瑞德智能（301135.SZ）11月12日在投资者互动平台表示，公司设计研发的部分控制器所服务的终端客 户产品有接入HUAWEI HiLink和鸿蒙生态系统的能力。 每经AI快讯，有投资者在投资者互动平台提问：公司产品是否有接入华为鸿蒙这些国产软件？ （文章来源：每日经济新闻） ...

Core Viewpoint - The company, Heertai, emphasizes its focus on smart controllers and the integration of artificial intelligence and communication technologies in its business model, particularly through its investment in Moer Thread, aimed at enhancing value-added services for downstream clients [1][3]. Group 1: Business Operations - Heertai's main business involves the research, production, and sales of smart controllers [1]. - The smart business segment combines technologies such as artificial intelligence and communication [1]. Group 2: Investment Strategy - The investment in Moer Thread is based on the potential for industrial synergy and the clear market development prospects for GPUs in the context of artificial intelligence [3]. - The collaboration between Heertai and Moer Thread is expected to facilitate cooperation across the industry supply chain, promoting overall industry growth [3].

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 include intelligent control solutions and microwave/mm-wave phased array chips [2][3]. - The company achieved a total revenue of 96.59 billion CNY in the first three quarters of 2025, marking a year-on-year growth of 17.47% [3]. Financial Performance - For the first three quarters of 2025, the net profit attributable to shareholders reached 6.03 billion CNY, a significant increase of 69.66% year-on-year [3]. - The overall gross profit margin improved by 1.91%, indicating enhanced profitability alongside revenue growth [3]. Business Segments - The household appliance intelligent controller segment accounts for approximately 60% of total revenue, while electric tools, industrial automation, automotive electronics, and intelligent products each contribute about 10%-15% [5]. - The automotive electronics segment has seen improvements in gross margin due to prior R&D investments, with a robust order backlog and successful customer expansion [7]. Strategic Initiatives - The company plans to increase R&D investment and customer expansion to maintain stable growth in its core business [4]. - Future investments will focus on robotics, sensors, and other core segments of the industry chain to ensure sustainable growth and long-term market stability [4]. Global Operations - The company has established production bases in over 20 countries, including Vietnam, Italy, Romania, and Mexico, with high capacity utilization rates in Vietnam and Italy [3][6]. - Ongoing efforts to optimize operations include enhancing local supply chain management and cost control [6]. Future Outlook - The intelligent product segment is expected to maintain high growth rates, driven by advancements in AI technology and expanding applications in smart home and healthcare products [7]. - The company is committed to continuous market exploration and product diversification to support stable growth and cultivate new revenue streams [7]. Supply Chain Management - The company has developed a comprehensive supplier management system to mitigate the impact of rising upstream component prices, ensuring stable raw material costs [7]. - A collaborative supply chain model has been established to enhance operational efficiency and flexibility [7]. R&D and Innovation - New project development cycles typically range from 3 to 12 months, depending on customer requirements and project complexity [8]. - The company’s subsidiary, Chengchang Technology, has achieved significant revenue growth in the phased array radar and satellite communication sectors, with a revenue of 306 million CNY in the first three quarters of 2025 [9].

Core Viewpoint - 瑞德智能 announced a share buyback plan, repurchasing approximately 700,000 shares, which represents 0.69% of its total share capital, with a total transaction amount of approximately RMB 19.16 million [1] Group 1: Share Buyback Details - The share buyback was conducted through a special securities account via centralized bidding [1] - The highest transaction price was RMB 31.05 per share, while the lowest was RMB 24.47 per share [1] - The buyback is set to be completed by October 31, 2025 [1] Group 2: Financial Performance - For the first half of 2025, 瑞德智能's revenue composition was entirely from smart controllers, accounting for 100% [1] - As of the report date, 瑞德智能's market capitalization stood at RMB 2.9 billion [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [2][5]. Core Insights - The company has demonstrated significant revenue growth, with a 17.47% year-on-year increase in revenue for the first three quarters of 2025, reaching 8.27 billion yuan, and a 69.66% increase in net profit attributable to shareholders, amounting to 603 million yuan [4][5]. - The company's profitability has improved due to optimized revenue structure and cost reduction measures, resulting in a gross margin increase of 2.45 percentage points year-on-year to 21.75% and a net profit margin increase of 2.46 percentage points to 8.83% [4][5]. - The company is focusing on strategic investments and acquisitions to sustain growth, particularly in emerging fields like robotics, with a joint venture established to enhance capabilities in humanoid robot controller hardware design [4][5]. Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 8.27 billion yuan, with a quarterly revenue of 2.82 billion yuan in Q3, reflecting a year-on-year growth of 14.25% [4]. - The net profit for the first three quarters was 603 million yuan, with Q3 net profit reaching 249 million yuan, marking a year-on-year increase of 58.35% [4]. - The company’s operating cash flow improved significantly, with a net cash flow from operating activities increasing by 34.19% year-on-year [4][5]. Earnings Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 11.65 billion yuan, 14.61 billion yuan, and 18.27 billion yuan, respectively, with corresponding net profits of 789 million yuan, 1.03 billion yuan, and 1.28 billion yuan [6][12]. - The earnings per share (EPS) are expected to be 0.85 yuan in 2025, 1.11 yuan in 2026, and 1.39 yuan in 2027, with price-to-earnings (P/E) ratios of 60.30, 46.27, and 36.96, respectively [5][6].

