汇川技术_10 月工业自动化订单同比增速放缓至 10% 以上；维持买入评级

3 November 2025 | 2:57PM HKT Equity Research Shenzhen Inovance Technology Co. (300124.SZ): Oct IA orders growth slowed to 10%+ yoy; Maintain Buy Inovance disclosed industrial automation (IA) segment orders at 10%+ yoy in Oct 2025 (vs. 30%+ yoy in Sep 2025), likely +25~30% mom after adjusting for the National Day Golden Week impact (vs. +35%~40% mom in Oct 2024) per GSe. By end-markets, smartphone, polysilicon (solar), and cranes saw improving yoy growth, while metallurgy, chemicals, pharmaceuticals, machine ...