Investment Rating - The report maintains a "BUY" rating for Intron (01760.HK) with a target price of HKD 2.85 per share, down from HKD 6.13 [2][10]. Core Insights - Intron reported a year-on-year revenue increase of 20.1% to RMB 5,802.3 million for FY 2023, but the gross margin fell by 2.9 percentage points to 18.7%, which was lower than estimates [3][4]. - The company experienced a significant decline in net profit, retreating by 23.0% year-on-year, attributed to increased R&D expenses and a competitive pricing environment [4][10]. - The revenue growth was driven primarily by NEV Solutions, but competition led to manufacturers opting for lower-cost solutions, impacting growth in advanced driver-assistance systems (ADAS) [4][10]. - A shift in pricing strategy was noted, with a gross margin of 17.1% in the second half of 2023, indicating adjustments to cope with market pressures [4][10]. - The report anticipates continued challenges in 2024, with profit margins expected to remain under pressure due to lower gross margins and high R&D expenses [4][10]. Financial Summary - Revenue projections for the next few years are as follows: RMB 6,840.5 million in 2024, RMB 7,524.0 million in 2025, and RMB 8,174.4 million in 2026, reflecting a year-on-year growth rate of 17.9%, 10.0%, and 8.6% respectively [15]. - The gross profit is projected to increase from RMB 1,083.6 million in 2023 to RMB 1,247.8 million in 2024, with gross margins expected to stabilize around 18.8% in 2026 [15][17]. - The net profit is forecasted to decline significantly in 2024, with estimates of RMB 219.4 million, before recovering to RMB 301.3 million in 2025 and RMB 398.7 million in 2026 [15]. Operational Outlook - The report indicates a cautious operational outlook, with estimates cut by 51% to 58% due to ongoing difficulties, including lower gross margins and increased financial expenses [4][10]. - The company is expected to face a tightening working capital situation due to a longer cash conversion cycle and high R&D expenses [13][17].

Investment Rating - The report maintains a "BUY" rating for Intron Tech with a new target price (TP) of HK$5.53, based on a 12x FY24E P/E valuation methodology [13][14][21]. Core Insights - Intron's FY23 revenue was RMB 5.8 billion, reflecting a 20% year-over-year (YoY) growth, while net income decreased by 23.5% YoY to RMB 317 million. The gross profit margin (GPM) was 18.7%, down 2.8 percentage points YoY, attributed to intensified price competition [21][32]. - The company expects solid growth in the New Energy Vehicle (NEV) and Hybrid Electric Vehicle (HEV) segments, driven by increasing demand and export opportunities in China. However, margin pressure may persist due to heightened competition [21][32]. - The report highlights a significant increase in R&D expenses, which reached 9.0% of revenue due to talent recruitment and upfront investments. Management anticipates a normalization of these expenses in FY24E [21][32]. Revenue Forecasts - Revenue is projected to grow from RMB 6,975 million in FY24E to RMB 10,805 million in FY26E, with a YoY growth rate of 20.2% in FY24E and 24.2% in FY25E [21][26]. - The breakdown of revenue by segment shows strong growth in New Energy (131.6% YoY in 2021, 91.0% in 2022) and Automation & Connectivity (151.3% YoY in 2022) [21][26]. Earnings Summary - The earnings forecast for FY24E includes a revenue estimate of RMB 6,975 million, a gross profit of RMB 1,298 million, and a net profit of RMB 441 million, indicating a 39% YoY growth in net profit [21][26][32]. - The report notes that the EPS for FY24E is expected to be RMB 0.41, with a consensus estimate of RMB 0.55 for FY25E [21][26]. Valuation Metrics - Intron is currently trading at 4.5x FY24E P/E, significantly lower than the average P/E of 22.8x for its peers, indicating that it is undervalued [14][21]. - The report emphasizes the attractive risk/reward profile of Intron, especially in light of potential catalysts such as favorable NEV policies and increasing penetration of Advanced Driver Assistance Systems (ADAS) [14][21].

除業務增長外，本集團同樣重視環境、社會及管治（「ESG」）方面工作，以使我們 的發展具可持續性，並有利於各個持份者。年內，我們首度獲得國際ESG評級機構 Sustainalytics對本集團的ESG進行評分。Sustainalytics是全球具代表性的ESG研究與數 據供應商以及ESG評鑑機構之一，曾被《Environmental Finance and Investment Week》評 為最佳ESG研究與數據供應商。本集團的首次ESG風險評分為23.7，處於中度風險評級 中較佳位置，在全球企業中位列前44%。本集團一直不遺餘力為全球減少碳排放作出貢 獻，並於2023年底設立ESG董事委員會，由本集團主席牽頭制定有關政策及目標，務求 持續提升ESG水平。 雲服務器業務方面，目前行業正處於去庫存階段，本集團將繼續對持業務保持謹慎態 度，並密切留意市場及政策變化。 • 香港研發中心側重研究先進功率半導體的應用及協作機器人相關的應用研究－中長 期發展的業務增長點 • 支援跨平台部署、跨域集成、且符合功能安全及資訊安全的車規級軟件及中間件 平台 展望未來，雖然整車行業競爭激烈，但在全球汽車電動化、智能化及網聯化的趨 ...

