电气化和智能化汽车大趋势的受益者

Intron Technology (1760 HK) is a fast-growing Chinese provider of automotive electronic systems solutions, focusing on new energy, powertrain, body control, and intelligent driving systems. With the development of the automotive electrification and intelligence trend, we believe Intron has the ability to seize the opportunities of the rapidly developing automotive electronics and semiconductor market in China. As the largest automotive semiconductor partner of Infineon in the Greater China region and a major IDH partner of Horizo Robotics, we estimate that Intron will achieve a 33% / 34% CAGR in sales / profits in 2022-25E, with a 39% / 65% CAGR in new energy / automation and connectivity领域的销售额复合年增长率。我们以买入时的7.54港元的TP启动，基于FY23E的12倍市盈率。即将到来的催化剂包括有利的新能源汽车政策，不断提高的ADAS渗透率和产品发布。

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