Inovance(300124) 华创证券·2024-10-30 22:13Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 69.1 CNY [1]. Core Insights - The company's revenue for the first three quarters of 2024 reached 25.4 billion CNY, a year-on-year increase of 26.2%, while the net profit attributable to shareholders was 3.35 billion CNY, up 1.0% year-on-year [1]. - The electric vehicle (EV) business continues to grow rapidly, with revenue of approximately 10.4 billion CNY in the first three quarters, reflecting a year-on-year growth of about 96% [2]. - The general automation business is expected to see a turning point in Q4 2024, with revenue of approximately 10.9 billion CNY in the first three quarters, a year-on-year increase of about 4% [2]. - The company is adjusting its profit forecasts due to the unexpected growth in the EV sector and short-term pressure on the general automation business, projecting revenues of 37.2 billion CNY, 45.7 billion CNY, and 54.9 billion CNY for 2024, 2025, and 2026 respectively [2]. Financial Summary - Total revenue (million CNY) for 2023A is 30,420, with a projected growth rate of 32.2% for 2024E [3]. - Net profit attributable to shareholders (million CNY) for 2023A is 4,742, with a projected growth rate of 9.8% for 2024E [3]. - Earnings per share (CNY) for 2023A is 1.77, with projections of 1.81, 2.16, and 2.59 for 2024E, 2025E, and 2026E respectively [3].