FY23E Preview: industry headwinds mostly priced in; Awaiting recovery in FY24E PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG: RESP CMBR OR http://www.cmbi.com.hk1 Source: Company data, CMBIGM estimates 28% 37% 15% -14% 59%52% 19% 20% 24% 0 2,000 4,000 6,000 8,000 10,000 12,000 2017 2018 2019 2020 2021 2022 2023E 2024E 2025E (RMB mn) Revenue YoY Source: Company data, CMBIGM estimates PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON ...

Financial Performance - In the first half of 2023, the revenue from intelligent driving and networking business surged by 118% to RMB 203.3 million, driven by increased solution assembly rates and penetration [11]. - The group's revenue for the first half of 2023 reached RMB 2,626.2 million, a year-on-year increase of 27%, driven by strong performance in the automotive sector, particularly in new energy vehicles [42]. - Revenue from the new energy business increased by 58% year-on-year to RMB 1,253.0 million, outperforming the growth rate of the new energy vehicle market [30]. - The safety systems business saw a 43% year-on-year increase in revenue to RMB 390.2 million, supported by the growing application of advanced driver-assistance systems [31]. - The intelligent driving network revenue surged by 118% year-on-year to RMB 203.3 million, reflecting significant growth in this segment [43]. - Gross profit for the first half of 2023 increased by 21% year-on-year to RMB 541.0 million, with an overall gross margin of 20.6% [43]. - The group’s shareholder profit for the period was RMB 154.5 million, with a shareholder profit margin of 5.9%, down from 7.4% in the previous year [28]. - The company’s profit rose by 1% to RMB 152.1 million for the six months ended June 30, 2023, compared to RMB 151.4 million for the same period in 2022 [59]. - The net profit attributable to the parent company was RMB 154,456,000, slightly increasing from RMB 152,556,000 in the previous year, reflecting a growth of 1.2% [163]. Research and Development - Research and development expenses increased by 59% year-on-year, accounting for 8.9% of total revenue, up from 7.0% in the previous year [29]. - The group continues to enhance its research and development capabilities in electric, intelligent, and hydrogen-powered control systems to align with market trends [15]. - The group plans to expand its R&D capabilities with new centers in Shanghai and Shenzhen, and a new R&D center in Hong Kong expected to commence operations in November 2023 [38]. - The group has developed a high-performance intelligent driving system, MADC2.5, which has received certification from Horizon Matrix, enhancing its competitive edge in the autonomous driving sector [33]. - R&D expenses for the period amounted to RMB 205,811 thousand, a significant rise of 49.9% compared to RMB 137,244 thousand in the previous year [183]. Market Trends and Demand - The market share of new energy vehicles reached 28.3% in the first half of 2023, indicating a steady increase in demand [24]. - The company expects continued positive prospects in the Chinese automotive market, focusing on new energy and intelligent connected vehicles [51]. Financial Position and Cash Flow - Cash and cash equivalents totaled RMB 534.8 million as of June 30, 2023, up from RMB 336.9 million at the end of 2022 [60]. - The company’s total assets as of June 30, 2023, amounted to RMB 4,912,297,000, compared to RMB 3,974,913,000 as of December 31, 2022, indicating a significant increase of 23.4% [166]. - The company’s total liabilities increased to RMB 2,537,983,000 from RMB 1,906,676,000, representing a growth of 33.1% [166]. - The company reported a net cash inflow from operating activities of RMB 7,573,000, compared to a net outflow of RMB 8,917,000 in the same period of 2022 [199]. - The financing activities generated a net cash inflow of RMB 318,699,000, a recovery from a net outflow of RMB 29,127,000 in the same period last year [199]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and believes that its governance practices are in compliance, with a noted deviation regarding the roles of the chairman and CEO [157]. - The board of directors confirmed compliance with the corporate governance code throughout the review period [187]. - The company maintained a high level of corporate governance to enhance shareholder value and transparency [185]. Employee and Administrative Expenses - Administrative expenses rose by 35% to RMB 274.4 million, driven by increased travel and office-related costs [56]. - The company employed 1,517 staff as of June 30, 2023, compared to 1,171 a year earlier, with total employee costs amounting to RMB 226.5 million [73]. - The company has implemented attractive compensation packages, including competitive base salaries and annual performance bonuses [97]. Financing and Debt - The net debt-to-equity ratio increased to 48% as of June 30, 2023, compared to 41% at the end of 2022 [61]. - Financing costs surged by 197% to RMB 46.8 million due to increased bank borrowings and rising interest rates [58]. - The company has entered into a financing agreement for a syndicated loan of up to USD 60,000,000, with a repayment period of 36 months from the first drawdown date [160]. Shareholder Information - Major shareholder Magnate Era Limited holds 48.28% of the shares, totaling 525,000,000 shares [107]. - The combined shareholding of the top two shareholders, Magnate Era Limited and Treasure Map Ventures Limited, is approximately 55.18% [107]. - The company has a stock option plan with a maximum issuance limit of 10% of the shares outstanding as of July 12, 2018, which is approximately 100,000,000 shares [119].

