Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [24]. Core Views - The company has shown significant revenue and profit growth in Q1 2024, with revenue reaching 1.982 billion yuan, a year-on-year increase of 20.51%, and a net profit of 97 million yuan, up 18.06% year-on-year [6][9]. - The controller segment achieved revenue of 1.962 billion yuan, reflecting a year-on-year growth of 22.29%, indicating strong customer demand and sufficient orders [1]. - The company is actively expanding its product offerings and customer base, achieving good results in acquiring new clients and projects, which enhances its market share [3]. Summary by Sections Financial Performance - In Q1 2024, the company's gross margin was 16.84%, a decrease of 0.41 percentage points year-on-year, while the controller segment's gross margin improved by 0.73 percentage points year-on-year [2]. - The company’s operating income for 2024 is projected to be 9.579 billion yuan, with a year-on-year growth rate of 27.6% [6]. - The net profit attributable to the parent company is expected to reach 603 million yuan in 2024, representing an 81.8% year-on-year increase [6]. Strategic Initiatives - The company is increasing its investment in new strategic planning and business development, which has led to a rise in expenses, particularly in sales and R&D [2]. - The company has established R&D and operational centers in over 20 countries, accelerating its overseas market expansion [3]. Future Outlook - The company is expected to benefit from its global expansion strategy, with projected net profits of 603 million yuan, 791 million yuan, and 1.053 billion yuan for 2024, 2025, and 2026 respectively [9]. - The current price-to-earnings ratio (P/E) is projected to be 17.7, 13.5, and 10.1 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation [6].

Summary of Conference Call Company Overview - The company reported a revenue growth of 22.29% [1] - The profit situation was weaker in the previous year's annual report, but there is an indication of improvement in overall profitability in the first quarter [1] Key Points - Revenue growth indicates a strong performance compared to the previous period [1] - The company is gradually improving its profitability, suggesting positive operational changes [1] Additional Important Content - The mention of previous year's profit weakness highlights the challenges faced, which may be relevant for understanding the current recovery trajectory [1]

事件： ➢ 单季度营收同比保持增长，在手订单充足 ➢ 期间费用率保持稳定，积极降本增效 2024Q1 公司经营性现金流同比下滑 316.36%，主要由于公司支付货款及员 工薪酬奖金。随着后续客户回款入账及大额支付情形减少，预计经营性现 金流将回归正常水平。 公 司 报 告│ 公 司 季 报 点 评 需求有望向好，持续降本增效 2024 年 4 月 19 日，公司发布 2024 年一季报，报告期内实现营业收入 19.82 亿元，同比增长 20.51%；实现归母净利润 9657.25 万元，同比增长 18.06%； 实现扣除非经常性损益的归母净利润 8245.88 万元，同比增长 12.73%。 ➢ 传统业务需求有望复苏，看好公司份额提升 2024 年，伴随客户去库存节奏接近尾声，我们认为需求有望加速复苏。公 司海外产地布局持续突破，越南、意大利、罗马尼亚生产基地已实现量产， 墨西哥生产基地预期今年投产，我们预计公司份额提升。 ➢ 盈利预测、估值与评级 证券研究报告 和而泰(002402) 2024Q1 公司营收同比增长 20.51%。其中，控制器业务实现营业收入 19.62 亿元，同比增长 22.29%，在春节 ...

我们的收入呢也是有百分之二十二点二九的这样一个增长那在利润呢这一块呢大家也都知道其实我们在去年的时候联邦的时候我们和泰的公司的这样的一个利润情况相对来说就是要要弱一点但是呢 从整体一季度来看我们现在是慢慢整体上来说我们的盈利能力在逐步的趋向好转特别是在毛利率的这块的情况下毛利率这块呢我们的控制器这块的业务呢也同比有接近一个点的这样一个增长0.73的这样一个增长那规模的这样一个净利润呢也是有36.26%的这样的一个增长那扣费以后也有个30的这个增长 那在整体上我们在控制器的这一块的业务来说在一季度还有我们这几个月就一直由于早期的时候给大家交流的时候也是有劫后用工困难的这样一个情况下然后也是首次出现了一季度叫四季度的一个环比的这样一个增长 虽然说增长的不多但是因季度大家都知道都是我们公司 消收收入最低的一个季度因为有一个春节长假嘛所以呢这样的一个尽管有春节长假的情况下也是还是有一个不错的这样的增长 那从整个的业务板块来看呢我们的家电啊智能化产品汽车等等这些我们的这个呢就是增速是非常大特别是我们汽车板块也是有百分之九十多的这样一个增长然后呢家电这块又也是还有百分之三十六点多的这样一个增长智能化产品的这块也是有三十多 ...

