Intretech(SZ:002925) GUOTAI HAITONG SECURITIES·2025-08-19 06:11Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 22.04 CNY [4]. Core Insights - The company is experiencing accelerated revenue growth, with expectations for profit improvement in the second half of the year [2]. - The unique UDM model supports high-end manufacturing R&D capabilities, and the business expansion in high-growth sectors is promising [10]. - The company has adjusted its profit expectations for 2025-2026 and introduced a new profit forecast for 2027, estimating EPS of 0.38, 0.44, and 0.69 CNY for 2025-2027 respectively [10]. Financial Summary - Total revenue is projected to decline from 3,860 million CNY in 2023 to 3,567 million CNY in 2025, before increasing to 5,682 million CNY by 2027, reflecting a growth rate of 26.0% [3]. - Net profit attributable to the parent company is expected to decrease from 451 million CNY in 2023 to 252 million CNY in 2024, before recovering to 536 million CNY in 2027, indicating a significant growth of 56.6% [3]. - The company's gross profit margin is forecasted to decline to 27.6% in 2025, with a net profit margin of 8.6% [11]. Business Performance - In the first half of 2025, revenue from innovative consumer electronics products increased by 41.86%, while automotive electronics and health environment segments also showed positive growth [10]. - The company is focusing on deepening its large customer strategy and enhancing its competitive advantages in smart manufacturing and internationalization [10]. - The sales gross margin for Q2 2025 was reported at 27.1%, down 2.1 percentage points year-on-year, primarily due to currency fluctuations and increased competition in the automotive electronics market [10]. International Expansion - The company is accelerating its internationalization process, leveraging its early advantages to enhance global operations and meet diverse customer needs [10].