汇川技术-12 月工业自动化订单同比增长超 30%，全年进度符合指引

4 January 2026 | 7:20PM HKT Equity Research Shenzhen Inovance Technology Co. (300124.SZ): Dec IA orders improved to 30%+ yoy growth with full year tracking in line with guidance, GSe. Inovance disclosed industrial automation (IA) segment orders at 30%+ yoy in Dec 2025 (vs. 20+% yoy in Nov 2025), with most end markets trending well, implying ~+10% mom per GSe. Thanks to the strong Dec 2025 order trend, implied 4Q25 orders likely delivered 20%+ yoy growth, vs our IA revenue forecast of +17% yoy. Note that Nov ...