Intretech(002925) 长江证券·2024-04-30 05:32Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's revenue for 2023 was 3.86 billion yuan, with a year-on-year decrease of 11%. The net profit attributable to the parent company was 0.451 billion yuan, down 35% year-on-year. The first quarter of 2024 saw a net profit of 0.564 billion yuan, a decrease of 12% year-on-year [5][6]. - The company is expected to see a gradual recovery in its existing business while new businesses are anticipated to ramp up. The automotive electronics segment is projected to experience significant growth, while the innovative consumer electronics segment faces challenges due to inventory adjustments [5][12][13]. Financial Performance Summary - In 2023, the company achieved total revenue of 3.86 billion yuan, with a net profit of 0.451 billion yuan and a non-recurring net profit of 0.387 billion yuan, reflecting year-on-year declines of 11%, 35%, and 37% respectively [5]. - For Q4 2023, the company reported revenue of 0.900 billion yuan, with a net profit of 0.117 billion yuan and a non-recurring net profit of 0.103 billion yuan, showing declines of 8%, 26%, and 10% year-on-year [5]. - In Q1 2024, the company recorded revenue of 0.764 billion yuan, with a net profit of 0.056 billion yuan and a non-recurring net profit of 0.043 billion yuan, indicating a year-on-year decrease of 12% and 31%, but a slight increase of 2% in non-recurring net profit [5][6]. Business Segment Analysis - The revenue breakdown for 2023 shows that the smart control components, innovative consumer electronics, automotive electronics, and health environment products contributed 34%, 30%, 13%, and 10% to total revenue respectively. The smart control components segment grew by 30.5%, while innovative consumer electronics saw a decline of 48.4% [5][12]. - The automotive electronics segment is expected to continue its rapid growth, supported by the company's global expansion efforts and the establishment of a manufacturing base in Mexico [13]. - The health environment products segment is experiencing a recovery in orders, leading to a significant year-on-year revenue increase [5][12][13]. Future Outlook - The company is projected to achieve net profits of 0.64 billion yuan, 0.74 billion yuan, and 0.89 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 18, 16, and 13 times [13].