Intretech(SZ:002925) Huaan Securities·2024-04-28 14:30Investment Rating - The investment rating for the company is "Buy" (maintained) [9] Core Views - The company reported a decline in performance in the short term, primarily due to fluctuations in demand for certain customer orders in the innovative consumer electronics segment. However, the automotive electronics business showed strong growth [9][10] - The company is expected to see revenue growth driven by the electronic cigarette business and the expansion of new product lines, with projected revenues for 2024-2026 being 45.48 billion, 56.89 billion, and 69.09 billion respectively, representing year-on-year growth rates of 17.8%, 25.1%, and 21.5% [9][10] - The gross profit margin is anticipated to decline due to product mix optimization and currency fluctuations, with gross margins for 2023, Q4 2023, and Q1 2024 being 30.70%, 33.46%, and 27.58% respectively [9][10] Financial Summary - Revenue for 2023 is reported at 38.60 billion, with a year-on-year decline of 11.2%. The net profit attributable to the parent company is 4.51 billion, down 35.0% year-on-year [2][9] - The company’s gross profit margin for 2023 is 30.7%, with a projected decline to 27.7% in 2024 [2][12] - The return on equity (ROE) is expected to improve from 9.0% in 2023 to 12.6% by 2026 [2][12] Earnings Forecast - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are 0.67, 0.90, and 1.17 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 22.10, 16.40, and 12.67 [2][9] - The net profit attributable to the parent company is projected to increase to 5.22 billion in 2024, 7.04 billion in 2025, and 9.11 billion in 2026, with year-on-year growth rates of 15.9%, 34.8%, and 29.4% respectively [9][10]