Showing off its strengths in Q1
The large order book converted to deliveries at a faster-than-expected pace in Q1, and the beat on order intake kept the order book at all-time high levels at the end of Q1 as well. With limited increase in opex, scalability becomes visible and Invisio is back to >20% EBIT margins again, after a period of low growth and investments during 2020-H1'2022. In combination with the positive outlook from the company, we raise our order intake by 11% in 2023e, which drives positive sales revisions of 12-24% in 2023-25e. Management was clear that the 62.5% gross margin in Q1 was driven by previously-purchased stock at lower prices, while suppliers have now completed price increases, and we therefore expect the gross margin to come in around 60-61% in the coming quarters (up from 58-59% previously). Although we raise opex estimates somewhat due to increased sales activities and bonuses, our EBIT estimates come up by 26-90% in 2023-25e (2023e from a lower base).
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