Inovance(300124) 民生证券·2024-08-28 09:01Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Viewpoints - The company's H1 2024 performance met expectations, with revenue reaching 16.183 billion, a year-on-year increase of 29.98%, driven by the rising penetration of electric vehicles and steady growth in general automation business [1] - The general automation segment achieved approximately 7.5 billion in revenue, growing 10% year-on-year, maintaining its leading position in the domestic market [2] - The electric vehicle business saw revenue of about 6 billion, more than doubling year-on-year, with significant market share gains in logistics vehicles [3] - The company is expanding internationally, establishing subsidiaries and offices in various regions, with overseas revenue of approximately 0.95 billion, a year-on-year increase of about 17% [4] Financial Summary - Revenue projections for 2024-2026 are 37.957 billion, 46.816 billion, and 57.422 billion, with growth rates of 24.8%, 23.3%, and 22.7% respectively [5] - Net profit forecasts for the same period are 5.535 billion, 6.492 billion, and 7.609 billion, with growth rates of 16.7%, 17.3%, and 17.2% respectively [5] - The company's PE ratios for 2024-2026 are projected at 20X, 17X, and 14X, respectively [4][5]