Company Overview - Shenzhen Heertai Intelligent Control Co., Ltd. was established in 2000 and listed on the Shenzhen Stock Exchange in 2010 [3] - The company focuses on the research, production, and sales of intelligent controllers, with business segments including home appliances, power tools, industrial control, automotive electronics, and smart products [3] Financial Performance - In the first half of 2025, the company achieved revenue of 19.21 billion CNY, a year-on-year increase of 54.46% [4] - Net profit attributable to shareholders reached 3.54 billion CNY, up 78.65% year-on-year, with a non-recurring net profit of 3.47 billion CNY, reflecting a 97.24% increase [4] - Operating cash flow increased by 224.15% year-on-year, indicating improved cash management [4] Business Segments Performance - The home appliance segment maintained a high revenue growth rate, contributing significantly to overall business growth [4] - The power tools and industrial automation segment continued to win new projects, achieving breakthroughs in both clients and products [4] - The automotive electronics segment increased R&D investment and client expansion, with a growing number of ODM projects [4] - The smart products segment saw accelerated R&D innovation and significant improvements in gross margin [4] Strategic Focus - The company is committed to innovation-driven growth and structural upgrades, responding to complex external economic conditions [3] - Future strategies include expanding production scale, optimizing product structure, and enhancing operational quality to ensure sustainable high-quality development [4] Competitive Advantages - The intelligent controller market is large and fragmented, with the company leveraging over 20 years of industry experience to build strong customer relationships and high brand loyalty [5] - The company has a competitive edge in global operations, rapid customer response, and R&D capabilities [5] Risk Management - The company employs effective foreign exchange risk control measures, including forward foreign exchange transactions and adjustments to foreign currency liabilities [6] - Currently, overseas production capacity accounts for approximately 30% of total capacity, with ongoing adjustments based on business needs [7] Future Outlook - The company aims to continue optimizing gross margin through customer and product structure improvements, cost reduction, and efficiency enhancement [6] - There is a strong focus on expanding market share and enhancing product competitiveness to drive future growth [6]

| 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 减速器 | 2.62 | 兵装重组概念 | -1.86 | | 动物疫苗 | 2.47 | PEEK材料 | -1.35 | | 禽流感 | 2.45 | 中船系 | -1.32 | | F5G概念 | 1.88 | 互联网保险 | -1.11 | | 华为海思概念股 | 1.87 | 中芯国际概念 | -0.82 | | 乳业 | 1.85 | 光刻胶 | -0.74 | | 铜缆高速连接 | 1.84 | 国家大基金持股 | -0.70 | | 智能音箱 | 1.82 | 脑机接口 | -0.64 | | 华为欧拉 | 1.82 | BC电池 | -0.63 | | 共封装光学(CPO) | 1.80 | 页岩气 | -0.58 | 截至8月19日收盘，华为海思股概念上涨1.87%，位居概念板块涨幅第5，板块内，29股上涨，诚迈科技 20%涨停，四川长虹涨停，赛微电子、强瑞技术、晶升股份等涨幅居前，分别上涨11.69%、9.73%、 8.74%。跌幅居前的有芯源微、和而泰、通富微电等 ...

报告期内，公司控制器主业实现营收52.45亿元，占比超过96%。其中，海外市场收入达到36.08亿元， 同比增长22.13%，占比超过三分之二，保持快速增长。公司以深圳总部为核心，早在数年前便前瞻性 布局了青岛、合肥、越南、意大利、罗马尼亚、墨西哥等制造基地，形成"多区域制造+属地交付"的产 能结构。该模式不仅有效规避了区域贸易政策波动的风险，也使公司具备快速响应本地客户、就近配套 交付的能力。 随着越来越多跨国客户强化本地化供应链建设，公司具备全球制造网络、信息系统支撑与品质稳定输出 的特点，成为客户优先选择的合作对象，竞争力持续提升。未来，公司将进一步优化产能配置与供应链 协同效率，夯实全球客户的服务能力与长期合作基础。 在当前地缘政治博弈加剧、全球供应链稳定性挑战加大的背景下，和而泰(002402)凭借多年构建的全球 化制造体系，展现出强大的抗风险能力与交付韧性。2025年上半年，公司实现营业收入54.46亿元，同 比增长19.21%；归母净利润3.54亿元，同比增长78.65%，整体经营稳中向好。 （文章来源：证券时报网） ...

