H&T INTELLIGENT(SZ:002402) Great Wall Securities·2024-04-23 01:01Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [24]. Core Views - The company has shown significant revenue and profit growth in Q1 2024, with revenue reaching 1.982 billion yuan, a year-on-year increase of 20.51%, and a net profit of 97 million yuan, up 18.06% year-on-year [6][9]. - The controller segment achieved revenue of 1.962 billion yuan, reflecting a year-on-year growth of 22.29%, indicating strong customer demand and sufficient orders [1]. - The company is actively expanding its product offerings and customer base, achieving good results in acquiring new clients and projects, which enhances its market share [3]. Summary by Sections Financial Performance - In Q1 2024, the company's gross margin was 16.84%, a decrease of 0.41 percentage points year-on-year, while the controller segment's gross margin improved by 0.73 percentage points year-on-year [2]. - The company’s operating income for 2024 is projected to be 9.579 billion yuan, with a year-on-year growth rate of 27.6% [6]. - The net profit attributable to the parent company is expected to reach 603 million yuan in 2024, representing an 81.8% year-on-year increase [6]. Strategic Initiatives - The company is increasing its investment in new strategic planning and business development, which has led to a rise in expenses, particularly in sales and R&D [2]. - The company has established R&D and operational centers in over 20 countries, accelerating its overseas market expansion [3]. Future Outlook - The company is expected to benefit from its global expansion strategy, with projected net profits of 603 million yuan, 791 million yuan, and 1.053 billion yuan for 2024, 2025, and 2026 respectively [9]. - The current price-to-earnings ratio (P/E) is projected to be 17.7, 13.5, and 10.1 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation [6].