深圳和而泰智能控制股份有限公司 关于2022年限制性股票激励计划第一个限售期 解除限售股份上市流通的提示性公告 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。 证券代码：002402 证券简称：和而泰 公告编号：2024-040 特别提示： 1、深圳和而泰智能控制股份有限公司 2022 年限制性股票激励计划第一个限 售期解除限售条件已经成就，本期可解除限售的限制性股票激励对象为 256 名， 可解除限售的限制性股票数量为 514.50 万股，占目前公司股本总额的 0.5522%。 2、公司 2022 年限制性股票激励计划第一个限售期解除限售股份上市流通 日为 2024 年 4 月 15 日。 深圳和而泰智能控制股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日召开第六届董事会第十七次会议和第六届监事会第十六次会议审议通过了 《关于 2022 年限制性股票激励计划第一个限售期解除限售条件成就的议案》， 同意公司按照《2022 年限制性股票激励计划（草案）》的相关规定，为 2022 年限制性股票激励计划第一个限售期符合解除限售条件的 256 名激励 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's revenue for 2023 showed a significant increase of 25.85% year-on-year, with the controller business segment achieving a revenue of 7.22 billion yuan, up 26.94% year-on-year. However, the net profit attributable to shareholders decreased by 21.15% to 294 million yuan due to increased share-based payment expenses and accelerated amortization of intangible assets [7][8]. - The company is expected to continue its revenue growth across all segments in 2024, driven by advancements in automotive electronics, smart products, and energy storage businesses [8]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 7.507 billion yuan, a 25.85% increase year-on-year. The net profit attributable to shareholders was 331 million yuan, down 24.27% year-on-year. The fourth quarter revenue was 2.020 billion yuan, reflecting a 6.94% quarter-on-quarter increase and a 30.77% year-on-year increase [23][24]. - The company’s gross profit margin slightly declined due to changes in product structure, while the controller business segment's gross margin improved by 0.22% through R&D and process optimization [7]. Business Segments - The home appliance segment generated 4.579 billion yuan in revenue, up 24.67% year-on-year, with a gross margin increase of 2.21%. The automotive electronics segment saw a remarkable growth of 82.52%, reaching 552 million yuan in revenue, marking a significant breakthrough in entering the supply chain of a well-known overseas automaker [24]. - The smart products segment achieved 966 million yuan in revenue, a 31.59% increase year-on-year, while the energy storage segment faced a slight revenue shortfall due to market conditions [24]. Profit Forecast and Investment Suggestions - The forecast for net profit attributable to shareholders for 2024-2026 is 565 million yuan, 759 million yuan, and 967 million yuan, representing year-on-year growth rates of 70%, 34%, and 27%, respectively. The corresponding PE ratios are projected to be 19, 14, and 11 times [8].

证券代码：002402 证券简称：和而泰 公告编号：2024-038 深圳和而泰智能控制股份有限公司 关于 2021 年股票期权激励计划部分股票期权注销完成的公告 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"）于2024年3月28日召开第 六届董事会第十七次会议和第六届监事会第十六次会议审议通过了《关于注销2021年 股票期权激励计划第三个行权期首次授予和预留授予股票期权的议案》。根据《上市公 司股权激励管理办法》《2021年股票期权激励计划（草案）》《2021年股票期权激励计划 实施考核管理办法》等有关规定，以及公司2021年第一次临时股东大会授权，公司董 事会同意对2021年股票期权激励计划第三个行权期由于公司层面业绩考核未达成导致 未满足行权条件的376.50万份股票期权进行注销。具体内容详见公司指定信息披露媒 体《中国证券报》《证券时报》及公司指定信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）于2024年3月30日披露的《关于注销2021年股票期权激励 计划部分股票期权的 ...

证券代码：002402 证券简称：和而泰 公告编号：2024-039 深圳和而泰智能控制股份有限公司 关于实际控制人部分股份解除质押的公告 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，获悉刘建伟先生所持有的公司部分股份办理了解除质押 的业务，具体事项公告如下： 二、股东股份累计被质押的情况 截至公告披露日，刘建伟先生所持质押股份情况如下： 股东 名称 是否为控股股 东或第一大股 东及其一致行 动人 本次解除质押 股份数量(股) 占其所持 股份比例 （%） 占公司总 股本比例 （%） 起始日 解除 日期 质权人 刘建伟 是 10,430,000 7.0248 1.1194 2022 年 9 月 26 日 2024 年 4 月 8 日 广发证券 股份有限 公司 2,000,000 1.3470 0.2147 刘建伟 是 4,000,000 2.6941 0.4293 2023 年 10 月 26 日 刘建伟 是 3,000,000 2.0205 0.3220 2024 年 ...

公 司 报 告│ 公 司 年 报 点 评 库存加速消化，汽车电子业务增速亮眼 2024 年 3 月 29 日，公司发布 2023 年度报告。2023 年公司实现营业收入 75.07亿元，同比增长25.85%；实现归母净利润3.31亿元，同比下降24.27%； 实现扣除非经常性损益的归母净利润 2.95 亿元，同比下降 21.85%。 分业务来看，2023 年公司家电/电动工具/汽车电子/智能化产品分别实现 营收 45.79/8.11/5.52/9.66 亿元，同比+24.67%/7.80%/82.52%/31.59%。 其中，家电板块海外家电大客户新项目订单开拓进展顺利，实现稳定增长。 电动工具主要受下游大客户去库存影响。汽车电子业务获多个平台级项目。 智能化产品板块下游应用拓展，新产品涌现。2023 年公司库存加速周转， 公司存货账面价值占总资产比相较于期初下降 3.32%。 ➢ 股份支付费用以及会计估计变更对净利率产生较大影响 和而泰(002402) 事件： ➢ 存货消化加速，营收实现稳定增长 ➢ 产品结构变动导致毛利率下降 2023 年公司毛利率为 19.58%，同比-0.57pct，主要由于产品结构变 ...

