On August 23, 2024, IntreTech (002925) received a buy rating from Huaan Securities (600909), and has received attention from two research reports in the past month.
According to a research report from Huaan Securities, IntreTech's revenue for the years 2024-2026 is projected to be 36.87, 45.96, and 54.27 billion yuan respectively, with a decrease from previous estimates, and year-on-year growth rates of -4.5%, 24.6%, and 18.1% respectively. The net profit attributable to the parent company is expected to be 3.98, 5.32, and 6.68 billion yuan for the same years, with year-on-year growth rates of -11.7%, 33.6%, and 25.6% respectively, lower than previous projections.
The research report believes that the company will rely on the volume production of e-cigarette components and complete machines in the future. The home engraving machine business is expected to improve, and the company will actively expand into new product lines, potentially incubating new single products to reverse the pressure on performance.
The research report reminds investors to pay attention to related risks, including risks related to export product markets and policies, risks of customer concentration, risks of declining product gross profit margins, risks of fluctuations in raw material prices, and risks of exchange rate fluctuations.
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