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].

证券代码：002402 证券简称：和而泰 公告编号：2024-086 深圳和而泰智能控制股份有限公司 本次回购注销完成后，公司总股本将由925,542,285股减至925,192,285股，公 司注册资本将由925,542,285元减少至925,192,285元。 鉴于上述变动，对《公司章程》中涉及的相应条款进行修订，具体修订如下： | 原条款 | 修订后条款 | | --- | --- | | 第六条 公司注册资本为人民币925,542,285 | 第六条 公司注册资本为人民币925,192,285 | | 元。 | 元。 | | 第十九条 公司股份总数925,542,285股，均 | 第十九条 公司股份总数925,192,285股，均 | | 为人民币普通股。 | 为人民币普通股。 | 除上述条款外，《公司章程》其他条款内容保持不变。上述公司章程的修订 尚需提交公司股东大会审议。具体变更内容以工商核准变更登记为准。 特此公告。 深圳和而泰智能控制股份有限公司 关于变更注册资本并修订《公司章程》的公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 深圳和 ...

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 2022 年限制性股票激励计划 回购注销部分限制性股票的 法律意见书 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"）为具有从事法律业务资格 的律师事务所。本所接受深圳和而泰智能控制股份有限公司（以下简称"和而泰" 或"公司"）的委托，担任和而泰 2022 年限制性股票激励计划（以下简称"本次激 励计划"）的专项法律顾问，就公司本次激励计划回购注销部分限制性股票（以 下简称"本次回购注销"）涉及的相关事项，出具本法律意见书。 本法律意见书根据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、《上市公司股权激励管理 办法》（以下简称《激励管理办法》）、《律师事务所从事证券法律业务管理办 法》及《深圳证券交易所上市公司自律监管指南第 1 号——业务办理》等相关法 律、法规 ...

证券代码：002402 证券简称：和而泰 公告编号：2024-081 深圳和而泰智能控制股份有限公司 第六届董事会第二十一次会议决议公告 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。 深圳和而泰智能控制股份有限公司（以下简称"公司"）第六届董事会第二十一 次会议通知于2024年8月11日以专人和电子邮件的方式送达给各位董事、监事及高级 管理人员。会议于2024年8月21日在广东省深圳市南山区科技南十路航天科技创新研 究院大厦D座10楼和而泰一号会议室以现场结合通讯表决方式召开。会议应出席董 事9名，实际出席董事9名（其中孙中亮先生以通讯方式出席）。公司监事和高级管理 人员列席了会议。本次会议的出席人数、召集、召开程序和议事内容均符合《中华 人民共和国公司法》和《公司章程》的规定。会议由董事长刘建伟先生主持，经与 会人员认真审议，形成如下决议： 1、会议以9票赞成、0票反对、0票弃权，审议通过了《2024年半年度报告全文 及摘要》； 行回购注销。 《关于回购注销部分限制性股票的公告》（公告编号：2024-084）详见公司指定 信息披露媒体《中国证券报》《证 ...

证券代码：002402 证券简称：和而泰 公告编号：2024-087 1、股东大会届次：2024年第三次临时股东大会 2、召集人：公司第六届董事会 3、会议召开的合法、合规性：公司第六届董事会第二十一次会议审议通过了 《关于召开2024年第三次临时股东大会的议案》，本次会议的召开符合有关法律、 行政法规、部门规章、规范性文件和《公司章程》的规定。 4、会议召开时间： 现场会议召开时间：2024年9月9日（星期一）下午14:30 网络投票时间：2024年9月9日 深圳和而泰智能控制股份有限公司 关于召开2024年第三次临时股东大会的通知 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"）第六届董事会第二 十一次会议，审议通过了《关于召开2024年第三次临时股东大会的议案》，决定 于2024年9月9日召开公司2024年第三次临时股东大会，现将本次会议的有关事项 通知如下： 一、会议召开的基本情况 （1）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9月9 日上午9:15—9:25和9:30—11: ...

深圳和而泰智能控制股份有限公司 监事会关于回购注销部分限制性股票数量及人员名单的审核意见 深圳和而泰智能控制股份有限公司（以下简称"公司"）于2024年8月21日 召开第六届董事会第二十一次会议和第六届监事会第二十次会议审议通过了《关 于回购注销部分已授予但尚未解除限售的限制性股票暨减资的议案》，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司股权激励管理办法》 及《公司章程》等有关规定，监事会对公司注销部分限制性股票事宜发表如下审 核意见： 公司监事会已对本次拟注销限制性股票激励计划涉及的股票数量及激励对 象名单进行核实。监事会认为： 公司2022年限制性股票激励计划中有9名激励对象因个人原因离职，根据《上 市公司股权激励管理办法》等法律、法规及公司《2022年限制性股票激励计划（草 案）》的相关规定，同意公司对其已获授予但尚未解除限售的限制性股票共计35 万股予以回购注销。本次回购注销事项符合《上市公司股权激励管理办法》等相 关法律、法规及公司2022年限制性股票激励计划的有关规定，注销程序符合相关 法律法规的要求，合法有效，亦不存在损害公司及全体股东利益的情形。 因此，监事会一致同意公司 ...