和而泰(002402)：主航道行稳致远 新赛道聚力腾飞

Core Viewpoint - The company reported strong revenue and profit growth in the first half of 2025, driven by technological innovation, global expansion, and cost efficiency strategies [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 5.446 billion yuan, a year-on-year increase of 19.21% [1]. - The net profit attributable to shareholders reached 354 million yuan, up 78.65% year-on-year [1]. - The overall gross margin improved by 1.66% due to optimization in customer and product structure [2]. Group 2: Business Segments - The home appliance segment generated sales of 3.563 billion yuan, growing 22.14% year-on-year, with a gross margin increase of 0.94% [2]. - The electric tools and industrial automation segment reported revenue of 535 million yuan, an 8.32% increase [3]. - The automotive electronics segment achieved revenue of 415 million yuan, up 5.20% year-on-year [3]. Group 3: Emerging Growth Areas - The smart products segment, focusing on "new intelligent controllers + AI service platforms," generated sales of 618 million yuan, a 9.92% increase, with a gross margin of 23.67% [4]. - The subsidiary, Chengchang Technology, saw its microwave and millimeter-wave phased array T/R chip business revenue reach 201 million yuan, a remarkable growth of 180.16% [4]. - The company anticipates net profits attributable to shareholders of 700 million yuan, 920 million yuan, and 1.18 billion yuan for 2025-2027, reflecting growth rates of 92%, 31%, and 28% respectively [4].