Intretech(002925) 长江证券·2024-11-06 01:56Investment Rating - The investment rating for the company is "Accumulate" [6]. Core Views - The company experienced revenue pressure in Q3 2024, with a year-on-year decline of 14% in total revenue, primarily due to significant decreases in the revenue from engraving machines and water cooling businesses, while automotive electronics, electronic cigarettes, and e-bike related businesses showed growth [3][4]. - The company is expected to have medium to long-term growth potential, with existing businesses gradually recovering and new projects contributing to revenue growth. The company is focusing on various segments, with several showing promising development potential [5]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved revenue of 2.539 billion, net profit attributable to shareholders of 172 million, and net profit excluding non-recurring items of 144 million, representing declines of 14%, 48%, and 49% year-on-year respectively. In Q3 2024, revenue was 964 million, net profit was 36 million, and net profit excluding non-recurring items was 31 million, with year-on-year declines of 14%, 72%, and 72% respectively [2][3]. - The gross profit margin in Q3 2024 decreased by 2.1 percentage points to 26.6%. The expense ratios for sales, management, R&D, and financial costs increased by 0.6, 1.6, 1.3, and 2.2 percentage points respectively, leading to a decline in net profit margin by 7.9 and 6.9 percentage points year-on-year [4]. Business Segments - The smart control components segment is expected to see a decline in water cooling revenue, while video conferencing system-related business is anticipated to grow. The engraving machine business is facing significant revenue declines due to weak downstream demand and intense price competition, while e-bike revenue is expected to grow. The electronic cigarette business is progressing well in overseas markets [3]. - The automotive electronics segment continues to grow rapidly, with steady progress in the construction of the Mexico manufacturing base and an increase in market share for smart control modules [3][5]. Future Outlook - The company is expected to achieve net profits attributable to shareholders of 240 million, 300 million, and 400 million in 2024, 2025, and 2026 respectively, corresponding to PE ratios of 41, 33, and 25 times [5].