Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][7]. Core Views - The company is positioned as a leading controller manufacturer, benefiting from a long-term growth trajectory driven by both traditional and emerging markets. The growth logic is not limited to existing market competition but focuses on expanding into new markets and acquiring new customers [6][22]. - The company has a strong global presence, with over 68% of its revenue coming from overseas clients in 2024, supported by five production bases in four countries [6][53]. - The automotive controller segment is maturing, with significant long-term orders and partnerships with major Tier 1 suppliers, indicating a peak in order deliveries is approaching [6][41]. - The report highlights two key product categories with growth potential: Hands Off Detection (HOD) and smart glass control systems, both of which are expected to see substantial market growth [6][41]. Financial Data and Profit Forecast - The company is projected to achieve total revenue of 12,397 million yuan in 2025, with a year-on-year growth rate of 28.3% [2]. - The net profit attributable to shareholders is expected to reach 691 million yuan in 2025, reflecting a significant year-on-year increase of 89.8% [2]. - Earnings per share are forecasted to be 0.75 yuan in 2025, with a projected gross margin of 19.7% [2]. - The return on equity (ROE) is anticipated to improve to 12.9% in 2025 [2]. Market Position and Growth Drivers - The company has diversified its business structure, focusing on smart controllers for home appliances, electric tools, automotive electronics, and intelligent products, which are all experiencing robust growth [36][41]. - The home appliance segment is expected to grow steadily, while the automotive electronics segment is projected to see rapid growth rates of 80% in 2025 [8][41]. - The company has established a strong customer base, including partnerships with major global brands such as Electrolux, Whirlpool, and BYD, which enhances its market competitiveness [31][32]. Global Operations - The company has strategically established production bases in Vietnam, Italy, Romania, and Mexico to optimize its global supply chain and respond quickly to local market demands [57][62]. - The overseas production capacity accounts for 30%-40% of the company's total capacity, ensuring it can meet future business development needs [60][62].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking it as the first coverage with a target price range of 22.73 to 26.52 CNY, corresponding to a valuation of 30-35 times earnings for 2025 [5]. Core Viewpoints - The company is a leading player in the controller industry, with a strong focus on AI integration and intelligent development, indicating robust growth momentum [1][4]. - The smart controller market in China is expected to grow by 12.10% in 2024, significantly outpacing global growth rates, positioning the company as a key player in this expanding market [2][47]. - The company has achieved substantial revenue growth, with Q1 2025 revenue reaching 2.585 billion CNY, a 30.44% increase year-on-year, and net profit growing by 75.41% to 169 million CNY [1][4]. Summary by Sections 1. Company Overview - The company has over 20 years of experience in the smart controller sector, with a diverse operational structure that includes 22 service centers, 5 R&D centers, and 9 manufacturing bases globally, with 30% of production capacity located overseas [1][14]. - The company holds over 2,000 core patents, showcasing its strong R&D capabilities and extensive product applications across various sectors including home appliances, electric tools, and automotive electronics [1][14]. 2. Market Growth and Trends - The smart controller market is projected to grow significantly, with the automotive electronics sector expected to see a 47.97% increase in revenue to 816 million CNY in 2024 [2][48]. - The demand for smart home appliances is on the rise, with the retail sales of all home appliance categories in China expected to reach 907.1 billion CNY in 2024, reflecting a 6.4% growth [2][56]. 3. Financial Performance - The company’s revenue is forecasted to grow from 75.07 billion CNY in 2023 to 96.59 billion CNY in 2024, with a year-on-year growth rate of 28.66% [4][28]. - The net profit attributable to the parent company is expected to increase significantly, with projections of 700.82 million CNY in 2025, representing a 92.38% growth from the previous year [4][28]. 4. R&D and Innovation - The company invests heavily in R&D, with expenditures reaching 619 million CNY in 2024, accounting for 6.40% of total revenue, and aims to maintain a strong technological edge in the industry [33][34]. - The integration of AI technologies into product offerings is a key focus, with initiatives like the "Perception Plan" for interactive technologies and collaborations with tech firms to enhance product capabilities [3][39]. 5. Customer Base and Partnerships - The company has established a diverse customer base, partnering with renowned global brands such as Haier, Whirlpool, and BYD, which enhances its market position and credibility [40][42]. - Recognition from industry partners, such as the "Outstanding Partner Award" from Haier, underscores the company's reliability and quality in the smart controller market [42].

