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 ...

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） | | | | ...

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]

证券代码：002402 证券简称：和而泰 深圳和而泰智能控制股份有限公司 投资者关系活动记录表 编号：20240823 投资者关系活动 □特定对象调研 □分析师会议 类别 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 其他（电话会议） 广发证券、天风证券、中金公司、中信建投、海通证券、招 商证券、方正证券、光大证券、东方证券、国信证券、长江 证券、嘉实基金、中欧基金、博时基金、鹏华基金、华夏基 金、广发基金、汇添富基金、宝盈基金、达晨财智、外贸信 托、银河基金、百年保险资管、华泰资管、招商证券资管、 国联安基金、红塔证券、生命资产、创金合信基金、民生银 行、野村证券、PINPOINT ASSET MANAGEMENT LIMITED、Dymon Asia Capital (HK) Limited、Pictet Asset Management、Brilliance Asset Management Limited、浙商资 参与单位名称 产、中国人寿资产、中邮人寿、中粮信托、华能贵诚信托、 农银理财、杭银理财、宁银理财、中英人寿、世纪证券、中 银基金、上银基金、太平洋资产、太平资产、泰信基金、 ...

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 ...

深圳和而泰智能控制股份有限公司 章程 二〇二四年八月 深圳和而泰智能控制股份有限公司 公司章程 目 录 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第四章 股东和股东大会 第五章 董事会 第六章 总裁及其他高级管理人员 第七章 监事会 第一节 监事 第二节 监事会 第八章 财务会计制度、利润分配和审计 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第一节 股东 第二节 股东大会的一般规定 第三节 股东大会的召集 第四节 股东大会的提案与通知 第五节 股东大会的召开 第六节 股东大会的表决和决议 第一节 董事 第二节 董事会 深圳和而泰智能控制股份有限公司 公司章程 第一节 财务会计制度 第九章 通知与公告 第十章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十一章 修改章程 第十二章 附则 第二节 内部审计 第三节 会计师事务所的聘任 公司由深圳市和而泰电子科技有限公司整体变更设立。 公司在深圳市市场监督管理局注册登记， 统 一 社 会 信 用 代 码 为 ： 91440300715263680J。 第三条 公司于 2010 年 4 月 12 ...