Inovance(300124) 长江证券·2024-10-22 06:07Investment Rating - The report maintains a "Buy" rating for the company [4][8]. Core Insights - The company is expected to achieve revenue of 88.2-95.9 billion yuan in Q3 2024, representing a year-on-year growth of 15% to 25%. The net profit attributable to the parent company is projected to be between 11.8-13.0 billion yuan, showing a year-on-year change of -5% to +5% [3][4]. - The growth in the new energy vehicle sector is driving revenue growth, while the company is also focusing on strategic areas such as product diversification, international expansion, digitalization, and energy management to sustain high growth in the long term [3][4][5]. Summary by Sections Financial Performance - For Q3 2024, the company forecasts revenue of approximately 92.0 billion yuan, a 20% increase year-on-year, with net profit expected to remain stable at 12.4 billion yuan, and a decrease in non-recurring net profit to 10.7 billion yuan, down 9.5% year-on-year [3][4]. - The company anticipates total revenue for the first three quarters of 2024 to be between 241.45-261.58 billion yuan, reflecting a year-on-year growth of 20% to 30% [3]. Market Position - The company has established a strong market presence in the industrial control sector, with significant market shares in low-voltage frequency converters (21.4%), AC servos (30.3%), and small PLCs (15.1%) [5]. - In the new energy vehicle market, the company holds a 11% market share in domestic electric passenger vehicle control systems, ranking second overall [5]. Strategic Outlook - The company is expected to benefit from improving manufacturing conditions and supportive government policies aimed at enhancing economic recovery [4][5]. - Continued investment in strategic business areas is anticipated to yield positive results, with a focus on internationalization and energy management [5].