Inovance(SZ:300124) Guohai Securities·2024-04-24 13:02Investment Rating - The report maintains an "Accumulate" rating for the company [1][7]. Core Views - The company's revenue from the new energy vehicle (NEV) business has shown rapid growth, contributing to a strong overall performance in 2023 and Q1 2024 [2][4]. - The internationalization strategy is deepening, with significant growth in overseas revenue [3][4]. - The company maintains its leading position in the general automation market, with substantial market shares in various product categories [2][3]. Financial Performance - In 2023, the company's total revenue reached 30,420 million yuan, a year-on-year increase of 32.21%, while the net profit attributable to shareholders was 4,742 million yuan, up 9.77% [4][6]. - For Q1 2024, revenue was 6,492 million yuan, reflecting a year-on-year growth of 35.78%, and net profit was 811 million yuan, an increase of 8.56% [4][6]. - The NEV business revenue grew by 80% in 2023, indicating a strong upward trend [2][3]. Business Segmentation - In 2023, revenue from the general automation, NEV, smart elevators, and rail transit segments were 15 billion, 9.4 billion, 5.3 billion, and 0.55 billion yuan, respectively [2][3]. - The company holds significant market shares in various automation products, including 28.2% in general servo systems and 10.2% in NEV motor controllers [2][3]. Internationalization Strategy - The company reported domestic and overseas revenues of 28.68 billion and 1.74 billion yuan in 2023, with overseas revenue growing by 96.52% year-on-year [3][4]. - The overseas team has expanded to over 400 personnel, with 15 subsidiaries and offices established globally [3][4]. Profitability and Forecast - The company's gross margin for 2023 was 33.55%, a decrease of 1.46 percentage points year-on-year, while the net profit margin was 15.59%, down 3.19 percentage points [6][7]. - The report forecasts revenues of 39,123 million, 47,922 million, and 56,822 million yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 6,045 million, 7,117 million, and 8,428 million yuan [6][7].