和而泰：控制器主业保持高增，净利率环比大幅改善

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][5]. Core Insights - The company has shown strong revenue growth, with a 28.30% year-on-year increase in revenue for the first three quarters of 2024, amounting to 7.04 billion yuan, and a net profit of 355 million yuan, reflecting a 6.29% increase [2][3]. - The controller business segment continues to perform well, with Q3 2024 revenue reaching 2.471 billion yuan, a 30.83% year-on-year increase, driven by customer expansion and product innovation [3][4]. - The company's net profit margin has significantly improved on a quarter-on-quarter basis, with Q3 2024 net margin at 6.01%, up 2.44 percentage points from the previous quarter [4]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 512 million yuan, representing a 54.47% increase year-on-year, with further growth expected in subsequent years [5][7]. - The company's revenue is forecasted to grow from 9.56 billion yuan in 2024 to 14.98 billion yuan in 2026, with corresponding growth rates of 27.34% and 23.87% [7][9]. - The projected earnings per share (EPS) are expected to rise from 0.55 yuan in 2024 to 0.98 yuan in 2026, indicating a positive trend in profitability [7][9].