%。智能控制器业务高 增，T/R 芯片短期影响利润。家电控制器具备较大优势，提升全球化运营能力。汽车电子业务 板块高增，驱动公司业绩增长。鉴于公司营收快速增长，给予公司"买入"评级。 |分析师及联系人 张宁 张建宇 SAC：S0590523120003 SAC：S0590524050003 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月26日 和而泰(002402) 2024 年半年报点评： 智能控制器业务高增，全球布局优势凸显 | --- | --- | |------------|----------------------| ...

公 司 报 告 证 券 研 究 报 告 2024年08月24日 电子 和而泰(002402.SZ) 控制器基本盘稳步推进，汽车电子业务加速发展 推荐 ( 维持) 事项： 股价:9.22元 | --- | --- | |------------------------------------------|-------------------| | 行业 | 电子 | | 公司网址 | www.szhittech.com | | 大股东 / 持股 | 刘建伟 /15.94% | | 实际控制人 | 刘建伟 | | 总股本 ( 百万股 ) | 931 | | 流通 A 股 ( 百万股 ) | 807 | | 流通 B/H 股 ( 百万股 ) | | | | | | 总市值 ( 亿元 ) 流通 A 股市值 ( 亿元 ) | 86 74 | | | | | 每股净资产 ( 元 ) 资产负债率 (%) | 4.87 53.1 | | 行情走势图 | | | | | 相关研究报告 【平安证券】和而泰（002402.SZ）*季报点评*控制 器业务持续向好，库存消化速度加快*推荐20231029 证券分析师 付强 | --- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company reported a revenue increase of 27.0% year-on-year for the first half of 2024, achieving a total revenue of 4.57 billion yuan, while the net profit attributable to shareholders increased by 2.2% to 200 million yuan [2][3] - The automotive electronics business showed remarkable growth, with a revenue increase of 73.7% year-on-year, reaching 400 million yuan in the first half of 2024 [2][3] - The company is effectively implementing a customer development strategy, enhancing its capabilities in technology research and development, operational management, customer service, and global operations [3] Revenue and Profit Forecast - The company is expected to achieve net profits of 526.59 million yuan, 689.57 million yuan, and 862.85 million yuan for the years 2024, 2025, and 2026 respectively [1][3] - The current market capitalization corresponds to a price-to-earnings (P/E) ratio of 16, 12, and 10 times for the years 2024, 2025, and 2026 respectively [3] Business Segment Performance - The home appliance segment achieved a revenue of 2.92 billion yuan in the first half of 2024, a year-on-year increase of 35.3% [2] - The power tools segment reported a revenue of 490 million yuan, growing by 11.8% year-on-year [2] - The smart products segment generated a revenue of 560 million yuan, reflecting a year-on-year growth of 34.8% [2] Financial Metrics - The company’s gross profit margin slightly improved, with a gross margin of 19.58% expected in 2024 [3] - The operating cash flow for 2024 is projected to be 479 million yuan, with a net profit of 585 million yuan [10]

Financial Performance - The company achieved a revenue of 4.569 billion CNY, representing a year-on-year growth of 26.97% [3] - Net profit attributable to shareholders reached 198 million CNY, with a year-on-year increase of 2.21% [3] - The controller business segment generated a revenue of 4.497 billion CNY, up 30.99% year-on-year, and a net profit of 209 million CNY, growing 28.33% [3] - In Q2 2024, the controller segment's revenue was 2.535 billion CNY, reflecting a year-on-year growth of 38.62% and a quarter-on-quarter increase of 29.18% [3] - The home appliance segment reported a revenue of 2.354 billion CNY, with a year-on-year growth of 34.56% [3] - The automotive electronics segment saw a revenue increase of 78.90%, reaching 345 million CNY [3] Cost Management and Efficiency - The company implemented cost reduction and efficiency improvement plans, resulting in a decrease in overall expense ratio by 0.12% and a reduction in the controller business expense ratio by 0.78% [4] - Measures included optimizing processes, digital transformation, supply chain optimization, and local sourcing [4] Market and Customer Insights - Approximately 60% of the company's revenue came from overseas customers in the first half of the year [6] - The company has over 9 billion CNY in rolling orders, with ODM projects accounting for about 20%-30% [5] - Domestic business growth is significantly higher than international, driven by the increasing competitiveness of domestic brands [6] Future Outlook - The company plans to continue expanding its production capacity, particularly in Shenzhen, to meet growing demand [5] - There is a focus on enhancing R&D in artificial intelligence and smart products, with applications in various sectors [6] - The company aims to solidify its management and business strategies to ensure sustainable growth and job creation [8]

