Shenzhen Inovance Technology (.SZ)_ 3Q24 First-Take_ General Automation Revenue Decline by 8% YoY
2024-10-31 02:40
Flash | 28 Oct 2024 11:24:15 ET │ 12 pages Shenzhen Inovance Technology (300124.SZ) 3Q24 First-Take: General Automation Revenue Decline by 8% YoY CITI'S TAKE Inovance's 3Q24 results showed that its net profit reached Rmb1.24bn (- 1% YoY / -5% QoQ), similar tothe mid-point of its preliminary results. Although the earnings figure may not surprise the market on the downside, we read the 3Q24 results negatively since 1) GPM contracted by 5.3pp YoY / 0.2pp QoQ due to unfavorable product mix change – rising reven ...