英恒科技：1H24 以下 ， 利润率较弱 ； 对近期行业不利因素的估计较低

Investment Rating - The report maintains a "Buy" rating for Intron Tech with a target price of HK$2.35, down from the previous target of HK$5.53, reflecting a significant potential upside from the current price of HK$1.2 [4][13]. Core Insights - Intron Tech reported revenue of RMB 2.84 billion for the first half of fiscal year 2024, representing an 8% year-on-year increase, but net profit decreased by 37% to RMB 977 million due to increased competition and pricing pressure from automotive OEMs, leading to a gross margin decline to 15.9% [1][2]. - The management expects a recovery in net profit margins in the second half of fiscal year 2024, driven by new orders in the new energy and ADAS sectors, as well as expansion into overseas markets [2][4]. - The report has adjusted earnings per share forecasts for fiscal years 2024 and 2025 down by 43%-49% due to the weak performance in the first half of 2024 and anticipated cost pressures [2][4]. Revenue Summary - Intron Tech's revenue is projected to grow by 9% year-on-year in fiscal year 2024, while net profit is expected to decline by 29% [2][12]. - The revenue breakdown shows strong growth in the new energy (16%), automation and connectivity (13%), and cloud server segments (25%), while body control, safety, and powertrain segments experienced weaker growth [1][11]. - The gross profit margin for the first half of 2024 was 15.9%, down from 20.6% in the same period last year, reflecting pressures in the automotive supply chain [1][12]. Financial Projections - For fiscal year 2024, revenue is estimated at RMB 6.32 billion, with a gross profit of RMB 1.02 billion and a net profit of RMB 225 million [9][10]. - The projected earnings per share for fiscal year 2024 is RMB 0.21, with a significant decrease from previous estimates [10][12]. - The report anticipates a gradual recovery in profit margins in fiscal year 2025, with net profit expected to rise to RMB 371 million [2][9]. Valuation Metrics - Intron Tech's current price-to-earnings ratios are 5.4x for fiscal year 2024 and 3.2x for fiscal year 2025, which are considered attractive compared to industry peers [2][13]. - The report highlights that Intron Tech is undervalued, especially given its high return on equity (ROE) levels [13].