For 2025/1Q26, H&T Intelligent Control's (H&T) revenue was RMB10,722/ 2,815mn (+11.00/+8.88% YoY), and attributable net profit (NP) was RMB663/ 170mn (+82.12/+0.34% YoY). Its 2025 attributable NP slightly missed our forecast of RMB704mn, mainly associated with the delivery cycles of some projects. H&T’s 2025 earnings recorded stellar growth, as the company explored new fields and new clients, and enhanced end-to-end operational efficiency through supply chain integration. In addition, its subsidiary Chengchang Technology's profit recovery helped improve the company's profitability. We believe "AI+" is driving a full-scenario intelligent revolution, bringing new development opportunities for the company in fields such as smart home appliances, personal care, and gaming. We expect its multi-scenario and widely-connected intelligent product ecosystem to help the company unlock medium-/long-term growth potential. Maintain BUY.
Home appliance segment: market share expanded steadily
By business line, the home appliance controller segment serves as one of the company's solid fundamentals. For 2025, its revenue grew by 12.62% YoY to RMB6,863mn, as scale breakthroughs in H&T’s stronghold product lines, as well as new clients/new projects, steadily expanded its market share. Revenue from the power tool and industrial automation segment fell by 0.28% YoY to RMB1,005mn, mainly due to the strategic business transformation. The increase in new clients and projects prolonged product development cycles, slightly slowing down the overall delivery pace. Revenue from the automotive electronics segment climbed by 15.28% YoY to RMB941mn. In addition to buoyant shipments to tier-1 customers and ongoing scale expansion, the company's proprietary product lines showed rapid shipment ramp-ups. For 2025, revenue from the intelligent product segment was RMB1,276mn (+4.61% YoY). The company is building a closed loop of data-computing-service, accelerating the progress in intelligent products, and shaping a multi-scenario and widely-connected product suite.
Maintain BUY
To factor in the impact of rising bulk commodity prices and electronic components on earnings, we lower our 2026/2027 attributable NP forecasts by 4/10% to RMB869/1,088mn (previous: RMB904/1,204mn) and add our 2028 forecast of RMB1,310mn. SOTP valuation: ST Chengchang Technology's market cap is RMB29.0bn. Considering the company's 47.2% stake, the corresponding valuation is RMB13.7bn. While thriving AI applications are bringing new opportunities for the company, to reflect the impact of rising upstream raw material prices, we lower our valuation premium. We value the intelligent controller segment at 40x 2026E PE, above its peers' average of 39.38x on Wind consensus, for a market cap of RMB31,588mn. In summary, the total market cap is RMB45,276mn. Our target price is RMB48.95 (previous: RMB59.84, based on 62x 2026E PE for the intelligent controller segment and a valuation of RMB6,089mn for ST Chengchang Technology). Maintain BUY.
Risks: Substantial price hikes of upstream components; weaker intelligent controller demand than we expect, weaker RF chip demand than we expect.

　　公司2025/1Q26分别实现营业收入107.22亿/28.15亿元，同比增长11%/8.88%，分别实现归母净利润6.63亿元/1.7亿元，同比增长82.12%/0.34%。25年归母净利润略低于我们此前预期（7.04亿元），主要受到部分项目交付周期影响。公司25年业绩增长亮眼，得益于公司积极开拓新领域、新客户，并通过供应链整合提升全链条运营效率；此外，子公司铖昌科技利润持续恢复，共同推动公司盈利能力改善。我们认为“AI+”正在驱动全场景智能革命，在智能家居、个护游戏等维度为公司带来新发展机遇，多场景、广联动的智能生态产品体系有望打开公司的中长期成长空间，维持“买入”评级。
　　家电板块市场份额稳步扩大，发力智能产品板块
　　分业务条线而言，家电控制器板块作为公司稳健的基本盘，2025年收入同比增长12.62%至68.63亿元，公司优势产品线实现规模化突破、新客户与新项目持续开拓，推动市场份额稳步扩大；电动工具与工业自动化板块业务收入同比下降0.28%至10.05亿元，主要系该板块战略性业务转型，新客户、新项目增加，导致产品开发周期延长，整体交付节奏略有放缓；汽车电子板块收入同比增长15.28%至9.41亿元，除Tier1客户订单交付高速增长、规模持续扩大外，公司的自研产品线订单也迅速起量；智能化产品板块收入同比增长4.61%至12.76亿元，公司正在构建“数据-计算-服务”闭环能力，提速智能化产品业务发展进程，逐步实现多场景、广联动产品套系。
　　盈利能力稳步提升，多个环节落实有效降本措施
　　盈利能力方面，2025/1Q26公司毛利率分别为20.03%/20.48%，分别同比提升1.76/0.95pct。我们认为这主要得益于：1）子公司铖昌科技同比扭亏为盈，2025/1Q26分别实现归母净利润1.17亿/0.45亿元；2）公司持续聚焦高价值客户及产品，推动客户结构和产品结构双向优化，通过优化研发工艺、加大原材料替代、强化供应链协同、提升生产制造效率等措施持续推进降本增效；3）费用率得到有效控制，2025年公司销售/管理费用率分别同比下降0.16/0.32pct至2.04%/3.74%，在研发、生产、采购等多个管理环节积极落实降本措施，组织效能迭代升级，运营效率整体提升。
　　维持“买入”评级
　　考虑到大宗商品及电子元器件价格上涨对业绩的影响，我们预计公司26-28年归母净利润为8.69/10.88/13.10亿元（前值：9.04/12.04/-亿元，分别下调4%/10%/-），基于分部估值法（详细测算见正文），ST铖昌对应市值290亿元，考虑和而泰47.2%的持股比例，对应估值137亿元。AI应用处于蓬勃发展期，为公司带来新发展机遇，考虑到上游原材料涨价影响，我们下调估值溢价，给予公司2026年PE40x（可比平均：39.38x），对应估值315.88亿元。综上，合计市值452.76亿元，对应目标价48.95元/股（前值：59.84元/股，基于62x2026年智能控制器业务PE及60.89亿元ST铖昌估值），维持“买入”评级。
　　风险提示：上游元器件大幅涨价；智能控制器需求不及预期；射频芯片需求不及预期。