Inovance(SZ:300124) Changjiang Securities·2025-10-29 05:48Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - 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 the parent company was 4.254 billion yuan, up 26.84% year-on-year [2][5] - In Q3 2025, the revenue was 11.153 billion yuan, showing a year-on-year increase of 21.05%, while the net profit attributable to the parent company was 1.286 billion yuan, up 4.04% year-on-year [2][5] - The general business and new energy vehicle business continue to grow rapidly, with the general business's profitability expected to maintain recovery, and strategic initiatives focusing on AI and robotics are being accelerated [2][5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 31.663 billion yuan, a 24.67% increase year-on-year, and a net profit of 4.254 billion yuan, which is a 26.84% increase year-on-year. The non-recurring net profit was 3.888 billion yuan, up 24.03% year-on-year [2][5] - In Q3 2025, the revenue was 11.153 billion yuan, a 21.05% increase year-on-year, with a net profit of 1.286 billion yuan, reflecting a 4.04% increase year-on-year [2][5] Business Segments - The general automation and new energy vehicle & rail transit businesses saw revenue growth of approximately 20% and 38% respectively in the first three quarters of 2025, while the elevator business remained stable [12] - The company’s general business is showing signs of recovery, with an overall gross margin of 27.5% in Q3 2025, slightly down by 1.2 percentage points year-on-year, primarily due to the impact of the new energy vehicle business [12] Market Position and Strategy - The company has seen a steady increase in market share for its core products, with domestic market shares for servo motors, low-voltage frequency converters, and industrial robots reaching 32%, 22%, and 8.2% respectively [12] - Strategic initiatives are being accelerated, focusing on AI, robotics, and other future industries, with new product launches such as humanoid solutions and industrial robotic arms [12]