Group 1: Company Performance and Growth - In 2024, the company achieved a revenue of 1,262.40 million yuan, representing an 18.06% year-on-year growth [1] - The growth is attributed to business structure optimization, focusing on strategic customers and core products [1] - Significant market share increases were noted in product lines such as fans, dehumidifiers, electric heaters, humidifiers, and mobile air conditioners [2] Group 2: New Business Ventures - The company made breakthroughs in new business areas, particularly in automotive electronics, successfully producing innovative smart controllers for balance bikes and skateboards [2] - Expansion into the smart home sector includes the production of smart aquariums and pet feeders, contributing to diversified business growth [2] - The establishment of the first overseas production base in Vietnam is set to enhance production capacity and efficiency [2] Group 3: Research and Development - The company is investing in AI technologies, focusing on areas like AI models, smart visual perception, and digital twins [2] - R&D expenses in 2024 reached 82.82 million yuan, marking a 9.01% increase [5] - The company aims to enhance product lines and meet growing market demands through continuous R&D investment [2] Group 4: Strategic Plans and Market Positioning - The company plans to implement five strategic pillars to optimize business structure and enhance operational efficiency by 2025 [3] - Mergers and acquisitions are considered essential for optimizing asset structure and extending the industry chain [3] - A cash dividend of 3.00 yuan per 10 shares was approved for distribution to shareholders, reflecting the company's commitment to shareholder returns [4] Group 5: Cost Management and Profitability - Management expenses increased by 33.04% to 112.67 million yuan due to organizational changes and talent acquisition [5] - Sales expenses rose by 7.65% to 29.79 million yuan, driven by participation in major exhibitions to enhance brand visibility [5] - The company is implementing cost reduction and efficiency improvement measures to enhance profitability [5]

Group 1: Company Strategy and Market Position - The company is focusing on the development of smart controllers for robotic applications and is exploring potential mergers and acquisitions to expand its market presence [2] - The company holds a positive outlook on the growth potential of the energy storage market, particularly in regions with unstable power supply like Kenya, Nigeria, and Tanzania [2] - The company plans to leverage its expertise in atomization controller technology to expand into new markets such as atomization medical and beauty applications [3] Group 2: Financial Performance and Projections - The revenue from the consumer electronics business accounts for 44% of total revenue in 2024, with significant contributions from the atomization controller platform [3] - The gross margin for the consumer electronics business is reported at 12.26%, with plans to enhance profitability through technology upgrades and customer optimization [3] - The company aims to expand its ODM business and strengthen strategic partnerships with key clients over the next two years, targeting both domestic and international market growth [3] Group 3: Operational Insights - The company's direct exports to the U.S. account for approximately 4%, indicating limited impact from changes in U.S.-China tariff policies [3] - The new factory in Thailand is set to begin production in June, focusing on PCBA products and finished goods such as sensing trash cans and electric tools [3]

