Inovance(SZ:300124) Soochow Securities·2026-02-11 01:34Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance for 2025 is in line with market expectations, driven by a sustained demand in industrial control [1][3] - The revenue from the new energy vehicle sector is expected to grow rapidly, with a strategic focus on intelligent chassis business [3] - The company is diversifying its development across new forces, traditional car manufacturers, and overseas markets, with significant sales growth from key domestic clients [3] Financial Summary - Total revenue forecast for 2025 is between 42.97 billion and 46.67 billion RMB, representing a year-on-year growth of 16% to 26% [8] - The net profit attributable to shareholders is projected to be between 4.97 billion and 5.40 billion RMB, also reflecting a year-on-year increase of 16% to 26% [8] - The earnings per share (EPS) for 2025 is estimated at 1.93 RMB, with a price-to-earnings (P/E) ratio of 40.68 based on the latest diluted shares [1][10] Segment Analysis - New Energy Vehicles: Revenue growth is expected to be 30% year-on-year for the entire segment, with a slowdown anticipated in Q4 2025 [3] - General Automation: The industry demand is recovering, with a projected revenue growth of 20% for the year, and potential for over 25% growth in 2026 [9] - Elevators: The segment is expected to see a modest revenue increase of 0% to 5% in 2025, with continued exploration of overseas and large-scale projects [9] - Humanoid Robots: The company is focusing on leading performance in actuator and bionic arm products, with significant R&D investments [9] Valuation and Price Target - The target price for the stock is set at 94.1 RMB, based on a 40x P/E ratio for 2026 [9]