Inovance(300124) Xinda Securities·2024-10-29 13:50Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue for Q1-Q3 2024 reached 25.397 billion yuan, a year-on-year increase of 26.22%, while the net profit attributable to the parent company was 3.354 billion yuan, up 1.04% year-on-year [1] - The company is accelerating its internationalization and increasing investment in strategic areas such as energy management and digitalization, while controlling overall expenses [2] - The company's new energy vehicle business continues to grow rapidly, with revenue of 10.4 billion yuan in Q1-Q3 2024, a year-on-year increase of 96% [3] Financial Summary - The company is expected to achieve net profits attributable to the parent company of 5 billion yuan, 6.096 billion yuan, and 7.260 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth of 5.6%, 21.8%, and 19.1% [2] - The total revenue for the company is projected to reach 37.282 billion yuan in 2024, with a year-on-year growth rate of 22.6% [4] - The gross profit margin is expected to decline from 33.5% in 2023 to 31.5% in 2024 [4] Business Performance - The company’s electric drive installation volume reached 56,188 sets in August 2024, a year-on-year increase of 53.6%, with a market share of 8% [3] - The company’s drive control installation volume was 139,209 sets, up 54.2% year-on-year, with a market share of 10.7% [3] - The stator installation volume was 162,264 sets, showing a significant year-on-year increase of 158.1%, with a market share of 9.3% [3]