INVT(002334) 西南证券·2024-04-09 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 7.77 CNY and a target price not specified for the next 6 months [1]. Core Insights - The company's 2023 performance met expectations, with overseas revenue growing by 30% year-on-year [1]. - The gross profit margin for 2023 was 31.51%, an increase of 1.40 percentage points year-on-year [2]. - The company is expected to maintain a compound annual growth rate (CAGR) of 22% in net profit over the next three years [36]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 4.59 billion CNY, a year-on-year increase of 12.03%, and a net profit attributable to the parent company of 371 million CNY, up 35.06% year-on-year [35]. - The revenue breakdown for 2023 includes: - Industrial Automation: 2.54 billion CNY, +10.70% YoY - Network Energy: 825 million CNY, +13.17% YoY - Photovoltaic Energy Storage: 304 million CNY, +12.28% YoY - New Energy Vehicles: 701 million CNY, +15.40% YoY [20]. Business Segments - Industrial Automation: The company is integrating its operations and expects order growth rates of 20%, 15%, and 15% for 2024-2026, with gross margins projected at 38.0%, 38.5%, and 39.0% respectively [6]. - New Energy Vehicles: The business is expanding its product offerings and anticipates order growth rates of 20%, 20%, and 15% for 2024-2026, with gross margins of 19.0%, 20.0%, and 20.0% [7]. - Network Energy: Driven by the digital economy, the segment expects order growth rates of 20%, 20%, and 15% for 2024-2026, with gross margins of 34.5%, 35.0%, and 35.0% [39]. - Photovoltaic Energy Storage: The segment is expected to see order growth of 5%, 20%, and 20% for 2024-2026, maintaining a gross margin of 20% [25]. Profitability and Forecasts - The net profit margin for 2023 was 7.15%, an increase of 0.79 percentage points year-on-year [2]. - Forecasts for 2024-2026 predict net profits of 453 million CNY, 559 million CNY, and 678 million CNY, with corresponding EPS of 0.56, 0.69, and 0.84 CNY [36]. - The company’s PE ratios for the next three years are projected to be 14, 11, and 9 [36].