Inovance(SZ:300124) Guoxin Securities·2025-05-30 09:05Investment Rating - The investment rating for the company is "Outperform the Market" [5][25]. Core Views - The company has officially entered the humanoid robot business and has initiated core component research and development [3]. - The company's revenue for Q1 2025 increased by 38.28% year-on-year, while net profit grew by 63.08%, primarily driven by the strong performance in the new energy vehicle and general automation sectors [1][8]. - The company is expected to see a net profit of 53.17 billion yuan in 2025 and 64.47 billion yuan in 2026, with a projected price-to-earnings ratio of 34/28/24 times [3]. Financial Performance - In 2024, the company achieved a revenue of 370.41 billion yuan, a year-on-year increase of 21.77%, but net profit declined by 9.62% to 42.85 billion yuan [1]. - The gross margin for 2024 was 28.70%, down 4.85 percentage points year-on-year, while the net margin was 11.73%, down 3.97 percentage points [1]. - The company’s revenue from the general automation business in 2024 was 152.43 billion yuan, accounting for 41.15% of total revenue, while the new energy vehicle and rail transit revenue reached 166.42 billion yuan, representing a 67.76% increase [2]. Business Segments - The general automation business continues to grow, with a revenue of approximately 41 billion yuan in Q1 2025, up 29% year-on-year [2]. - The new energy vehicle and rail transit revenue for Q1 2025 was about 39 billion yuan, reflecting a 66% year-on-year growth [2]. - The smart elevator business saw a revenue of 49.39 billion yuan in 2024, but this segment experienced a decline of 6.65% due to weak market demand [2]. Profitability and Cost Structure - The company’s gross margin improved to 30.98% in Q1 2025, an increase of 1.13 percentage points year-on-year, while the net margin rose to 14.96%, up 2.28 percentage points [1]. - The selling expense ratio for 2024 was significantly reduced to 4.00%, indicating improved cost management [1]. Future Projections - Revenue projections for the company are as follows: 48.34 billion yuan in 2025, 61.80 billion yuan in 2026, and 75.86 billion yuan in 2027, with respective growth rates of 30.5%, 27.9%, and 22.7% [4][23]. - The expected net profit for 2025 is 53.17 billion yuan, with a growth rate of 24.1% compared to 2024 [4][23].