证券代码：002402 证券简称：和而泰 公告编号：2024-048 深圳和而泰智能控制股份有限公司 关于调整限制性股票回购价格的公告 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4月19日召开第 六届董事会第十八次会议和第六届监事会第十七次会议审议通过了《关于调整限制性 股票回购价格的议案》，由于公司拟实施2023年度权益分派，且在利润分配方案实施前 公司实施了股份回购，导致公司实际参与权益分派的股本基数发生变化，故公司董事 会拟根据公司《2022年限制性股票激励计划（草案）》及相关规定、2022年第四次临时 股东大会的授权以及2023年度利润分配方案的审议及实施情况对限制性股票的回购价 格进行相应调整。现将有关情况公告如下： 一、 股权激励计划已履行的相关审议程序 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 ...

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 调整回购价格的法律意见书 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调整回购价格（以下 简称"本次调整回购价格"）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、规范性文件及《深圳 ...

Financial Performance - The company achieved a net profit attributable to the parent company of 96.57 million yuan, representing a year-on-year increase of 18.06%[11] - The controller business segment's gross margin increased by 0.73% year-on-year, with a net profit attributable to the parent company of 103.61 million yuan, up 36.26%[11] - The company achieved operating revenue of CNY 1,981,896,074.22, representing a year-on-year increase of 20.51%[29] - Net profit attributable to shareholders was CNY 96,572,467.09, up 18.06% compared to the same period last year[29] - The net profit after deducting non-recurring gains and losses was CNY 82,458,787.32, reflecting a 12.73% increase year-on-year[29] - The total operating profit for the quarter was approximately ¥91.96 million, a slight decrease from ¥94.72 million in the previous quarter, representing a decline of about 2%[69] - The net profit attributable to the parent company was ¥96.57 million, an increase of approximately 18% compared to ¥81.80 million in the previous quarter[69] - The total comprehensive income for the quarter reached ¥100.01 million, up from ¥91.14 million in the previous quarter, indicating a growth of around 9.9%[69] - Basic and diluted earnings per share were both ¥0.1036, compared to ¥0.0878 in the previous quarter, reflecting an increase of approximately 17%[69] Cash Flow and Liquidity - The cash and cash equivalents at the end of the period reached 901.80 million yuan, a 66.14% increase compared to the previous year[13] - The cash flow from operating activities showed a significant decline of 316.36%, primarily due to payments for goods and employee compensation[32] - Cash inflow from operating activities totaled 1,864,296,273.37 RMB, compared to 1,721,421,708.32 RMB in the prior period, reflecting a growth of approximately 8.3%[54] - Cash outflow from operating activities increased to 2,012,961,731.15 RMB, up from 1,652,709,365.19 RMB, indicating a rise of about 21.8%[54] - The ending cash and cash equivalents balance was 901,796,982.93 RMB, up from 542,806,334.55 RMB, marking an increase of approximately 66.1%[55] Expenses and Investments - The company reported a significant increase in sales expenses by 51.60% year-on-year, primarily due to the hiring of core talents for market expansion[13] - Research and development expenses rose by 32.41% year-on-year, driven by strategic R&D projects and increased material input[13] - The total operating costs for the current period amount to CNY 1,912,861,524.92, compared to CNY 1,560,398,485.29 in the previous period, reflecting an increase of about 22.5%[68] - Research and development expenses increased to CNY 113,986,944.81 from CNY 86,087,413.04, marking a rise of approximately 32.5%[68] Assets and Liabilities - The total assets at the end of the reporting period were CNY 10,307,122,147.87, an increase of 3.44% from the end of the previous year[29] - The total liabilities increased to CNY 4,943,437,995.36 from CNY 4,681,014,283.85, which is an increase of approximately 5.6%[68] - The total equity attributable to shareholders of the parent company rose to CNY 4,636,247,470.74 from CNY 4,543,387,679.50, reflecting an increase of about 2.0%[68] Strategic Initiatives - The company expanded its product line and increased market share by acquiring multiple large platform projects from new clients during the reporting period[10] - The company plans to increase R&D investment in new fields and accelerate overseas market expansion to enhance market share among international major clients[34] - The company aims to optimize costs through comprehensive budget management, lean manufacturing, and digital transformation[34] - The company plans to execute its operational goals for 2024 based on strategic layouts across various business segments[34] - The company plans to continue focusing on market expansion and new product development to drive future growth[69] Shareholder Actions - The company has completed the registration of changes in its business license and articles of association[20] - As of February 29, 2024, the company was preparing for a share repurchase but had not yet implemented it[21] - The company has initiated a share repurchase plan with a budget of between ¥100 million and ¥200 million, with a maximum repurchase price of ¥18.795 per share[42] - The company proposed a share repurchase plan with a budget between 30 million RMB and 50 million RMB[61] - The company completed the cancellation of 889,500 stock options as part of its stock option incentive plan[60] - The company repurchased 321,800 shares at a total cost of 4,014,828.00 RMB, representing 0.0345% of its total A-share capital[62] Operational Efficiency - The company will focus on enhancing operational efficiency and management capabilities to support sustainable development[34] - The company reported a net profit margin improvement due to increased revenue and controlled costs, although specific margin percentages were not disclosed[68] - The company experienced a loss attributable to minority shareholders of approximately ¥12.17 million, compared to a profit of ¥2.97 million in the previous quarter[69] - The company’s operating income showed a slight decline, while net profit attributable to the parent company increased, suggesting improved operational efficiency[69]