綜合財務狀況表 於2023年6月30日 | --- | --- | --- | --- | |----------------------|-------|---------------------------------------------------|------------------------------------------------| | | 附註 | 於 2023 年 \n6 月 30 日 （未經審核） 人民幣千元 | 於 2022 年 \n12 月 31 日 （經審核） 人民幣千元 | | 流動資產淨額 | | 1,549,625 | 1,444,178 | | 總資產減流動負債 | | 2,374,314 | 2,168,237 | | 非流動負債 | | | | | 租賃負債 | | 6,340 | 12,735 | | 政府補助 | | 820 | 940 | | 遞延所得稅負債 | | 5,955 | 5,925 | | 計息銀行及其他貸款 | | 180,645 | – | | | | | | | 非流動負債總額 | | 193,760 | 19,600 | | 資產淨額 ...

致股東報告書 展望 65 獨立核數師報告 受油價不穩定影響，加上消費者對環保意識愈加重視，讓新能源汽車更受大眾青睞。本集團作為行業領導者，把握住市 場先機，完成相關解決方案和產品的研發和測試，於本年度進一步實現批量式的交付。新能源汽車解決方案業務表現繼 續優於整體市場水平，收入按年大幅增長91% ，達人民幣2,066.8百萬元，繼續成為本集團業務的主要增長動力，本年 度佔總收入達43%。 於2022年12月31日，本集團的淨債務權益比率為41%（2021年12月31日：21%），比率指淨債務除以母公司擁有人應佔 權益加淨債務。淨債務包括計息銀行及其他貸款、貿易應付款項及應付票據、其他應付款項及應計費用，減現金及現金 等價物及已質押存款。 截至2022年12月31日止年度，收入總額為人民幣4,829.9百萬元（2021年12月31日：人民幣3,176.2百萬元），相比去年 上升52% ，主要由於本集團各汽車業務分部均錄得增長所致，其中新能源汽車業務表現尤其突出，持續錄得強勁增長。 此外，智駕網聯解決方案錄得高速增長。 M intron 2022 年 瓶 ● ● mP 22 24 9 · 6, . and in ...

INTRON TECHNOLOGY HOLDINGS LIMITED 英 恒 科 技 控 股 有 限 公 司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1760） 全年業績 概要 行政開支 | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|----------------------------------------------------------------------|-------------------------------| | | | | | | 財務摘要 （人民幣千元，另有指明者除外） | 2022 年 12 月 31 日 | 2021 年 12 月 31 日 | 按年變動 百分比 | | 財務數據 收入明細 ...

on INTRON TECHNOLOGY HOLDINGS LIMITED 英恒科技控股有限公司 (於開曼群島註冊成立的有限公司) 股份代號 : 1760 A 中期報告 混合產品 F8C" C008001 0 . 000 目錄 | --- | --- | |-------|--------------------| | | | | 2 | 公司資料 | | 3 | 管理層討論及分析 | | 15 | 權益披露 | | 21 | 其他資料 | | 22 | 綜合損益表 | | 23 | 綜合全面收益表 | | 24 | 綜合財務狀況表 | | 26 | 綜合權益變動表 | | 27 | 簡明綜合現金流量表 | | 28 | 財務報表附註 | o n 公司資料 | --- | --- | |-----------------------------------|-----------------------------------------------------| | | | | 董事 | 薪酬委員會 | | 執行董事 | 江永瑋先生 （主席） | | 陸穎鳴先生 （主席兼聯席行政總裁） | 余宏先生 | | ...

intron 英恒 INTRON TECHNOLOGY HOLDINGS LIMITED 英恒科技控股有限公司 © © © © © © 《 你 | © 《 《 《 《 《 《 《 《 《 《 《 《 《 《 《 《 《 《 《 《 《 《 《 《 《 《 《 《 《 《 《 《 《 《 股份代號：1760 O 0 . 0 . 0 . == P D D | --- | --- | --- | |-------|-------|------------------| | | | | | | | | | | | 目錄 | | | | | | | | | | | 2 | 財務摘要 | | | 3 | 公司資料 | | | 4 | 致股東報告書 | | | 7 | 管理層討論及分析 | | | 19 | 企業管治報告 | | | 34 | 董事及高級管理層 | | | 39 | 董事會報告 | | | 60 | 獨立核數師報告 | | | 65 | 綜合損益表 | | | 66 | 綜合全面收益表 | | | 67 | 綜合財務狀況表 | | | 69 | 綜合權益變動表 | | | 70 | 綜合現金流量表 | | ...