INVT(SZ:002334) EBSCN·2024-04-09 16:00Investment Rating - The report maintains a "Buy" rating for the company [3][15]. Core Views - The company is expected to achieve net profits of 499 million, 580 million, and 646 million yuan for the years 2024, 2025, and 2026 respectively, reflecting a downward adjustment of 16% and 23% for 2024 and 2025 [3]. - The industrial automation and network energy businesses are showing steady growth, while the photovoltaic energy storage and new energy vehicle sectors are under short-term pressure but have promising long-term prospects [3]. Financial Performance Summary - The company reported a revenue of 4.59 billion yuan in 2023, a year-on-year increase of 12%, with a net profit of 371 million yuan, up 35% from the previous year [11]. - The industrial automation segment generated 2.54 billion yuan in revenue, growing 11% year-on-year, with a gross margin of 37.86% [12]. - The network energy business achieved 825 million yuan in revenue, a 13% increase, with a gross margin of 34.32% [12]. - The photovoltaic energy storage business generated 304 million yuan in revenue, while the new energy vehicle segment saw a 15% increase in revenue to 701 million yuan, although its gross margin decreased by 4.32 percentage points [13]. Profitability and Valuation Metrics - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.62, 0.72, and 0.81 yuan respectively [14]. - The price-to-earnings (P/E) ratio is expected to decrease from 13 in 2024 to 10 in 2026 [14]. - The return on equity (ROE) is projected to be 16.1% in 2024 and 15.7% in 2026 [14].