Core Insights - The focus on supply chain collaboration capabilities in the smart control industry is increasing amid global supply chain adjustments [1][2] - He Tai has been recognized as an outstanding supplier by Hisense Group, winning the "2025 Excellent Supplier Award" and the "2025 Best Supplier Award" in Slovenia, highlighting its competitive edge among over 700 partner companies [1][2] Group 1 - The awards were based on comprehensive evaluations of product quality, delivery capabilities, and sustainable collaboration, affirming He Tai's strength in smart control products and services [2] - He Tai has demonstrated exceptional performance in product quality and timely delivery, as well as strong competitiveness in technological innovation and adaptability to international markets, making it a crucial support for Hisense's stable and efficient global supply chain [2] - The long-standing partnership between He Tai and Hisense in smart control solutions has led to deep collaboration, with He Tai focusing on customer needs and providing customized products and services that enhance supply chain efficiency and resilience [2] Group 2 - He Tai's adaptability to high compliance standards in the European market has made it an important partner in promoting local operations and global business expansion for Hisense [2] - The dual awards not only highlight He Tai's core competitiveness in the international supply chain system but also signify its growing influence in the global smart control industry [2] - The company plans to continue driving technological innovation, increasing R&D investment, and strengthening sustainable development capabilities to inject ongoing momentum into the high-quality development of the smart manufacturing industry [2]

证券代码：300916 证券简称：朗特智能 编号：2025—011 | 投资者关系活动类别 | 特定对象调研 □媒体采访 | | □分析师会议 | | | --- | --- | --- | --- | --- | | | □业绩说明会 □路演活动 | | □新闻发布会 | | | | 现场参观 | | □其他 | | | | 红思客资产 | 赵吉星 | 佰世慈航 | 姚辉 | | 参与单位名称及人员 | 五矿证券 张东晓 | 徐锦福 | 幸福階乘基金 | | | 姓名 | 弘基投资 | 李冬军 | 光大银行 | 沈莉 | | | 华润金控 韦少颜 | 郭常林 | 宁波银行 | | | 时间 | 2025年12月08日 15:00-16:00 | | | | | 地点 | 公司会议室 | | | | | 上市公司接待人员姓名 | 董事兼董事会秘书 兰美华 | | | | | | 一、公司基本情况介绍 | | | | | | 公司董事会秘书兰美华女士向投资者介绍了公司的 | | | | | | 发展历程、生产经营情况及产品情况。 | | | | | | 二、问答环节 | | | | | 投资者关系活动主要内 ...

Company Overview - Shenzhen Heertai Intelligent Control Co., Ltd. was established in 2000 and listed on the Shenzhen Stock Exchange in 2010. The main business segments are intelligent control solutions and microwave millimeter-wave phased array chips [2][3]. - The company achieved a revenue of 9.659 billion CNY last year and 8.270 billion CNY in the first three quarters of this year, maintaining a high compound annual growth rate since its listing [3]. Business Strategy - The company focuses on expanding its customer base and product offerings while maintaining partnerships with major clients such as Electrolux, Whirlpool, Siemens, and TTI [3]. - It has over 1,400 R&D engineers and operates in more than 20 countries with 9 manufacturing bases, including locations in Vietnam, Italy, Romania, and Mexico [3]. Management and Governance - The management structure includes a clear division of responsibilities between the CEO and the Chairman, ensuring efficient collaboration and strategic alignment [6]. - The company has implemented a diversified employee incentive system, including performance bonuses and training programs, to attract and retain talent [5]. Financial Performance - The increase in total share capital since the company's listing is attributed to refinancing and stock incentive projects [6]. - Profit margins have decreased due to increased investments in R&D and production capacity, particularly in emerging sectors like smart technology and automotive electronics [6][7]. Competitive Advantages - The company's growth is driven by deepening customer relationships, technological collaboration, and global delivery capabilities rather than solely relying on pricing strategies [7]. - High customer retention is achieved through proactive market insights and collaborative problem-solving during disagreements [7][8]. Supply Chain Management - The company maintains strategic partnerships with core suppliers, enhancing collaboration in technology development and production capacity [8]. - As the business scales, the company is improving its bargaining power through centralized procurement and long-term agreements, which optimize costs across the supply chain [8].

