Inovance(SZ:300124) Shenwan Hongyuan Securities·2025-10-28 05:10Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 31.663 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 24.67%. The net profit attributable to shareholders was 4.254 billion yuan, up 26.84% year-on-year [5][8] - In Q3 2025, the company achieved a revenue of 11.153 billion yuan, a year-on-year increase of 21.05%, with a net profit of 1.286 billion yuan, reflecting a growth of 4.04% year-on-year [5][8] - The company is actively expanding into humanoid robots and embodied intelligence, showcasing core components at the Industrial Expo [8] Financial Performance Summary - For the first three quarters of 2025, the company's revenue from general automation (including industrial robots) was approximately 13.1 billion yuan, growing about 20% year-on-year. The new energy vehicle and rail transit business generated around 14.8 billion yuan, with a growth rate of approximately 38% [8] - The gross margin for the first three quarters of 2025 was 29.27%, a decrease of 1.75 percentage points, while the net margin increased by 0.19 percentage points to 13.64% [8] - The company maintains a positive outlook for future earnings, projecting net profits of 5.615 billion yuan, 6.130 billion yuan, and 6.916 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 38, 35, and 31 [7][8]