Core Viewpoint - Beishida Ke (300822.SZ) is primarily engaged in the research, production, and sales of intelligent controllers and smart products, and has not yet ventured into independent chip development [1] Group 1: Company Overview - The company focuses on intelligent control technology and related products [1] - Future development will align with strategic planning, industry trends, and market demand [1] Group 2: Strategic Direction - The company aims to maintain forward-looking research and cautiously layout related businesses [1]

Core Viewpoint - The company Beishidake (300822.SZ) focuses on the research, production, and sales of intelligent controllers and smart products, and has not yet engaged in independent chip development [1] Group 1: Company Overview - Beishidake is primarily involved in the development, production, and sales of intelligent controllers and smart products [1] - The company has not ventured into independent chip research and development [1] Group 2: Future Development Strategy - Future development will align with strategic planning, industry trends, and market demand [1] - The company aims to maintain forward-looking research and prudently layout related businesses [1]

Core Points - On October 31, Heertai's stock dropped by 6.06%, trading at 52.90 CNY per share, with a total transaction volume of 5.199 billion CNY and a turnover rate of 11.27%, resulting in a total market capitalization of 48.916 billion CNY [1] Company Overview - Shenzhen Heertai Intelligent Control Co., Ltd. was established on January 12, 2000, and went public on May 11, 2010. The company is located in Nanshan District, Shenzhen, Guangdong Province [1] - The main business activities include the research, development, production, and sales of smart controllers for household appliances, next-generation smart controllers, smart hardware, and vendor service platform business. Additionally, it involves the design, research, development, production, sales, and technical services of microwave and millimeter-wave analog phased array T/R chips [1] - The revenue composition of the main business is as follows: smart controllers for household appliances 65.41%, smart product controllers 11.34%, electric tool controllers 9.82%, automotive electronic controllers 7.63%, microwave and millimeter-wave analog phased array T/R chips 3.69%, and others 2.10% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Guojin Fund has a significant position in Heertai. The Guojin CSI 1000 Index Enhanced A (017846) held 93,000 shares in the third quarter, accounting for 0.88% of the fund's net value, making it the largest holding [2] - The fund was established on March 22, 2023, with a current scale of 202 million CNY. Year-to-date, it has achieved a return of 41.26%, ranking 1155 out of 4216 in its category; over the past year, it has returned 48.27%, ranking 815 out of 3889; and since inception, it has returned 28.98% [2]

Group 1 - The China Securities Regulatory Commission approved the initial public offering registration of Moore Threads Technology, aiming to raise 8 billion yuan for its IPO on the Sci-Tech Innovation Board [2][11] - Moore Threads has developed four generations of GPU architecture and offers solutions for intelligent computing across various markets, including government and enterprise sectors [11] - The company is positioned to benefit from the domestic shift towards advanced process technology and the increasing demand for AI chips, indicating a significant market opportunity [11] Group 2 - The Ministry of Finance and other departments announced improvements to the duty-free shop policy, effective from November 1, 2025, to boost consumption and attract foreign visitors [7] - China Duty Free Group, primarily engaged in duty-free retail, is expected to benefit from the expanded product range and increased sales of domestic products in duty-free shops [7] - The recent adjustments to the duty-free shopping policy in Hainan are anticipated to enhance consumer experience and drive growth for domestic brands [7] Group 3 - The semiconductor-themed ETF saw a net subscription of 13.106 billion yuan in October, indicating strong investor interest in the sector [2][23] - Institutional research on the semiconductor industry has surged, with over 1,000 investigations conducted recently, reflecting optimism about advancements in equipment and AI computing power [23] - The domestic semiconductor manufacturing chain is expected to accelerate its self-sufficiency, with a rising domestic production rate anticipated [23] Group 4 - The prices of certain rare earth products have increased, driven by structural demand growth in sectors like electric vehicles and wind power [10] - The demand for neodymium-iron-boron magnets is particularly strong, as they are essential for high-performance electric motors [10] - Companies like Baotou Steel Rare Earth and Northern Rare Earth are positioned to benefit from the integrated development of the rare earth industry [10]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 1,033.60 million, representing a year-on-year growth of 14.77% [1] - The net profit attributable to shareholders was CNY 23.37 million, with a year-on-year increase of 7.72% [1] - The net profit excluding non-recurring gains and losses saw a significant increase of 138.57% [1] - The net cash flow from operating activities increased by 225.96%, showing a substantial growth of 162.73% year-on-year [1] Business Development Strategies - The company is optimizing its business structure and focusing on key customers and product sectors, while expanding into new markets such as automotive electronics and electric motors [2] - Continued focus on the home appliance smart controller sector, targeting major brands like Hisense and Haier [2] - Significant progress in the automotive electronics sector, particularly in short-distance transportation products like scooters and balance bikes, contributing to revenue growth [3] - Strategic partnerships in robotics and pet technology, with a focus on smart products like intelligent fish tanks and cat litter boxes [2] Expansion and Investment Plans - The company has relocated its Zhejiang production base to meet the growing demand for high-end manufacturing products, with new capacity focused on smart controllers, automotive electronics, and electric motors [4] - Active exploration of investment and acquisition opportunities to enhance asset structure and extend the industrial chain [4] - Plans to integrate technology and market resources through acquisitions, particularly in core technology areas like AI and IoT [4] - The establishment of a research and production base in Vietnam, which is expected to become a significant growth point for future performance [5]