证券代码：002402 证券简称：和而泰 公告编号：2024-043 深圳和而泰智能控制股份有限公司 2023年年度股东大会决议公告 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： （1）现场会议召开时间：2024年4月19日（星期五）下午14:00 （1）现场出席会议的股东及股东授权委托代表人共1人，代表股份148,475,000股， 占公司股份总数的15.9356％。 （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4月19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4月19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票与网络投票相结合的方式 4、会议召集人：公司董 ...

证券代码：002402 证券简称：和而泰 公告编号：2024-044 深圳和而泰智能控制股份有限公司 关于回购注销部分限制性股票减资暨通知债权人的公告 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、于2024年4月19日召开公司2023年年度股东大会审议通过了 《关于调整回购价格及回购注销部分已授予但尚未解锁的限制性股票暨减资的议案》 和《关于变更注册资本并修订<公司章程>的议案》。 根据《上市公司股权激励管理办法》、公司《2022年限制性股票激励计划（草 案）》的相关规定，公司2名激励对象因故离世而不再符合激励条件，公司对其已授予 但尚未解锁的限制性股票共230,000股进行回购注销。具体内容详见公司2024年3月30 日刊登在公司指定信息披露媒体《证券时报》《中国证券报》及公司指定信息披露网站 巨潮资讯网（http://www.cninfo.com.cn）上的相关公告。 本次回购注销完成后，公司注册资本由931,720,685元减少至931,490,6 ...

1、会议以9票赞成、0票反对、0票弃权，审议通过了《2024年第一季度报告》； 《深圳和而泰智能控制股份有限公司2024年第一季度报告》（公告编号：2024- 047）详见公司指定信息披露媒体《证券时报》《中国证券报》及指定信息披露网站 巨潮资讯网（http://www.cninfo.com.cn）。 证券代码：002402 证券简称：和而泰 公告编号：2024-045 深圳和而泰智能控制股份有限公司 第六届董事会第十八次会议决议公告 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"）第六届董事会第十八次 会议通知于2024年4月14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4月19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（其中秦宏武先生、罗珊珊女士、孙中亮先生由于工作原因以 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 ...