和而泰发布2025 年中报。报告期内，公司实现营业收入54.46 亿元，同比增长19.21%；实现归母净利润 3.54 亿元，同比增长78.65%。 事件评论 事件描述 业绩稳健增长，盈利能力显著恢复。2025 年上半年，面对复杂的外部经济形势，和而泰通过技术创 新、全球化布局及降本增效策略，实现了逆势中的稳健增长。盈利能力的显著恢复主要得益于控制器业 务客户与产品结构的持续优化，以及控股子公司铖昌科技产品毛利率的提升，共同推动公司整体毛利率 同比提升了1.66%。同时，公司加强了经营现金流管理，通过提升销售回款效率和积极推动库存消耗， 经营活动产生的现金流量净额同比增长224.15%，经营状况得到有效改善。海内外市场拓展为下半年发 展奠定了坚实基础。 家电业务根基稳固，增长势头强劲。作为公司基本盘的家电业务，凭借其领先技术、全球头部客户资源 和全品类产品矩阵，继续巩固战略合作关系，为整体业绩增长提供了强劲支撑。报告期内，公司家电业 务板块实现销售收入35.63 亿元，同比增长22.14%，毛利率也同比提升了0.94%。和而泰凭借深厚的技 术底蕴及全流程配套能力，持续捕捉市场新机遇，快速响应需求升级，构筑了高 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's core business in home appliances is experiencing stable growth, while the strategic segments of power tools and automotive electronics are deepening their layouts. The smart product business and the T/R chip business of its subsidiary, Chengchang Technology, have become new growth drivers, with the latter showing rapid performance growth, providing significant space for future growth [3][9]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 5.446 billion yuan, a year-on-year increase of 19.21%. The net profit attributable to the parent company was 354 million yuan, up 78.65% year-on-year [3][9]. - The overall gross margin improved by 1.66% year-on-year, driven by the optimization of customer and product structure in the controller business and the increased gross margin of Chengchang Technology's products [9]. Business Segments - The home appliance segment, as the company's foundational business, achieved sales revenue of 3.563 billion yuan, a year-on-year increase of 22.14%, with a gross margin increase of 0.94% [9]. - The power tools and industrial automation business generated revenue of 535 million yuan, up 8.32% year-on-year. The automotive electronics segment reported revenue of 415 million yuan, a year-on-year increase of 5.20% [9]. - The smart product segment, positioned as a new strategic growth driver, achieved sales revenue of 618 million yuan, a year-on-year increase of 9.92%, with a gross margin of 23.67% [9]. - Chengchang Technology's T/R chip business reported revenue of 201 million yuan, a remarkable year-on-year increase of 180.16%, with net profit reaching 57 million yuan, up 333.23% [9]. Future Outlook - The company expects net profit attributable to the parent company to reach 700 million yuan, 916 million yuan, and 1.176 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 92%, 31%, and 28%, respectively [9].

| 代码 | 名称 | 9 | 涨幅% ↑ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 301086 | 澳凱愛 | 新 | 14.25 | 58.29亿 | 29.62 | | 002993 | 奥海科技 | 1 | 9.99 | 151亿 | 36.97 | | 688371 | 菲沃泰 | 中 | 8.34 | 69.74Z | 33.96 | | 002241 | 歌尔股份 | -澳 | 8.08 | 986 Z | 10.19 | | 688678 | 福立旺 | | 8.01 | 72.02亿 | 88.10 | | 002600 | 领益智造 | 中 | 8.00 | 766 Z | 36.96 | | 300857 | 协创数据 | 世 | 7.44 | 332亿 | 25.92 | | 300709 | 精研科技 | | 7.14 | 92.96亿 | 24.73 | | 002273 | 水晶光电 | | 6.68 | 329亿 | 7.44 | | 301183 | 东田微 | 海 | 6.45 | 54.66亿 | ...

个股方面，8月15日有1689只个股获融资净买入，净买入金额在5000万元以上的有125股。其中，11股获 融资净买入额超2亿元。东方财富获融资净买入额居首，净买入13.24亿元；融资净买入金额居前的还有 中信证券、新易盛、江淮汽车、阳光电源、飞龙股份、和而泰、同花顺、四川长虹等，净买入额分别为 6.96亿元、4.18亿元、3.89亿元、3.41亿元、2.95亿元、2.57亿元、2.45亿元、2.22亿元。 Wind统计显示，8月15日，申万31个一级行业中有18个行业获融资净买入，其中，非银金融行业获融资 净买入额居首，当日净买入39.04亿元；获融资净买入居前的行业还有电子、银行、家用电器、计算 机、通信、农林牧渔等，净买入金额分别为16.36亿元、12.71亿元、6.48亿元、4.67亿元、2.97亿元、 2.04亿元。 （文章来源：证券时报网） ...

