Intretech(002925)2025-04-25 13:58Group 1: Company Overview and International Expansion - The company has been developing its international layout for nearly ten years, establishing a "big triangle + small triangle" international strategy that is now taking shape and has reached a certain scale [1] - Domestic manufacturing bases, including Xiamen, Zhangzhou, and Shanghai, still have room for further capacity planning [1] - The Malaysian and Hungarian manufacturing bases are fully utilized, with ongoing construction for the third phase in Hungary [2] Group 2: Financial Performance and Capacity Utilization - The company is continuously investing in manufacturing bases in Malaysia and Mexico, which will impact net profit due to depreciation [2] - New capacities are being planned and will be gradually released, ensuring reasonable amortization of depreciation expenses [2] Group 3: Project Development and Market Potential - The company has a diverse project reserve, including air and water purification products, biodegradable packaging materials, and smart medical devices, with significant growth potential expected [2] - The company has established partnerships with several five-star hotels for its BE WTR recyclable glass bottled water, indicating strong market demand [2] Group 4: Automotive Electronics Sector - The revenue growth of the automotive electronics business has slowed due to intense competition and price declines, with expectations for gradual production ramp-up in the second half of the year [3] - The company has a strong technical R&D capability and has expanded its product line from bus systems to passenger vehicles, enhancing its market share [3] Group 5: R&D Investment and Future Outlook - The company plans to maintain its innovation and R&D investment, focusing on core components and new technologies [3] - R&D expenses will be adjusted based on project needs and progress, with an emphasis on cost reduction and efficiency improvement [3]