Inovance(SZ:300124) Chang Jiang Shang Bao·2026-02-12 01:20Core Viewpoint - The company, Inovance Technology, is expected to achieve significant revenue and profit growth in 2025, driven by its strong performance in the industrial automation and new energy vehicle sectors, alongside effective cost management [1][2]. Business Performance - Inovance Technology forecasts a revenue of approximately CNY 429.68 billion to CNY 466.72 billion for 2025, representing a year-on-year growth of 16% to 26%. The expected net profit attributable to shareholders is between CNY 49.71 billion and CNY 54 billion, also reflecting a growth of 16% to 26% [1][2]. - The company has shown a clear growth trajectory from 2013 to 2024, with revenue increasing from CNY 1.726 billion to CNY 37.04 billion, and net profit rising from CNY 560 million to CNY 4.285 billion, marking over a 20-fold and 6.6-fold increase respectively [2]. Business Segments - The growth is attributed to three main business areas: 1. The new energy vehicle sector, which has seen a significant increase in revenue from core products such as electric drives and controls due to concentrated model releases from downstream clients [2]. 2. The general automation business, benefiting from a structural recovery in manufacturing and accelerated domestic substitution, leading to stable revenue growth from solutions like inverters and control systems [2]. 3. The smart elevator business, which has maintained steady revenue growth through global customer engagement and aftermarket services [2]. Research and Development - The company has consistently invested in R&D, with cumulative R&D expenses reaching CNY 12.679 billion from 2021 to the third quarter of 2025, and the R&D expense ratio increasing to 9.46% [1][3]. - As of mid-2025, Inovance Technology has 6,118 R&D personnel and has obtained 3,128 patents and software copyrights, reinforcing its competitive edge in industrial automation and new energy vehicles [3]. Global Expansion - Inovance Technology is accelerating its globalization strategy by planning to issue H-shares and list on the Hong Kong Stock Exchange, with preparations already underway [4]. - The company has reported significant growth in overseas revenue, particularly in 2023, with a year-on-year increase of 96.52%. From 2021 to 2024, overseas revenue grew from CNY 617 million to CNY 2.039 billion [5]. - The company aims to enhance its presence in key markets such as Europe, Southeast Asia, and Japan, focusing on improving its overseas marketing and service networks to increase the proportion of international revenue [5].