Intretech(002925) 海通证券·2024-06-02 06:31Investment Rating - The report maintains an "Outperform the Market" rating for the company [21]. Core Views - The company has achieved mass production of electronic cigarettes and diversified its UDM business [4][24]. - Despite a decline in revenue, the company is expected to recover profitability in the coming years, with projected net profits of 6.14 billion and 7.74 billion for 2024 and 2025, respectively [13]. Financial Performance Summary - Revenue for 2022 was 4,345 million, with a year-on-year decline of 38.5%. For 2023, revenue is projected at 3,860 million, a further decline of 11.2%, but expected to rebound to 4,808 million in 2024, reflecting a growth of 24.6% [8][11]. - Net profit for 2022 was 693 million, down 36.6%, with a forecast of 451 million for 2023, a decrease of 35.0%. The company anticipates a recovery to 614 million in 2024, marking a growth of 36.3% [8][11]. - The gross margin for 2023 is reported at 30.7%, slightly up from 30.4% in 2022, while the net profit margin decreased to 12.46% [12][8]. Business Segment Performance - The innovative consumer electronics segment saw a significant revenue drop of 48.37% in 2023, while the smart control components and automotive electronics segments grew by 30.50% and 42.82%, respectively [23][24]. - The company has successfully launched core components and complete units in the electronic cigarette sector and has made advancements in smart pet products and high-end food machinery [24]. Valuation Metrics - As of May 31, the stock price was 13.01, with a projected PE ratio of 16.5 for 2024 and 13.1 for 2025. The estimated fair value range is between 15.80 and 17.38 [13][8].