Intretech(SZ:002925) Xin Lang Cai Jing·2025-04-29 02:48Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q1 2025, particularly in non-recurring net profit, indicating potential growth in various business segments [1][7]. Financial Performance - For 2024, the company achieved revenue of 3.573 billion yuan, a year-on-year decrease of 7.45%, and a net profit of 252 million yuan, down 44.17% [1]. - In Q4 2024, revenue was 1.034 billion yuan, up 14.90% year-on-year, while net profit was 80 million yuan, down 32.01% [1]. - In Q1 2025, revenue reached 859 million yuan, a year-on-year increase of 12.45%, with net profit of 77 million yuan, up 37.81% [1]. Market Insights - The global smart controller market is projected to grow from 1.89 trillion USD in 2023 to approximately 1.98 trillion USD in 2024, with China's market expected to grow from 3.44 trillion yuan to 3.87 trillion yuan, reflecting a CAGR of 13.01% [1]. - The global new tobacco market is expected to grow by 12.7% in 2024, reaching 38.85 billion USD [2]. - The Chinese automotive electronics market reached 1.0973 trillion yuan in 2023, with an expected growth to 1.1585 trillion yuan in 2024 [2]. Product Performance - Revenue from smart control components was 1.145 billion yuan, down 13.96% year-on-year, primarily due to delays in new project capacity [3]. - Revenue from innovative consumer electronics was 1.137 billion yuan, a slight decrease of 1.55% year-on-year, with electronic cigarette sales showing stable growth [3]. - Automotive electronics revenue was 614 million yuan, up 19.43% year-on-year, benefiting from policies promoting vehicle upgrades [3]. - Health environment products saw a significant decline in revenue, down 53.14% year-on-year, due to increased market competition [3]. Financial Metrics - The gross margin for 2024 and Q1 2025 was 28.36% and 28.82%, respectively, showing a slight year-on-year decrease and increase [5]. - Operating cash flow for 2024 was 431 million yuan, down 37% year-on-year [6]. Future Outlook - The company anticipates continued improvement in performance across multiple business segments, including electronic cigarettes, automotive electronics, and health environment products, with projected revenues of 4.494 billion yuan, 5.366 billion yuan, and 6.031 billion yuan from 2025 to 2027 [7].