Intretech(SZ:002925) Guotou Securities·2026-01-16 10:17Investment Rating - The investment rating for the company is maintained at "Buy-A" with a 12-month target price of 26.50 CNY [5]. Core Insights - The company is expected to achieve a revenue of 4.037 to 4.216 billion CNY in 2025, representing a year-on-year growth of approximately 13% to 18%. This growth is attributed to the alleviation of adverse business fluctuations and stable development across various sectors including innovative consumer electronics, automotive electronics, and health environment [2][3]. - The company's net profit for 2025 is projected to be between 540 to 660 million CNY, indicating a significant year-on-year increase of 114.69% to 162.40%. However, the non-recurring net profit is expected to decline by 7.60% to 9.20% [1][3]. - The company plans to raise up to 800 million CNY through a private placement to enhance its global layout and upgrade research and development capabilities [4][8]. Financial Performance - The company anticipates a substantial increase in net profit for Q4 2025, with estimates ranging from 362 to 482 million CNY, reflecting a year-on-year growth of 355.16% to 506.06% [1][3]. - The expected revenue for Q4 2025 is projected to be between 1.155 to 1.334 billion CNY, with a year-on-year growth of 11.72% to 29.03% [1]. - The company is focusing on strengthening its automotive electronics business by enhancing the technical barriers of its star products and expanding its market share through resource reuse in new categories [2][8]. Future Projections - Revenue forecasts for the company from 2025 to 2027 are estimated at 4.238 billion CNY, 5.235 billion CNY, and 6.271 billion CNY, with year-on-year growth rates of 18.63%, 23.51%, and 19.80% respectively [8]. - The projected net profit for the same period is expected to be 545 million CNY, 491 million CNY, and 588 million CNY, with growth rates of 116.76%, -10.01%, and 19.83% respectively [8].