Group 1: Business Performance and Growth - The company's revenue in the new business sectors reached 216.23 million yuan in 2024, marking a year-on-year growth of 63.03% [1] - In Q1 2025, the company's performance growth rate reached 37.22%, indicating a strong development momentum [5] - The traditional home appliance smart control sector's proportion has decreased, while the new sectors such as electric motors, automotive electronics, and smart energy are gradually increasing, becoming new engines for growth [6] Group 2: Strategic Initiatives - The company has established a 1+3+N industrial structure, focusing on smart control for home appliances while promoting rapid growth in new sectors [2] - The company is actively exploring diversified business layouts in medical health, pet technology, low-altitude flight, and smart home industries [1] - A strategic partnership with Shunde Vocational and Technical College has been formed to leverage academic resources for technological advancements in robotics [2] Group 3: Global Expansion - The company opened its first overseas production base in Vietnam in August 2024, marking the establishment of a three-pole production layout in the Pearl River Delta, Yangtze River Delta, and Southeast Asia [3][4] - The Vietnam base has received high praise from clients and has accelerated production capacity release, supporting the company's international strategy [4] Group 4: Response to Market Conditions - The company benefits from national subsidy policies that promote growth in the home appliance sector, which in turn boosts sales of smart control products [5] - To mitigate the impact of rising raw material costs, the company has enhanced cost management and implemented risk hedging mechanisms [6] - The company is committed to digital transformation and optimizing production processes to improve efficiency and reduce costs [6] Group 5: Future Outlook - The company aims to continue its strategic initiatives, focusing on innovation, digital empowerment, and global market expansion to enhance operational efficiency [6] - The goal is to create greater value for shareholders and provide long-term stable returns for investors [6]

Group 1: Company Overview and Financial Performance - In 2024, the company achieved a revenue of 9.659 billion CNY despite a complex global economic environment [3] - The company has seen steady growth across its business segments, with a focus on market penetration and customer share [4] Group 2: Business Segment Developments - The home appliance segment has expanded, with increased product penetration and customer share [4] - The automotive electronics segment is focusing on smart cockpit and energy management, with a diverse product line including HOD controllers and thermal management systems [4] - The intelligent product segment leverages advanced technologies like big data and AI, enhancing its solution offerings [4] Group 3: Profitability and Operational Strategy - The company is enhancing cost management and operational efficiency, aiming for improved gross margins and operational quality [5][6] - Future strategies include strengthening customer relationships, expanding market reach, and optimizing internal structures to enhance resilience [6] Group 4: Q&A Insights - The growth of the automotive electronics business is driven by long-term orders and new customer acquisitions [7] - The company has established overseas production bases in Vietnam, Italy, Romania, and Mexico to meet expanding capacity needs [8] - The home appliance business growth is attributed to increased market share with major clients like Haier and Xiaomi [10] - The impact of tariff policies on the company is limited due to the nature of its export markets and pricing strategies [10]

Group 1 - The market shows significant divergence regarding the telecommunications industry, with optimism for the computing power sector until 2026, but concerns over AI applications and capital expenditure slowing down [1] - The report suggests that while short-term divergences may persist, there is no evidence to support that concerns will materialize, indicating a need for selective investment in the computing power sector [1] - Telecommunications operators are considered stable and high-quality dividend assets, with a recommendation to focus on H-shares over A-shares due to better dividend yields and valuations [1] Group 2 - The computing power infrastructure sector remains strong, with a positive long-term outlook despite the absence of blockbuster applications, suggesting a focus on high-quality North American companies [2] - Specific companies in the optical module and CPO segments are recommended for investment, including names like NewEase, Zhongji Xuchuang, and Tianfu Communication [2] - Attention is drawn to the military communication, controller, IoT, and submarine cable sectors, which are expected to see marginal changes and growth opportunities due to evolving international dynamics and military needs [3] Group 3 - The military demand is expected to remain rigid as China aims to achieve its military goals by 2027, with potential recovery in military-related industries [3] - Companies involved in smart controllers and IoT modules are actively entering new markets, which may lead to new growth opportunities [3] - The offshore wind power sector is anticipated to recover, with improvements in deep-sea technology providing new development opportunities for submarine cables and marine communication systems [3]

