Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - The company has a solid foundation in its home appliance and power tool businesses, while emerging sectors such as automotive electronics and smart technology are rapidly expanding due to technological advancements and customer breakthroughs. The company's "technology + capacity + customer" integrated layout is clear, and its performance is expected to continue to release, with strong medium to long-term growth momentum [2][10]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved operating revenue of 9.659 billion yuan, a year-on-year increase of 28.66%. The net profit attributable to the parent company was 364 million yuan, up 9.91% year-on-year. In Q1 2025, the company reported operating revenue of 2.585 billion yuan, a year-on-year growth of 30.44%, and a net profit of 169 million yuan, which is a significant increase of 75.41% year-on-year [5][10]. Business Segments - The home appliance business maintains a strong competitive position, supported by a high coverage of global major customers and a comprehensive technical R&D system. The demand for smart controllers, a core component of home appliances, is increasing, leading to a rapid growth in market share [10]. - The power tool business is deepening its penetration across multiple fields, with a focus on providing comprehensive solutions that enhance industry chain collaboration. The company has become a key supplier for major clients and is expanding its customer base [10]. - The automotive electronics segment is undergoing a strategic transformation, with significant growth in smart cockpit and energy management areas. The company is building a comprehensive ecosystem through its smart product matrix [10]. Future Outlook - The company is expected to see continued performance growth, with projected net profits for 2025-2027 at 700 million yuan, 913 million yuan, and 1.173 billion yuan, representing year-on-year growth rates of 92%, 30%, and 28%, respectively. The corresponding price-to-earnings ratios are projected to be 25, 19, and 15 times [10].

4月24日晚间，贝仕达克（300822）发布2024年年报和2025年一季报，2024年公司实现营业收入8.51亿 元，同比减少1.78%；净利润5525.16万元，同比增长16.06%。同时，公司披露2024年年度权益分派预 案，拟每10股派1元，合计派发现金红利3099.58万元。 今年一季度，贝仕达克实现营业收入2.16亿元，同比增长6.57%；净利润1057.91万元，同比减少 36.68%。 贝仕达克表示，在智能家居行业线上红利趋于饱和的今天，公司将主动拥抱线下场景，深入推进全屋智 能产品的普及。通过深入社区、医院、养老院等渠道场景，提供高性价比、便捷、安全的智能家居解决 方案，满足不同群体对智能生活的刚需。 贝仕达克主营业务为智能控制器及智能产品的研发、生产和销售。2024年，世界之变、时代之变、产业 之变交织叠加，企业步入挑战与机遇并存的浪潮之中。贝仕达克上下以创新为引擎、以战略为纲，坚定 推进多元业务布局，夯实根基、拓展边界，在风高浪急中稳舵前行。 随着全球经济一体化的深入推进，贝仕达克将凭借扎实的制造能力、高效的供应链体系，加速构建全球 竞争力，并打造品质过硬、市场满意的产品矩阵。公司将强化 ...