Inovance(SZ:300124) Guoxin Securities·2024-04-24 05:30Investment Rating - The investment rating for the company is "Buy" [1][3][11]. Core Views - The company achieved a revenue of 30.42 billion yuan in 2023, representing a year-on-year growth of 32.21%, and a net profit of 4.742 billion yuan, with a growth of 9.77% [1]. - The company's industrial automation business showed resilience despite a sluggish market, while the new energy vehicle segment turned profitable for the first time [1]. - The company aims for a revenue growth of 15%-35% and a net profit growth of 5%-20% in 2024 [1]. Financial Performance - In 2023, the gross margin was 33.55%, net margin was 15.70%, and the net profit margin excluding non-recurring items was 13.38% [1]. - The company reported a significant increase in revenue from the new energy vehicle business, which grew over 80% year-on-year in 2023, and 150% in Q1 2024 [1]. - The company’s operating expenses as a percentage of revenue were 6.39% for sales, 4.27% for management, and 8.63% for R&D in 2023 [1]. Business Segments - General Automation: Revenue reached 15.038 billion yuan in 2023, up 24.17% year-on-year [1]. - New Energy Vehicles: Revenue was approximately 9.4 billion yuan in 2023, with a growth rate exceeding 80% [1]. - Smart Elevators: Revenue was 5.291 billion yuan in 2023, growing by 2.50% [1]. - Rail Transportation: Revenue was 0.55 billion yuan in 2023, with a growth of about 20% [1]. Future Projections - The company forecasts net profits of 5.486 billion yuan in 2024, 6.573 billion yuan in 2025, and 7.732 billion yuan in 2026, with corresponding P/E ratios of 30, 25, and 21 [1][12].