Inovance(300124) 浙商证券·2025-04-29 15:02Investment Rating - The report assigns a positive investment rating to Huichuan Technology, indicating a strong performance outlook relative to the market index [8]. Core Insights - Huichuan Technology's dual strategy in "Intelligent Manufacturing & New Energy Vehicles" has led to better-than-expected performance in the first quarter of 2025, with a revenue of 9 billion yuan, representing a 38% year-on-year increase, and a net profit of 1.3 billion yuan, up 63% year-on-year [6]. - The company is projected to achieve a revenue of 37 billion yuan in 2024, a 22% increase year-on-year, with a net profit of 4.285 billion yuan, reflecting a 10% decline year-on-year [6]. - The report highlights the company's strong market position in various segments, including general automation and new energy vehicles, with significant growth in revenue from the latter [6]. Financial Summary - Revenue Forecast: - 2024: 37.041 billion yuan - 2025: 45.244 billion yuan - 2026: 54.711 billion yuan - 2027: 65.723 billion yuan - Year-on-year growth rates are projected at 22% for 2024 and 2025, 21% for 2026, and 20% for 2027 [2]. - Net Profit Forecast: - 2024: 4.285 billion yuan - 2025: 4.906 billion yuan - 2026: 5.859 billion yuan - 2027: 7.044 billion yuan - Year-on-year growth rates are projected at -10% for 2024, 14% for 2025, 19% for 2026, and 20% for 2027 [2]. - Earnings Per Share (EPS) Forecast: - 2024: 1.6 yuan - 2025: 1.8 yuan - 2026: 2.2 yuan - 2027: 2.6 yuan [2]. Segment Performance - General Automation: - Revenue of 15.2 billion yuan in 2024, a 1% increase year-on-year, with market shares of 18.6% in low-voltage frequency converters and 28.3% in general servos, ranking first in both categories [6]. - New Energy Vehicles: - Revenue of 16 billion yuan in 2024, a 70% increase year-on-year, driven by industry growth and increased market penetration [6]. - Smart Elevators: - Revenue of 4.9 billion yuan in 2024, a 7% decrease year-on-year, reflecting a broader market decline [6]. Future Outlook - The company is focusing on internationalization, digitalization, energy management, AI, and humanoid robots as key growth areas [6]. - The long-term forecast suggests a robust growth trajectory, with expected revenues of 45.244 billion yuan in 2025, 54.711 billion yuan in 2026, and 65.723 billion yuan in 2027, alongside net profits of 4.906 billion yuan, 5.859 billion yuan, and 7.044 billion yuan respectively [6].