Group 1 - The core partnership between Ruide Intelligent and Shunde Vocational and Technical College aims to deepen strategic cooperation in the field of robotics and artificial intelligence [1][2] - Shunde Vocational and Technical College has established a key laboratory for intelligent sensing and control systems in robotics, achieving significant research milestones including 1 provincial-level project, 8 municipal-level projects, and 19 patent applications [1] - Ruide Intelligent reported a revenue of 1.262 billion yuan for 2024, marking an 18.06% year-on-year increase, with the home appliance intelligent controller business contributing 968 million yuan, a 13.07% increase [3] Group 2 - The collaboration will leverage the key laboratory and other research platforms to explore advanced technologies in humanoid robots, AI algorithms, photovoltaic inverters, automotive electronics, and smart home applications [2][4] - The global humanoid robot industry is projected to reach approximately 3.4 billion USD in 2024, reflecting a growth of 57.41% year-on-year, indicating a significant market opportunity for Ruide Intelligent [3] - Ruide Intelligent's R&D investment reached 82.82 million yuan in 2024, a 9.01% increase, focusing on AIoT and algorithm advancements to enhance compatibility in complex command parsing and multi-device coordination [3][4]

5月23日晚间，广东瑞德智能科技股份有限公司（股票代码：301135，下称"瑞德智能"）宣布与顺德职 业技术学院达成战略合作，双方将围绕人形机器人、AI算法、光伏逆变、汽车电子、电机电动、智能 家居等科技前沿领域展开深度技术攻关。此次合作不仅是瑞德智能深化"技术+场景"战略的关键一步， 更标志着公司逐步切入人形机器人这一千亿级赛道，借助顺德职业技术学院的机器人智能感控系统重点 实验室及其他科研平台、学术积累和人才团队，加速构建从技术研发到商业化落地的全链条竞争力。 据了解，顺德职业技术学院是经国家教育部批准成立、广东省人民政府领导管理、省市共建、顺德区政 府投资兴建的高等职业技术院校，同时，教育部已于2025年5月22日发布拟同意设置本科高等学校的公 示，公示期后顺德职业技术学院即将升级为顺德职业技术大学。此外，顺德职业技术学院已与佛山市科 技局共同建立了佛山市机器人智能感控系统重点实验室，并且在人工智能机器人领域开展创新研究。目 前，已取得省级科研项目1项，市厅级项目8项，申请专利19项，并持续向中车集团、美的库卡、海格利 德等行业龙头企业输出技术服务，成功推进机器人智能感控系统的产业化应用。 业内人士指出 ...

Revenue Structure - The company's total revenue for 2024 is projected to be 1.402 billion CNY, with the following revenue breakdown: - Smart appliance controllers: 761 million CNY (54.31%), up 18.76% year-on-year [2] - Power tools: 241 million CNY (17.16%), up 70.09% year-on-year [2] - Robotics and innovative smart products: 246 million CNY (17.54%), down 23.59% year-on-year [3] - Automotive electronic controllers: 73 million CNY (5.17%), down 2.02% year-on-year [3] - New energy products: 55 million CNY (3.95%), up 140.78% year-on-year [3] International Operations - The revenue from the Vietnam factory for 2024 is expected to reach 320 million CNY, a growth of 117.26% year-on-year, covering multiple sectors including power tools and smart appliances [3] - The company plans to expand production capacity in Vietnam and establish a factory in Indonesia to mitigate supply chain risks and optimize cost structure [3] Business Development - The company is exploring humanoid robot technology but commercial implementation is still in the future [3] - The growth strategy for power tools focuses on deepening relationships with major global clients and expanding product lines, leveraging advanced technologies [3] Financial Performance - The gross margin for Q1 2025 has decreased to 23.57%, attributed to changes in product mix and increased fixed costs due to expansion efforts in Shenzhen and Vietnam [4] Strategic Initiatives - The company is considering mergers and acquisitions in emerging technology sectors, supported by a strong cash position and high shareholder ownership [4] - There are ongoing stock incentive plans aimed at retaining talent and enhancing employee engagement, with two plans already implemented since 2021 [4] - The company has no current plans to list on the Hong Kong Stock Exchange, focusing instead on improving core operational capabilities and sustainable growth [4]