INVT(002334) EBSCN·2025-04-23 08:46Investment Rating - The report has downgraded the investment rating to "Accumulate" due to temporary pressure on the company's performance [3][6]. Core Views - The company reported a revenue of 840 million yuan in Q1 2025, a year-on-year decrease of 11% and a quarter-on-quarter decrease of 29%. The net profit attributable to shareholders was 35 million yuan, down 26% year-on-year and 74% quarter-on-quarter [1][2]. - The company's gross margin improved both year-on-year and quarter-on-quarter, reaching 32.66%, an increase of 0.7 percentage points year-on-year and 7.6 percentage points quarter-on-quarter. However, the net profit margin declined [2][3]. - The company is positioned in growth sectors such as robotics, data centers, and new energy, with expectations for revenue recovery as new products are launched and customer bases expand [3][2]. Summary by Sections Revenue and Profitability - In Q1 2025, the company's industrial automation business generated 540 million yuan, down 5% year-on-year; the network energy business generated 160 million yuan, down 14%; the new energy vehicle business generated 110 million yuan, down 26%; while the photovoltaic energy storage business grew by 13% to 40 million yuan [2]. - The report forecasts the company's net profit for 2025-2027 to be 290 million, 342 million, and 399 million yuan respectively, with corresponding P/E ratios of 21, 18, and 15 times [3][5]. Market Position and Growth Potential - The company holds a second-place market share in modular UPS power products in China, indicating strong potential for growth in the data center sector as construction ramps up [3]. - The company is actively expanding its overseas market presence in the new energy sector, which is expected to contribute to future growth [3]. Financial Metrics - The report provides a financial summary indicating a projected revenue of 4.262 billion yuan for 2025, with a slight decline from 2024, followed by a recovery in 2026 and 2027 [5][10]. - The gross margin is expected to stabilize around 30% in the coming years, while the net profit margin is projected to improve gradually [12][13].