INVT(SZ:002334) EBSCN·2024-08-15 11:08Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company's industrial automation business shows steady growth, while the solar storage business experiences a decline in revenue [1]. - The company achieved a total revenue of 2.113 billion yuan in H1 2024, a year-on-year decrease of 4.17%, with a net profit attributable to shareholders of 109 million yuan, down 50.92% year-on-year [1]. - The industrial automation segment remains the cornerstone of the company, accounting for 60.19% of total revenue, with a revenue increase of 3.9% year-on-year [1]. - The solar storage business saw a significant revenue drop of 52.71% year-on-year, although it showed a slight recovery compared to H2 2023 [1]. - The company is optimistic about the long-term growth potential of the solar storage and new energy vehicle sectors despite short-term challenges [1]. Summary by Relevant Sections Financial Performance - In H1 2024, the company reported a revenue of 2.113 billion yuan, with a net profit of 109 million yuan, reflecting a significant decline compared to the previous year [1]. - The industrial automation business generated 1.272 billion yuan in revenue, up 3.9% year-on-year, with a gross margin of 37.7% [1]. - The solar storage business generated 102 million yuan in revenue, down 52.71% year-on-year, but up 15.91% compared to H2 2023 [1]. Business Segments - The industrial automation segment is growing steadily, contributing 60.19% to total revenue [1]. - The network energy business revenue remained stable at 379 million yuan, with a slight decrease of 0.18% year-on-year [1]. - The new energy vehicle business achieved a revenue of 310 million yuan, a year-on-year increase of 15.21% [1]. Profitability and Valuation - The report adjusts the profit forecast for 2024-2026, expecting net profits of 308 million yuan, 389 million yuan, and 459 million yuan respectively, with corresponding P/E ratios of 15, 12, and 10 times [1]. - The company maintains a positive outlook on the industrial automation business while acknowledging short-term pressures in the solar storage and new energy vehicle sectors [1].