H&T INTELLIGENT(002402) 东吴证券·2024-08-23 12:30Investment 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]