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 301086 | 澳疆贸 | 演 | 14.25 | 58.29亿 | 29.62 | | 002993 | 奥海科技 | 1 | 9.99 | 151亿 | 36.97 | | 688371 | 菲沃泰 | 1 | 8.34 | 69.74 Z | 33.96 | | 002241 | 歌尔股份 | 演 | 8.08 | 986亿 | 10.19 | | 688678 | 福立旺 | | 8.01 | 72.02 乙 | 88.10 | | 002600 | 领益智造 | → | 8.00 | 766亿 | 36.96 | | 300857 | 协创数据 | 1 | 7.44 | 332亿 | 25.92 | | 300709 | 精研科技 | | 7.14 | 92.96亿 | 24.73 | | 002273 | 水晶光电 | | 6.68 | 329亿 | 7.44 | | 301183 | 东田微 | 楽 | 6.45 | 54.66 乙 | ...

Core Insights - The company, Heertai, achieved significant growth in revenue and profit in the first half of 2025, with revenue reaching 5.446 billion yuan, a year-on-year increase of 19.21%, and net profit attributable to shareholders of 354 million yuan, up 78.65% [1][3] - The growth is attributed to the increase in new customers and project deliveries, as well as a continuous rise in market share [1][3] - The company's operating cash flow turned positive, amounting to 147 million yuan, a significant improvement from the previous year's negative cash flow [3][4] Financial Performance - In the first half of 2025, Heertai's net profit approached the total for the entire year of 2024, while the non-recurring net profit exceeded the full-year figure for 2024 [3] - The non-recurring net profit for the first half of 2025 was 347 million yuan, reflecting a year-on-year increase of 97.24% [3] Business Segments - The home appliance controller business remains the core of Heertai's operations, generating 3.563 billion yuan in revenue, a 22.14% increase [5] - The electric tools segment, serving major clients like TTI and HILTI, reported revenue of 535 million yuan, up 8.32% [5] - The intelligent products segment, including smart controllers and AI service platforms, generated 618 million yuan, a 9.92% increase [6] - The automotive electronics segment achieved revenue of 415 million yuan, growing by 5.20% [6] Research and Development - Heertai's R&D expenses reached a record high of 309 million yuan in the first half of 2025, marking a 16.81% increase year-on-year [6] - The company has invested a total of 1.926 billion yuan in R&D over the past five years, with over 2,000 patents filed [6] Global Expansion - Heertai has established manufacturing bases in multiple countries, including China, Vietnam, Italy, Romania, and Mexico, enhancing supply chain resilience and delivery agility [7] - In the first half of 2025, international revenue grew by 22.13% to 3.608 billion yuan, outpacing domestic revenue growth of 13.86% [7]

Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company achieved a revenue of 5.446 billion RMB in the first half of 2025, representing a year-on-year growth of 19.21%, and a net profit attributable to shareholders of 354 million RMB, up 78.65% year-on-year, aligning with previous performance forecasts [1]. - The growth is attributed to an increase in new customers and product deliveries, as well as an improvement in gross margin driven by the subsidiary Chengchang Technology [1]. - The report highlights the rapid development of AI applications in the domestic market, suggesting that the smart upgrade of terminal products may accelerate, presenting new opportunities for the company [1]. - The company is expected to enhance its profitability gradually due to product structure adjustments and improved capacity utilization [1]. Revenue Breakdown - The home appliance segment generated 3.563 billion RMB in revenue, a 22.14% increase year-on-year, with gross margin improving by 0.94 percentage points, benefiting from stable orders from domestic and international clients [2]. - The electric tools and industrial automation segment reported revenue of 535 million RMB, up 8.32% year-on-year, with a steady increase in project deliveries [2]. - The automotive electronics segment achieved revenue of 415 million RMB, a 5.20% increase year-on-year, although delivery pace slowed due to market conditions [2]. Smart Product Development - The smart business segment generated revenue of 618 million RMB, reflecting a year-on-year growth of 9.92%, with expectations for accelerated smart upgrades in terminal products [3]. - The company is expanding its product offerings in smart home, personal care gaming, and sports apparel, with successful development of products like motion-sensing clothing and smart beauty mirrors [3]. Profitability and Efficiency - The company's gross margin and net profit margin for the first half of 2025 were 19.13% and 6.49%, respectively, both showing improvements of 1.66 and 2.16 percentage points year-on-year [4]. - The turnaround of Chengchang Technology from a loss of 24 million RMB in the first half of 2024 to a profit of 57 million RMB in the first half of 2025 significantly contributed to this improvement [4]. - The report notes effective cost control measures, with reductions in sales, management, and R&D expense ratios, leading to enhanced operational efficiency [4]. Financial Forecasts - The report projects net profits for the company to be 704 million RMB, 904 million RMB, and 1.204 billion RMB for the years 2025 to 2027, respectively [5][14]. - The estimated target market capitalization for the company is 32.21 billion RMB, with a target price of 34.82 RMB per share, reflecting a PE ratio of 47x for 2025 [5][14].