Inovance(SZ:300124) Huachuang Securities·2024-04-25 10:31Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 72 CNY [1][3]. Core Insights - The company's 2023 revenue reached 30.42 billion CNY, a year-on-year increase of 32.2%, while the net profit attributable to shareholders was 4.74 billion CNY, up 9.8% [2][3]. - The electric vehicle (EV) business is expected to contribute significantly to profit growth in 2024, with a revenue of 9.4 billion CNY in 2023, marking an over 80% increase [3]. - The company has optimized its customer structure, with rapid growth in orders from new energy vehicle manufacturers, traditional domestic automakers, and overseas clients [3]. - The general automation segment continues to grow, achieving approximately 24% revenue growth in 2023, despite a weaker manufacturing environment [3]. - The internationalization strategy has accelerated, with overseas revenue exceeding 1.7 billion CNY in 2023, a growth of over 90% [3]. Financial Summary - For 2023, total revenue was 30,420 million CNY, with a year-on-year growth rate of 32.2% [8]. - The net profit attributable to shareholders for 2023 was 4,742 million CNY, reflecting a growth of 9.8% [8]. - The company forecasts revenues of 37,927 million CNY, 46,468 million CNY, and 56,922 million CNY for 2024, 2025, and 2026, respectively [9]. - The projected net profits for the same years are 6,036 million CNY, 7,335 million CNY, and 8,930 million CNY [9].