H&T INTELLIGENT(002402) 长江证券·2024-11-06 01:54Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The controller industry is experiencing a recovery, and the company has effectively controlled costs, leading to significant improvements in operational efficiency [4][8]. - For the first three quarters of 2024, the company achieved revenue of 7.04 billion yuan, a year-on-year increase of 28.3%, and a net profit attributable to shareholders of 355 million yuan, up 6.29% year-on-year [3][4]. - The company has seen a notable improvement in cash flow from operating activities, with a net cash flow increase of 45.25% year-on-year for the first three quarters, and a staggering 609.06% increase in the third quarter alone [4]. Financial Performance Summary - In Q3 2024, the company reported revenue of 2.471 billion yuan, a year-on-year increase of 30.83%, with the controller segment contributing 2.443 billion yuan, up 29.70% [3][7]. - The net profit attributable to shareholders for Q3 2024 was 157 million yuan, reflecting an 11.90% year-on-year increase, while the non-recurring net profit was 158 million yuan, up 25.57% [3][7]. - The overall gross margin for the first three quarters was 18.11%, with a slight decrease of 0.72 percentage points year-on-year, while the Q3 gross margin improved to 19.30%, an increase of 0.27 percentage points year-on-year [8]. Profit Forecast and Investment Suggestions - The company is expected to see net profits attributable to shareholders of 518 million yuan, 710 million yuan, and 905 million yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 56%, 37%, and 27% [4][10]. - The price-to-earnings (PE) ratios are projected to be 22, 16, and 12 for the years 2024, 2025, and 2026 respectively [4].