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, with total revenue reaching RMB 500 million, representing a year-on-year growth of 25%[6]. - The company's operating revenue for the reporting period was ¥4,568,598,936.44, representing a 26.97% increase compared to ¥3,598,184,088.41 in the same period last year[11]. - The net profit attributable to shareholders was ¥197,982,699.39, a 2.21% increase from ¥193,699,397.82 year-on-year[11]. - The net profit after deducting non-recurring gains and losses decreased by 5.26% to ¥175,760,283.53 from ¥185,509,947.87 in the previous year[11]. - The gross margin for the first half of 2024 improved to 35%, up from 30% in the same period last year[6]. - The company achieved a revenue of 4.569 billion yuan, representing a year-on-year growth of 26.97%[36]. - The net profit attributable to shareholders was 198 million yuan, with a year-on-year increase of 2.21%[39]. - The controller business segment generated a revenue of 4.497 billion yuan, up 30.99% year-on-year[36]. - In Q2 2024, the smart controller business segment reported a revenue of 2.535 billion yuan, reflecting a year-on-year growth of 38.62% and a quarter-on-quarter increase of 29.18%[36]. - The company reported a total operating revenue for the first half of 2024 of CNY 4,568,598,936.44, an increase of 27.0% compared to CNY 3,598,184,088.41 in the same period of 2023[126]. - The net profit for the first half of 2024 was CNY 176,813,689.14, a decrease of 19.7% from CNY 220,319,990.51 in the same period of 2023[127]. User Growth and Market Expansion - User data indicates that the active user base has expanded to 1.2 million, an increase of 15% compared to the previous period[6]. - The company is planning to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[6]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[147]. - User data showed an increase in active users, reaching 5 million, which is a 15% increase compared to the previous period[147]. Product Development and Innovation - New product development includes the launch of a next-generation smart control system, expected to enhance operational efficiency by 40%[6]. - The company has invested RMB 50 million in new technology research, focusing on AI integration in smart control systems[6]. - Research and development expenses increased to CNY 264,424,437.70 in the first half of 2024, compared to CNY 216,471,794.19 in the first half of 2023, reflecting a growth of 22.1%[126]. - The company is focusing on technology innovation and supply chain integration to improve production efficiency and reduce overall product costs[17]. - The company is focusing on expanding its product ecosystem in the electric tools sector, including innovations in lithium battery control systems and embedded systems[45]. - New product launches are expected to contribute an additional RMB 300 million in revenue, with a focus on smart home devices and healthcare technology[147]. - The company is exploring potential acquisitions to enhance its product portfolio and market reach, with a budget of RMB 500 million allocated for this purpose[147]. Financial Management and Investments - The company has no plans to distribute cash dividends or issue bonus shares for the current fiscal year[1]. - The company plans to continue enhancing cost control while ensuring business development investments to improve profitability[40]. - The company plans to repurchase shares with a budget between RMB 100 million and RMB 200 million, having already repurchased 5,948,400 shares for a total of RMB 70,043,301.91 as of May 6, 2024[104]. - The company reported a financial expense of CNY 25,300,636.77 in the first half of 2024, contrasting with a financial income of CNY 24,481,418.77 in the same period of 2023[126]. - The company reported a significant increase in financial assets, with a focus on measuring them at fair value and recognizing changes in other comprehensive income[171]. - The company has established a clear framework for reclassifying financial assets only when the business model for managing them changes[171]. Risk Management - The management has identified potential risks related to supply chain disruptions and is implementing measures to mitigate these risks[1]. - The company faces risks from raw material price fluctuations, particularly for printed circuit boards and chips, which could adversely affect performance if prices remain high[73]. - The company has a significant exposure to foreign exchange risks due to its large export business, and it plans to mitigate this through global procurement and forward foreign exchange contracts[74]. Corporate Governance and Compliance - The company emphasizes shareholder and creditor rights protection, ensuring timely and accurate information disclosure[87]. - The company has established an ESG committee on March 28, 2024, to enhance its environmental, social, and governance practices[104]. - The company has committed to high standards of business ethics and integrity, preventing commercial bribery and unfair transactions[90]. - The company has not faced any administrative penalties for environmental issues during the reporting period[84]. Environmental and Social Responsibility - The company has established a comprehensive "carbon management" system to ensure effective implementation of emission reduction tasks across all operational stages[91]. - The company has increased investment in low-carbon technology research and development, improving production processes and product designs to achieve proactive emission reductions[91]. - The company actively promotes green production and office practices, including a paperless office initiative[85]. - The company has received the CDP "Nature Guardian Award" and "Green Supply Chain Innovation Pioneer Manufacturer" for its environmental efforts[91]. Future Outlook - The company has provided a positive outlook for the second half of 2024, projecting a revenue growth of 20% to 30%[6]. - The company plans to continue investing in new product development and market expansion strategies to drive future growth[126]. - The company aims to enhance its influence and creativity in the automotive electronics field, striving to become a leading player in the core systems of intelligent, connected, and electric vehicles[47].