INVT(002334) 西南证券·2024-08-15 10:03Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.38 CNY, based on a 18X target PE for 2024 [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 business showed stable revenue growth, while the photovoltaic energy storage business experienced significant declines due to industry downturns [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, with Q2 revenue at 1.164 billion CNY, reflecting a 2.35% decline year-on-year [1]. - The net profit for H1 2024 was 109 million CNY, with Q2 net profit at 62 million CNY, both showing significant declines of 50.92% and 51.26% respectively [1]. - The company’s gross margin for H1 2024 was 31.34%, with a Q2 margin of 30.81%, indicating a year-on-year decrease of 1.0 percentage points [1]. Business Segment Performance - Industrial automation revenue for Q1 was 560 million CNY (up 1.4% YoY) and Q2 was 710 million CNY (up 6% YoY) [1]. - The network energy business saw Q1 revenue of 180 million CNY (up 7.5% YoY) and Q2 revenue of 200 million CNY (down 6.3% YoY) [1]. - The new energy vehicle segment reported Q1 revenue of 150 million CNY (up 18.3% YoY) and Q2 revenue of 160 million CNY (up 12.6% YoY) [1]. - The photovoltaic energy storage business faced a significant decline, with Q1 revenue of 35 million CNY (down 70% YoY) and Q2 revenue of 67 million CNY (down 33% YoY) [1]. Cost and Profitability - The company’s expense ratio increased to 25.80% in H1 2024, up 3.66 percentage points year-on-year, impacting the net profit margin, which fell to 4.19% [1]. - The gross margins for various segments in H1 2024 were: industrial automation at 37.7% (up 0.8 pp), network energy at 30.5% (down 3.3 pp), new energy vehicles at 17.9% (down 4.3 pp), and photovoltaic energy storage at 5.7% (down 16.7 pp) [1].