Inovance(300124) 东吴证券·2025-04-29 10:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance significantly exceeded expectations, with a revenue of 89.8 billion yuan, representing a year-on-year growth of 38% [8] - The company aims for a revenue growth of 10-30% and a net profit growth of 5-25% for 2025 [8] - The strategic focus on "AI + humanoid" robotics is a major new initiative, with plans to enhance investment in humanoid robots and related technologies [9] Financial Summary - Total revenue for 2023 is projected at 30,420 million yuan, with a year-on-year growth of 32.21% [1] - The net profit attributable to shareholders for 2023 is expected to be 4,742 million yuan, with a year-on-year increase of 9.77% [1] - The earnings per share (EPS) for 2023 is estimated at 1.76 yuan [1] - The company anticipates a total revenue of 37,041 million yuan for 2024, with a year-on-year growth of 21.77% [1] - The projected net profit for 2024 is 4,285 million yuan, reflecting a year-on-year decrease of 9.62% [1] - The company expects to achieve a net profit of 5,628 million yuan in 2025, with a year-on-year growth of 31.34% [1] - The price-to-earnings (P/E) ratio for 2025 is projected at 30.84 [1] Business Segments - The industrial automation segment showed strong performance with a revenue growth of nearly 30% year-on-year in Q1 2025 [8] - The electric vehicle segment continues to grow at over 60%, with a projected revenue of 225-240 billion yuan in 2025 [8] - The elevator segment is expected to maintain steady growth, with revenue projected to reach 49-52 billion yuan in 2025 [8]