20240322-招银国际-英恒科技-01760.HK-FY23_mostly_in-line__Expect_easing_headwinds_in_FY24E_8页_1mb

报告摘要

Intron Tech (1760 HK) Analysis Summary

Company Overview

Intron Tech is a Hong Kong-listed company focused on automotive components and solutions, part of the broader auto supply chain. The report covers fiscal year 2023 performance and forward-looking analysis.

##FY23 Financial Performance

Revenue reached RMB 5.8 billion, a 20% year-on-year increase, aligning with estimates.
Net income was RMB 317 million, down 23.5% YoY, slightly below estimates due to intensified price competition.
Gross profit margin (GPM) of 18.7% was lower than expected, attributed to pricing pressures from downstream OEMs.
Key segments: New energy and body control showed strong growth (+35% and +8% YoY), while cloud server experienced weakness due to reduced demand.

##FY24E Outlook

Anticipated revenue growth of 20% YoY and net profit growth of 39% YoY, driven by NEV/HEV demand and gradual normalization of R&D spending.
Continued margin pressure from downstream competition is expected short-term.
Catalysts include rising ADAS penetration, NEV policy support, and client share gains.

##Valuation

Maintain BUY recommendation with a target price of HK$5.53, representing a 179.4% upside from current price.
Trading at 4.5x/3.0x FY24E/FY25E P/E, which is undervalued compared to A/H-listed peers.
Risk-reward is attractive due to high ROE and forecasted earnings growth.

##Catalysts and Risks

Uplifting factors: Favourable NEV policies, rising ADAS/AD adoption, and new product shipments.
Downside risks: Persisted margin pressure and competition.
Undervaluation noted, with potential catalysts from NEV market expansion.

##Conclusion
The company is viewed as undervalued with an attractive risk-reward profile, supported by solid NEV segment growth and earnings recovery expectations in FY24E.

展开完整摘要