Core Viewpoint - Recently, Xuzhou Dizhian Intelligent Control Technology Co., Ltd. was established with a registered capital of 1 million RMB, focusing on various technology services and sales in industrial equipment and materials [1] Company Overview - The company is legally represented by Li Di and has a registered capital of 1 million RMB [1] - The business scope includes technology services, development, consulting, and transfer, as well as sales of valves, pumps, and various industrial equipment [1] Business Activities - The company engages in the sale and research of valves and cocks, instruments, pumps, vacuum equipment, and fire protection materials [1] - It also provides environmental protection equipment sales and consulting services, along with maintenance and leasing of electronic and mechanical equipment [1]

Core Viewpoint - Recently, Wuxi Vector Intelligent Control Technology Co., Ltd. was established with a registered capital of 1 million RMB, focusing on various technology services and product sales in the automotive and intelligent control sectors [1] Company Overview - The company is legally represented by Zhou Jingbo and has a registered capital of 1 million RMB [1] - The business scope includes technology services, development, consulting, and transfer, as well as sales of various vehicles and their parts [1] Business Activities - The company engages in the sale of assistive bicycles, mobility vehicles, and their parts [1] - It also involves wholesale and retail of bicycles, electric bicycles, motorcycles, and their components [1] - Additional activities include the sale of wearable smart devices, synthetic fibers, metal products, and various tools [1] Technology and Innovation - The company focuses on research and development of motors and control systems, as well as intelligent control system integration [1] - It is involved in the trade of goods and import-export activities, excluding projects that require legal approval [1]

Core Insights - The company reported a revenue of 8.188 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.34%, but the net profit attributable to shareholders decreased by 23.86% to 420 million yuan [1] - The gross profit margin for the first three quarters was 21.98%, down 1.73 percentage points year-on-year, primarily due to tariff policies and intensified industry competition [4] - The company is expanding into new business areas, including digital energy and smart automotive sectors, which are expected to contribute to revenue growth in the future [3] Revenue and Profitability - In Q3 2025, the company achieved a revenue of 2.685 billion yuan, a slight increase of 0.05% year-on-year, while the net profit attributable to shareholders fell by 44.69% to 90 million yuan [1] - The company’s non-recurring net profit for Q3 was 86 million yuan, down 48.41% year-on-year [1] - The increase in the expense ratio to 16.18% in the first three quarters, up 1.27 percentage points year-on-year, was attributed to slower revenue growth and increased stock incentive costs [4] Business Development - The company’s core business remains stable with high visibility in orders, particularly in the tools and home appliance sectors, where partnerships with major clients are expanding [2] - The digital energy segment is in a critical market expansion phase, with significant growth expected in Europe and Asia-Pacific [3] - The smart automotive sector is gaining traction, with products like charging stations and laser radar motors being certified by leading automotive manufacturers [3] Investment Outlook - Due to the impact of tariffs and competitive pressures, the company has adjusted its revenue forecasts for 2025-2027, with expected revenues of 11.05 billion, 12.72 billion, and 14.92 billion yuan respectively [5] - The earnings per share estimates have also been revised down to 0.46, 0.59, and 0.81 yuan for the same period [5] - Despite the challenges, the company maintains a "buy" rating based on the strong fundamentals of its core business and the growth potential of its innovative segments [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a revenue increase of 6.34% year-on-year for the first three quarters of 2025, reaching 8.188 billion yuan, but the net profit attributable to shareholders decreased by 23.86% to 420 million yuan [2] - The company is expected to gradually improve its overseas production capacity in the coming year, which will contribute positively to performance [4][5] Summary by Sections Business Performance - The company has a stable core business with high order visibility and strong revenue certainty. New business market expansion is gradually breaking through, with expectations of performance contributions as demand increases [3] Profitability Analysis - The gross margin for the first three quarters was 21.98%, a decrease of 1.73 percentage points year-on-year, primarily due to tariff policies leading to order transfers and increased costs from cross-border raw material transportation. Industry competition has also pressured product pricing [4] - The expense ratio increased to 16.18%, up 1.27 percentage points year-on-year, mainly due to slowing revenue growth and increased stock incentive costs [5] Investment Recommendations - Due to the impact of tariffs and industry competition, the overall revenue growth and gross margin are below previous expectations. However, the strong certainty of the core business and the growth potential from innovative business segments lead to an adjustment in profit forecasts. Revenue estimates for 2025-2027 have been revised to 110.5 billion, 127.2 billion, and 149.2 billion yuan, respectively, with corresponding earnings per share adjusted to 0.46, 0.59, and 0.81 yuan [5]

