INVT(002334) 西南证券·2024-08-15 10:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.38 CNY, corresponding to a 2024 target PE of 18 times [2][9]. Core Insights - The company reported a revenue of 2.113 billion CNY for H1 2024, a year-on-year decline of 4.17%, and a net profit attributable to shareholders of 109 million CNY, down 50.92% year-on-year [1]. - The industrial automation segment showed stable revenue growth, while the photovoltaic energy storage business experienced significant declines [1]. - The gross margin for H1 2024 was 31.34%, a slight decrease of 0.1 percentage points year-on-year, with varying margins across different business segments [1]. Summary by Sections Financial Performance - H1 2024 revenue was 2.113 billion CNY, down 4.17% year-on-year, with Q2 revenue at 1.164 billion CNY, down 2.35% year-on-year [1]. - Net profit for H1 2024 was 109 million CNY, a decrease of 50.92% year-on-year, with Q2 net profit at 62 million CNY, down 51.26% year-on-year [1]. Business Segments - Industrial Automation: Q1 revenue was 560 million CNY (up 1.4% YoY), and Q2 revenue was 710 million CNY (up 6% YoY) [1]. - Network Energy: Q1 revenue was 180 million CNY (up 7.5% YoY), and Q2 revenue was 200 million CNY (down 6.3% YoY) [1]. - New Energy Vehicles: Q1 revenue was 150 million CNY (up 18.3% YoY), and Q2 revenue was 160 million CNY (up 12.6% YoY) [1]. - Photovoltaic Energy Storage: Q1 revenue was 35 million CNY (down 70% YoY), and Q2 revenue was 67 million CNY (down 33% YoY) [1]. Margins and Expenses - The overall gross margin for H1 2024 was 31.34%, with specific margins for industrial automation at 37.7%, network energy at 30.5%, new energy vehicles at 17.9%, and photovoltaic energy storage at 5.7% [1]. - The expense ratio increased to 25.80%, up 3.66 percentage points year-on-year, impacting the net profit margin, which was 4.19%, down 5.82 percentage points year-on-year [1].