Inovance(SZ:300124) Minsheng Securities·2025-10-28 15:35Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [4][3]. Core Insights - The company achieved a revenue of 31.663 billion yuan in 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 [1]. - The general automation business continues to grow steadily, with sales revenue of approximately 13.1 billion yuan in the first three quarters, a year-on-year increase of about 20% [1][2]. - The new energy vehicle and rail transit businesses showed remarkable growth, with sales revenue of about 14.8 billion yuan, a year-on-year increase of approximately 38% [2]. - The company is actively developing humanoid robots, with product development progressing from prototype research to development stages [2]. Financial Forecasts - Revenue projections for 2025-2027 are 47.6 billion, 59.061 billion, and 71.223 billion yuan, with corresponding growth rates of 28.5%, 24.1%, and 20.6% respectively [3][8]. - Net profit attributable to shareholders is forecasted to be 5.530 billion, 6.788 billion, and 7.901 billion yuan for the same period, with growth rates of 29.0%, 22.8%, and 16.4% respectively [3][8]. - The price-to-earnings (PE) ratios for 2025-2027 are projected to be 38X, 31X, and 26X [3][8].