P.4 请仔细阅读本报告末页声明 传真：021-31829681 证券研究报告 | 公司动态点评 2024 年 04 月 01 日 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|--------|--------|-----------------------------------------|-----------| | | | | | | | | | | | | | | | | | | | 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 | 9,579 | 12,578 | 15,181 | 股票信息 | | | 增长率 yoy （ % ） | -0.3 | 25.8 | 27.6 | 31.3 | 20.7 | | | | 归母净利润（百万元） | 438 | 331 | 603 | ...

证券代码：002402 证券简称：和而泰 公告编号：2024-037 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））；本次回购 价格不超过人民币18.795元/股（含），具体回购股份的数量以公司回购期满时实际回购 的股份数量为准。具体内容详见公司在《证券时报》《中国证券报》和巨潮资讯网 （www.cninfo.com.cn）上披 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near future [6][7]. Core Insights - The company's short-term operating performance is slightly below expectations, but its long-term development remains robust. In 2023, the company achieved revenue of 7.51 billion yuan, a year-on-year increase of 25.9%, while the net profit attributable to shareholders was 331.43 million yuan, a decrease of 24.3% [6][7]. - The controller business segment reported revenue of 7.22 billion yuan, up 26.9% year-on-year, driven by increased customer acquisition and order fulfillment [6][7]. - The company is focusing on R&D innovation, with R&D expenses rising by 39.9% to 520 million yuan, which is expected to enhance its market share in the smart control sector [18]. Financial Performance Summary - Total revenue for 2022 was 5.965 billion yuan, with projections of 7.507 billion yuan for 2023, 9.668 billion yuan for 2024, 12.578 billion yuan for 2025, and 15.102 billion yuan for 2026, reflecting a compound annual growth rate [1]. - The net profit attributable to shareholders for 2022 was 437.62 million yuan, with forecasts of 331.43 million yuan for 2023, 526.59 million yuan for 2024, 693.16 million yuan for 2025, and 866.51 million yuan for 2026 [1]. - The company's earnings per share (EPS) is projected to increase from 0.36 yuan in 2023 to 0.93 yuan in 2026 [1]. Operational Efficiency - The company has increased its sales, management, and R&D expense ratios, which have impacted net profit margins in the short term but are expected to benefit long-term growth [2]. - Inventory turnover has improved, and overall raw material inventory levels have decreased, indicating enhanced operational efficiency [2].

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 520 million, 730 million, and 1 billion RMB for the years 2024-2026, corresponding to PE ratios of 23, 16, and 12 times respectively [1][10]. Core Insights - The company is expected to experience a recovery in profitability due to the increase in new customer orders and the expansion of its product offerings, particularly in the high-end segments of the home appliance and tool sectors. The automotive electronics segment is also entering a rapid growth phase driven by customer demand and production capacity [1][12]. - The company reported a revenue of 7.507 billion RMB for 2023, representing a year-on-year growth of 25.85%, while the net profit attributable to the parent company was 331 million RMB, down 24.27% year-on-year [18]. Summary by Sections Financial Performance - The company achieved a revenue of 7,507 million RMB in 2023, with a growth rate of 25.85% compared to the previous year. The net profit attributable to the parent company was 331 million RMB, reflecting a decline of 24.27% year-on-year [18]. - The gross profit margin decreased by 0.55 percentage points, and the net profit margin fell by 3.86 percentage points due to changes in product structure and increased operating expenses [18]. Business Segments - The controller business grew by 26.94% year-on-year, reaching 7.22 billion RMB, despite a challenging consumer environment. The home appliance and tool segments generated revenues of 4.579 billion and 811 million RMB, respectively, with increases of 24.67% and 7.8% [18]. - The automotive electronics segment maintained high growth, achieving a revenue of 552 million RMB, which is an increase of 82.52% year-on-year [18]. Inventory and Operations - The company is accelerating inventory turnover, with a significant reduction in raw material inventory, which decreased by 143 million RMB compared to the beginning of the period, totaling 1.09 billion RMB [1][12].

目录 CONTENTS | 关于本报告 | | | --- | --- | | 董事长致辞 | 03 | | 2023年主要财务业绩指标 | 05 | | 01 | 01 走进和而泰 | | | --- | --- | --- | | | 公司概况 | 8 | | | 发展历程 | 9 | | | 组织架构 | 11 | | | 业务布局 | 12 | | | 核心竞争力 | 13 | | | 企业文化 | 15 | | | 公司荣誉 | 16 | | | | | 环境保护 | 41 | | --- | --- | | 能源管理 | 47 | | 资源使用 | 51 | | 应对气候变化 | 52 | | 污染防治 | 56 | | 化学品管理 | 65 | 可持续发展管理 02 | ESG治理理念 | 19 | | --- | --- | | ESG治理架构 | 19 | | 实质性议题管理 | 19 | | 05 | 产业价值创造 | | | --- | --- | --- | | | 研发与创新 | 69 | | | 知识产权管理 | 75 | | | 数字化战略建设 | 76 | | 03 | 规范公 ...