H&T INTELLIGENT(SZ:002402) Chang Jiang Shang Bao·2025-10-24 00:24Core Viewpoint - The company, Heertai, has achieved accelerated growth in its operating performance, with significant increases in revenue and net profit for the first three quarters of 2025 compared to the same period in 2024 [1][2]. Financial Performance - For the first three quarters of 2025, Heertai reported revenue of 8.27 billion yuan, a year-on-year increase of 17.47%, and a net profit attributable to shareholders of over 600 million yuan, up approximately 70% [1][2]. - The core controller business segment generated revenue of 7.96 billion yuan, reflecting a year-on-year growth of 14.75% [2]. - Quarterly revenue for 2025 was 2.59 billion yuan, 2.86 billion yuan, and 2.82 billion yuan for Q1, Q2, and Q3 respectively, with year-on-year growth rates of 30.44%, 10.60%, and 14.25% [2]. - The net profit for the first three quarters reached 603 million yuan, marking a 69.66% increase, with a non-recurring net profit of 568 million yuan, up 70.13% [2][3]. Profitability and Efficiency - The net profit growth rate significantly outpaced revenue growth, with the core controller business segment achieving a net profit of 561 million yuan, a year-on-year increase of 51.56% [4]. - The company has implemented cost reduction and efficiency enhancement measures, resulting in a gross margin increase of 2.45% year-on-year and 2.99% quarter-on-quarter in Q3 2025 [3][4]. Cash Flow and Financial Health - Heertai's operating cash flow for the first three quarters was 441 million yuan, a year-on-year increase of 34.19%, with Q3 showing a remarkable quarter-on-quarter growth of 270.58% [5]. - The company reported a negative financial expense of 28.99 million yuan, attributed to increased exchange gains due to currency fluctuations [7]. Research and Development - R&D investment for the first three quarters of 2025 was 473 million yuan, a year-on-year increase of 17.08%, reflecting the company's commitment to innovation [6]. - The company has built a robust R&D team and holds over 2,000 patents, establishing a strong technological foundation for sustainable development [6]. Strategic Outlook - Heertai plans to drive future growth through a dual approach of financial and strategic initiatives, focusing on mergers and acquisitions to enhance its core business and expand into high-growth areas such as robotics [7]. - The company has a stake of 1.0262% in the upcoming A-share market debut of Moole Thread, which is seen as a potential business synergy in the context of artificial intelligence [7].