Core Viewpoint - Hongying Intelligent (001266) is focusing on the smart control sector, new energy sector, and three-electric system sector, with a broad business scope and an international strategic layout [1] Group 1 - The company has established a management and R&D center in Shanghai, extending its business network to multiple provinces across the country [1] - The company is actively exploring international markets and continuously deepening and expanding its business [1]

Core Viewpoint - The company, 雷科防务, announced the acquisition of a 24.4004% stake in its subsidiary, 尧云科技, from minority shareholders, making 尧云科技 a wholly-owned subsidiary, which is expected to enhance decision-making efficiency and control over the subsidiary [1][2]. Group 1: Transaction Details - The total equity valuation of 尧云科技 is assessed at 480 million yuan, reflecting an increase of 222 million yuan, or 86.31%, compared to the audited consolidated equity attributable to the parent company [3]. - The transaction price for the 24.4004% stake is set at 117 million yuan, based on the assessed value [5]. - The acquisition includes performance commitments, with 尧云科技 promising a combined net profit of no less than 82 million yuan for 2025 and 2026, with cash compensation for any shortfall [5]. Group 2: Company Performance - 雷科防务 has reported a total revenue of 933 million yuan for the first three quarters of 2025, representing a year-on-year increase of 34.00% [8]. - The company recorded a net loss attributable to shareholders of 90.61 million yuan for the same period, an improvement of 32.61% year-on-year [8]. - The operating cash flow has significantly decreased by 460.44% to -119 million yuan, compared to -21 million yuan in the same period last year [8]. Group 3: Shareholder and Management Involvement - The transaction involves related parties, including significant shareholders and executives of the company, indicating potential conflicts of interest [6].

Core Viewpoint - XuZhou ChenChuan Intelligent Control Technology Co., Ltd. has been established with a registered capital of 1 million RMB, indicating a new player in the construction and technology services sector [1] Company Overview - The legal representative of the company is Liu Rui, which may suggest a leadership structure focused on innovation and technology [1] - The company’s business scope includes construction engineering, technical services, and various sales and rental services related to machinery and equipment [1] Business Scope - The company is involved in licensed projects such as construction engineering (excluding nuclear power station and civil airport construction) [1] - General projects include technology services, new material technology promotion, and various sales related to mechanical and electrical equipment [1] - The company also offers services in industrial robot installation and maintenance, engineering management, and landscaping engineering construction [1] Technical and Engineering Services - The company provides a wide range of technical services including technical development, consulting, and transfer, which indicates a focus on innovation and technology advancement [1] - It also engages in the manufacturing and sales of construction machinery and equipment, highlighting its role in the construction industry [1] Equipment and Material Sales - The company is involved in the sales of various materials and equipment, including anti-corrosion materials, coatings, and special equipment, which reflects its diverse operational capabilities [1] - Additionally, it offers leasing services for machinery and equipment, expanding its service offerings in the construction sector [1]