Inovance(SZ:300124) Shenwan Hongyuan Securities·2025-10-28 06:35Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [8][6]. 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 alone, the company achieved a revenue of 11.153 billion yuan, a 21.05% increase compared to the same quarter last year, with a net profit of 1.286 billion yuan, reflecting a 4.04% growth [8][5]. - The company is actively expanding its humanoid robot and embodied intelligence business, showcasing core components at the Industrial Expo [8][6]. Financial Data and Profit Forecast - For 2025, the company is projected to achieve total revenue of 47.285 billion yuan, with a year-on-year growth rate of 27.7%. The net profit is expected to reach 5.615 billion yuan, marking a 31% increase [7][10]. - The gross margin for the first three quarters of 2025 was reported at 29.27%, a decrease of 1.75 percentage points, while the net margin increased by 0.19 percentage points to 13.64% [8][7]. - The company’s revenue from general automation (including industrial robots) reached approximately 13.1 billion yuan, growing about 20% year-on-year, while the revenue from the new energy vehicle and rail transit business was around 14.8 billion yuan, up approximately 38% [8][7].