Industrial control and energy efficiency solution provider. Founded in 2002, Inviton is a key high-tech enterprise of the National Torch Plan, focusing on industrial automation and energy and power, relying on power electronics, automatic control and information technology. Business covers industrial automation, new energy vehicles, network energy and photovoltaic energy storage.
Industrial automation: occupies the market leading position, the product line layout is complete. The scale of China's industrial automation market is on the rise as a whole, and the industrial automation market will reach 253 billion yuan in 2021. The company's industrial automation business is currently in a leading position in domestic brands, and its main products include frequency converters, servo systems, controllers and the Internet of things. The company is the domestic low-voltage frequency converter national standard drafting unit, frequency converter products 2021 domestic sales market share of 5.1%, ranking second among domestic brands.
Network energy: attach equal importance to both at home and abroad, take advantage of the digital economy. China's data center industry is in the cloud center deepening stage, and the compound growth rate of the market scale is expected to maintain about 25% during the 14th five-year Plan. Inviton specializes in the R & D, production and application of integrated solutions for modular UPS and critical data center infrastructure. The main products include micro-module product line (Yingzhi iSmart series, Weizhi iWit series, Tengzhi iTalent series), power supply and distribution product line (intelligent UPS, lithium battery, distribution cabinet), intelligent temperature control product line (precision air conditioning), intelligent monitoring product line. The company's power supply modular UPS has been the second market share in China for seven consecutive years.
Photovoltaic energy storage: focus on the distributed market and speed up going to sea. The company's photovoltaic products focus on the distributed market, covering grid-connected inverter, off-grid inverter, energy storage inverter and terminal options. In terms of channels, the company actively develops customer resources at home and abroad, and has successively reached project cooperation with national power investment, hydro energy, China Resources Power Holdings, Haier and other high-quality customers in the first half of 2023, and obtained cooperation opportunities for key projects in Europe and Latin America.
New energy vehicles: based on the electronic control of commercial vehicles, develop the layout of the whole field. At present, the company has formed a complete industrial layout of new energy vehicle power domain, and its main products include: new energy vehicle motor controller, auxiliary controller, DC/DC, motor, vehicle charger, charging pile and other products and overall solutions. The application models of new energy vehicles include medium and heavy trucks, light trucks, minivans, passenger vehicles, special vehicles and construction machinery, etc., and establish long-term cooperative relations with Dongfeng, Geely, Great Wall, Jinlong, Sany, Yutong, FAW and other enterprises.
Earnings forecast, valuation and rating: we expect the company's revenue for 2023-25 to be 53.7 million yuan, 69.1 yuan and 8.56 billion yuan, respectively, and the net profit returned to its mother is 4.6 million yuan, 60 million and 0.95 yuan, respectively, corresponding to an EPS of 0.57, 0.75 and 0.95, respectively. The current share price corresponds to a 23-25 PE multiple of 16-12-10. The company specializes in industrial automation and energy and electricity, covering industrial automation, new energy vehicles, network energy and photovoltaic energy storage.
In recent years, the company has strengthened the integration of internal resources, optimized the internal ownership structure, and increased support for various businesses, all of which have performed well. Taken together, the company is currently in a new round of growth, covering a "buy" rating for the first time.
Risk hints: macroeconomic downside risk, raw material price fluctuation risk, market competition aggravating risk.