Inovance(300124) 长江证券·2025-03-03 07:50Investment Rating - The report maintains a "Buy" rating for the company [3][8]. Core Viewpoints - The development of humanoid robots by the company relies on its deep accumulation in the industrial automation field, with core component advantages and technological breakthroughs as the main logic. The company's genetic makeup is highly compatible with the development stage of humanoid robots, and its core advantages in technology, cost reduction through scale, and industry chain collaboration are expected to help it gain a competitive position in the future humanoid robot market. The projected net profits for 2024-2026 are estimated at 4.9 billion, 5.93 billion, and 7.32 billion, corresponding to current PE ratios of 39.6x, 32.7x, and 26.6x [3][8]. Summary by Sections Company Overview - The company has a well-established history in industrial robotics, with development phases including early technology accumulation (2003-2013), formal entry into the robotics field (2013), core component R&D and product line expansion (2016), market expansion and mass production (post-2020), and recent technological upgrades and application field expansions. In 2023, the company officially established a humanoid robot R&D team, marking its entry into the humanoid robot sector [5][13]. Humanoid Robot Development - The company is accelerating core component R&D for humanoid robots and plans to establish a wholly-owned subsidiary in Beijing by the end of 2024, focusing on AI technology for robots. By 2025, the company aims to further enhance its humanoid robot initiatives and is actively recruiting specialized personnel for this field [5][28]. Component Advantages - The company has significant advantages in core components for humanoid robots, including rotary joint modules and linear joint modules, leveraging its industrial automation expertise. The development of humanoid robots is supported by the company's strong foundation in industrial automation, which provides a solid basis for technological breakthroughs [6][31]. Market Positioning - The company is well-positioned to capitalize on the growing humanoid robot market, with 2025 expected to be a pivotal year for mass production. The company’s familiarity with industrial applications provides an optimal training ground for humanoid robots, enhancing its competitive edge [7][48]. Financial Projections - The projected net profits for the company from 2024 to 2026 are 4.9 billion, 5.93 billion, and 7.32 billion, with corresponding PE ratios of 39.6x, 32.7x, and 26.6x, indicating strong growth potential [3][8].