H&T INTELLIGENT(002402) 上海证券·2024-11-07 05:48Investment Rating - The investment rating for the company is "Buy" (maintained) [9] Core Views - The company has shown stable revenue growth with a slight recovery in gross margin. In Q3 2024, the company achieved revenue of 2.471 billion yuan, a year-on-year increase of 30.83%, and a net profit attributable to shareholders of 157 million yuan, up 11.90% year-on-year. The controller business segment generated revenue of 2.443 billion yuan, a 29.70% increase year-on-year, and a net profit of 370 million yuan, up 19.56% year-on-year [8] - The company has strengthened its cost control through the establishment of an operational improvement team, while maintaining stable R&D investment. In the first three quarters of 2024, the company's period expenses increased by 27.47% year-on-year, with R&D expenses rising by 45.07% year-on-year [8] - The company is expected to benefit from industry expansion and increasing concentration, with projected revenues of 9.477 billion yuan, 11.876 billion yuan, and 14.830 billion yuan for 2024, 2025, and 2026 respectively, and net profits of 518 million yuan, 765 million yuan, and 996 million yuan for the same years [9] Summary by Sections Company Overview - As of November 6, 2024, the latest closing price is 11.99 yuan, with a 12-month A-share price range of 8.79-14.47 yuan. The total share capital is 925.54 million shares, with a circulating market value of 9.609 billion yuan [6][7] Financial Performance - For the first nine months of 2024, the company achieved a total revenue of 7.040 billion yuan, a year-on-year increase of 28.30%, and a net profit attributable to shareholders of 355 million yuan, up 6.29% year-on-year. The gross margin for Q3 2024 was 19.30%, an increase of 0.27 percentage points year-on-year [8] Future Projections - The company is projected to have a revenue growth rate of 25.8% in 2024, with net profit growth expected to be 56.4% [10]