和而泰(002402) - 和而泰调研活动信息

Company Overview - Shenzhen Heertai Intelligent Control Co., Ltd. focuses on two main business segments: smart controllers for household appliances and automotive electronics, as well as microwave and millimeter-wave RF chip design and production [2][3]. Financial Performance - In Q1 2021, the company achieved a revenue of CNY 127,484.82 million, representing a year-on-year growth of 73.16% [3]. - The net profit attributable to shareholders was CNY 10,796.37 million, up 74.59% from the previous year [3]. - The net profit after deducting non-operating gains and losses was CNY 9,995.53 million, reflecting a growth of 92.37% year-on-year [3]. - The gross profit margin increased by 0.5% in Q1 2021, with an adjusted growth exceeding 1% after accounting for currency and freight impacts [3]. Market Position and Strategy - The company is positioned as an industry leader in the smart controller market, benefiting from a growing market space due to product upgrades and industry shifts [2][3]. - The automotive electronics segment is expected to contribute 10%-20% of the overall controller business revenue in the next three to five years [5][6]. Industry Trends - The smart controller industry is experiencing growth driven by the demand for smart home products, electric tools, and the expansion of the new energy vehicle market [4][5]. - The shift of the industry towards domestic suppliers is accelerating, with increasing recognition from clients leading to breakthroughs in previously untapped automotive electronics business [4][5]. Challenges and Responses - The company faces pressure from rising raw material prices but has implemented measures such as maintaining safety stock and optimizing design to mitigate impacts [3][5]. - The automotive electronics business is stable, with a current order backlog exceeding CNY 70 billion, expected to be delivered over the next 8-9 years [5][6]. Future Outlook - The company aims to maintain stable growth over the next three to five years, with significant contributions expected from both traditional and automotive smart controllers [4][5]. - The company is actively engaging with both traditional automotive manufacturers and new energy vehicle startups to explore collaborative development opportunities [5][6].