Inovance(300124) 海通证券·2024-09-06 11:39Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights the company's strong revenue growth driven by structural opportunities in traditional industries and significant growth in the new energy vehicle sector [1][6]. - The company achieved a revenue of 16.183 billion yuan in the first half of 2024, representing a year-on-year increase of 29.98%, while the net profit attributable to the parent company was 2.118 billion yuan, up 1.98% year-on-year [3][6]. - The report anticipates revenue growth of 15%-35% and net profit growth of 5%-20% for 2024 [7]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 16.183 billion yuan, with a comprehensive gross margin of 31.77%, down 4.50 percentage points year-on-year [3]. - The net profit for the same period was 2.118 billion yuan, with a year-on-year growth of 1.98% [3]. - The second quarter of 2024 saw a revenue of 9.691 billion yuan, a 26.36% increase year-on-year, but the net profit decreased by 1.72% to 1.307 billion yuan [4]. Cost and Expense Management - The company managed to reduce its expense ratio to 18.73% in the first half of 2024, down 2.42 percentage points year-on-year [4]. - The financial expense ratio increased slightly, while the management, R&D, and sales expense ratios all decreased [4]. Business Segments - The general automation business achieved a revenue of approximately 7.5 billion yuan, growing about 10% year-on-year, driven by structural opportunities in traditional industries [6]. - The new energy vehicle segment reported revenue of around 6 billion yuan, with over 100% year-on-year growth, attributed to a diverse customer base and product offerings [6]. Future Outlook - The company is expected to maintain strong growth in the new energy vehicle sector as the market penetration of electric vehicles continues to rise [6]. - The report projects net profits for 2024-2026 to be 5.220 billion yuan, 6.275 billion yuan, and 7.850 billion yuan respectively, with corresponding EPS of 1.95 yuan, 2.34 yuan, and 2.93 yuan [7][11].