Intretech(SZ:002925) Xin Lang Cai Jing·2026-01-16 10:44Core Viewpoint - The company expects significant growth in revenue and net profit for 2025, driven by stabilization in various business segments and strategic investments in global operations and R&D [1][2][4]. Group 1: Revenue and Profit Forecast - The company anticipates 2025 revenue between 4.037 billion and 4.216 billion yuan, representing a year-on-year growth of approximately 13% to 18% [1][2]. - The projected net profit attributable to shareholders is expected to be between 540 million and 660 million yuan, showing a substantial year-on-year increase of 114.69% to 162.40% [1][2]. - For Q4 2025, the company forecasts revenue of 1.155 billion to 1.334 billion yuan, with a year-on-year growth of 11.72% to 29.03% [1][2]. Group 2: Business Segment Performance - The company’s automotive electronics segment is expected to face increased competition, but it plans to enhance its market share through technological advancements and resource reallocation [2]. - The health and environment segment is projected to grow rapidly due to core customer projects entering mass production, with ongoing collaboration and product line expansion [2]. - The E-bike product inventory has returned to healthy levels, indicating a gradual recovery in demand [2]. Group 3: Fair Value Changes and Net Profit Drivers - The significant increase in net profit is attributed to substantial fair value changes in the company's equity investments, expected to add 381 million yuan to net profit attributable to shareholders [3]. - The company’s non-recurring net profit is expected to remain stable compared to the previous year, despite rising expenses due to increased R&D investments and a new equity incentive plan [3]. Group 4: Fundraising and Strategic Investments - The company plans to raise up to 800 million yuan through a private placement to enhance its global operations and R&D capabilities [4]. - The raised funds will focus on expanding manufacturing bases in Malaysia and Mexico, optimizing the product structure in the health environment sector, and upgrading R&D centers to strengthen technological capabilities [4]. Group 5: Investment Outlook - The company is positioned as a platform enterprise in the innovative consumer electronics and IoT sectors, with strong foundational R&D capabilities and a leading UDM system [5]. - Continued investment in R&D and expansion in automotive electronics and health products are expected to drive profitability growth, with projected revenues of 4.238 billion, 5.235 billion, and 6.271 billion yuan from 2025 to 2027 [5]. - The forecasted net profit for the same period is 545 million, 491 million, and 588 million yuan, with corresponding P/E ratios indicating a favorable investment outlook [5].