和而泰（002402） 证券研究报告 公司报告 | 首次覆盖报告 控制器领军，布局 AI 产业，向智能化发展增长动能强劲！ 控制器领军企业，深耕行业全球多元布局 和而泰深耕智能控制器领域二十余年，业务包括家用电器、电动工具、汽 车电子和智能业务四大领域，构建覆盖全球 22 个服务中心、5 个研发中心 和 9 个制造基地的多层次运营体系，海外产能占比达 30%。依托自主研发 能力和 2000 余项核心专利，公司产品广泛应用于家电、电动工具、汽车电 子等五大领域。2025 年 Q1，公司实现营业收入 25.85 亿元，同比增长 30.44%；归母净利润 1.69 亿元，同比增长 75.41%。未来随着公司控制器业 务增长动能保持强劲，盈利能力有望不断提升。 控制器规模保持增长，智能化及汽车领域是高增亮点 智能控制器行业前景广阔，2024 年中国智能控制器市场规模同比 2023 年 增长 12.10%，增速是全球的 2 倍多，已然成为全球控制器行业的主力军。 行业重点布局在汽车电子、家用电器、电动工具及设备这三大领域。 ①家电：2024 年中国家电全品类（不含 3C）零售额达到 9071 亿，同比增 长 6.4%， ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation of stock performance that exceeds market performance by 10% to 20% within the next six months [12]. Core Insights - The company achieved a revenue of 9.659 billion yuan in 2024, representing a year-on-year increase of 28.66%, and a net profit attributable to shareholders of 364 million yuan, up 9.91% year-on-year [4][7]. - In the first quarter of 2025, the company reported a revenue of 2.585 billion yuan, a year-on-year increase of 30.44%, and a net profit of 169 million yuan, reflecting a significant year-on-year growth of 75.41% [4][7]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares (tax included) for 2024 [4]. Summary by Sections Business Performance - The company has shown stable growth across various business segments, with a notable increase in market share. The revenue from the home appliance controller segment grew by 33.08% to 6.094 billion yuan in 2024 [7][8]. - The electric tools and industrial automation segment also performed well, with a revenue increase of 24.26% to 1.008 billion yuan, driven by new projects and customer orders [7][8]. - The automotive electronics segment saw a remarkable growth of 47.97%, reaching 816 million yuan, attributed to significant breakthroughs in product and customer development [8]. - The smart products segment, focusing on smart home and personal care, achieved a revenue increase of 26.29% to 1.22 billion yuan [8]. Financial Projections - The company’s revenue is projected to grow to 12.113 billion yuan in 2025, with a year-on-year growth rate of 25.4%, and net profit is expected to reach 717 million yuan, reflecting a substantial increase of 96.9% [6][10]. - The projected earnings per share (EPS) for 2025 is 0.78 yuan, with a price-to-earnings (P/E) ratio of 24.8 [10]. Financial Ratios - The company’s gross margin is expected to stabilize around 19.1% for 2025, while the net margin is projected to improve to 5.9% [10]. - Return on equity (ROE) is anticipated to rise to 13.7% in 2025, indicating improved profitability [10].