Inovance(SZ:300124) GF SECURITIES·2024-05-09 08:32Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 73.30 CNY per share, compared to the current price of 59.95 CNY [3]. Core Insights - The company's revenue for 2023 reached 30.42 billion CNY, a year-on-year increase of 32%, with a net profit attributable to shareholders of 4.742 billion CNY, up 9.77% year-on-year. The general automation segment generated 15 billion CNY, growing 24% year-on-year, while the new energy vehicle segment saw revenue of 9.4 billion CNY, with an over 80% growth rate and profitability achieved [1][2]. - In Q1 2024, the company reported revenue of 6.45 billion CNY, a 36% increase year-on-year, and a net profit of 810 million CNY, up 9% year-on-year, exceeding previous forecasts. The automotive business revenue was particularly strong, contributing to the overall performance [1][2]. - The company aims for a revenue growth of 15%-35% and a net profit growth of 5%-20% in 2024, maintaining a positive growth outlook. The overseas revenue reached 1.7 billion CNY in 2023, nearly doubling year-on-year, with a gross margin exceeding 40% [1][2]. Financial Summary - The company achieved a revenue of 30.42 billion CNY in 2023, with a growth rate of 32.2%. The projected revenues for 2024, 2025, and 2026 are 39.13 billion CNY, 47.75 billion CNY, and 55.19 billion CNY, respectively, with growth rates of 28.6%, 22.0%, and 15.6% [2]. - The net profit attributable to shareholders for 2024 is estimated at 5.606 billion CNY, with projected growth rates of 18.2%, 23.9%, and 19.4% for the following years [2]. - The report forecasts an EPS of 2.09 CNY for 2024, with a P/E ratio of 28.63, indicating a favorable valuation compared to historical performance [2].