和而泰2024年一季度业绩点评：控制器业务修复明显，全球化竞争优势凸显

Investment Rating - The report maintains a "Buy" rating for the company [21]. Core Insights - The company has shown significant revenue growth, with a year-on-year increase of 20.51% in Q1 2024, reaching 1.982 billion yuan. The controller business specifically achieved a revenue of 1.962 billion yuan, marking a 22.29% year-on-year growth. This growth occurred despite the challenges posed by the Spring Festival holiday [5][7]. - The net profit attributable to the parent company was 97 million yuan, reflecting an 18.1% increase year-on-year, with the controller business contributing a net profit of 104 million yuan, up 36.26% year-on-year. The overall profit was slightly impacted by the subsidiary Chengchang Technology, which reported a loss of 15 million yuan in Q1 [5][7]. - The gross margin for the main business has shown a notable recovery, with a gross margin of 16.8% in Q1, down 0.4 percentage points year-on-year. The net margin was 4.3%, down 0.9 percentage points year-on-year. The controller business's gross margin increased by 0.73% year-on-year due to increased order deliveries and improved production efficiency [6][7]. Summary by Sections Revenue and Profitability - The company achieved a revenue of 1.982 billion yuan in Q1 2024, a 20.51% increase year-on-year. The controller business revenue was 1.962 billion yuan, up 22.29% year-on-year. The net profit attributable to the parent company was 97 million yuan, an 18.1% increase year-on-year [5][7]. Cost Management and Margins - The gross margin for the main business was 16.8%, with a slight year-on-year decrease of 0.4 percentage points. The net margin was 4.3%, down 0.9 percentage points year-on-year. The controller business's gross margin improved by 0.73% year-on-year due to better order fulfillment and production efficiency [6][7]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits for 2024, 2025, and 2026 at 565 million, 757 million, and 966 million yuan respectively, representing year-on-year growth rates of 70%, 34%, and 28%. The company is also enhancing its global presence, with most overseas bases achieving scale production, which is anticipated to further increase market share [7][20].