As of April 16, 2026, Inovance Technology’s stock price reached 67.48 yuan, with a total market value of 182.4 billion yuan (stock code 300124.SZ).
As a core leading enterprise in the field of domestic industrial automation and a leader in local industrial control, after more than 20 years of development, it has formed four core business segments: general automation, new energy vehicles, smart elevators, and rail transit. It has built an integrated development pattern of “full product matrix + multi-field empowerment + global layout” and adopted a development model of “technological in-depth cultivation + scenario implementation + international expansion”.
1. Industry prosperity: Dual main businesses lead the way, and multiple tracks advance collaboratively
(1) Prosperity cycle: Steady accumulation in 2024, steady growth in 2025, and acceleration in 2026.
The core driving logic of this round of the industry is industrial automation upgrades, high prosperity of new energy vehicles, breakthroughs in emerging tracks, superimposed on the promotion of machine replacement, digital transformation of manufacturing, increased penetration of new energy vehicles, the rise of emerging fields of humanoid robots and data centers, and the continued deepening of domestic substitution. As an industry leader, Inovance Technology has fully benefited.
In 2024, the company has steadily accumulated strength, with core product market share continuing to increase, business advancing steadily, and performance achieving steady growth; in 2025, with the increase in the volume of designated new energy vehicle models and the recovery of general automation business, performance has steadily increased year-on-year, showing a good development trend; in 2026, relying on the rebound of the industrial control cycle, the intelligent upgrading of new energy vehicles, and the implementation of emerging tracks, performance will enter a stage of accelerated development and continue to realize growth potential.
The current prosperity of the industrial control and new energy automobile industries continues to improve, and multiple policies and industry dividends continue to be released.
Domestic sales of new energy vehicles are expected to exceed 19 million units in 2026, a year-on-year increase of about 15%, and the market penetration rate is expected to exceed 55%. The accelerated implementation of intelligence will drive demand for core components such as electric drives and power supplies. In the field of industrial automation, the trend of machine substitution and factory intelligence continues to deepen. The 300 billion + industrial control market has a vast space. Domestic substitution continues to advance, and the market share of local leaders continues to increase.
At the policy level, the “15th Five-Year Plan” clearly promotes new industrialization, supports the development of industrial machines and industrial automation industries, encourages domestic substitution of high-end equipment, and supports the innovative development of new energy vehicle intelligence, humanoid robots and other emerging fields. The industry is concentrated towards leading companies with core technologies and product advantages. The company deeply absorbs industry development dividends and has outstanding risk resistance capabilities.
(2) Core support: technological product advantages + multi-track layout and international empowerment.
In terms of demand rigidity, the business covers a wide range of fields such as industrial automation, new energy vehicles, smart elevators, rail transit, etc., and extends to emerging tracks such as humanoid robots and data centers. With the digital transformation of the manufacturing industry, the popularization of new energy vehicles, and the commercialization of emerging fields, downstream demand has been strong for a long time. The market space for core products such as inverters, servo systems, and electric drive assemblies continues to expand. The industry is concentrated towards leading companies with full product capabilities, scene adaptation capabilities, and technical strength.
In terms of business and product layout advantages, the company has strong comprehensive strength, and the market share of core products ranks among the top in the country. In 2024, the Chinese market share of general servo systems, low-voltage inverters, and medium- and high-voltage inverters will all reach more than 18%, ranking first in the industry. Small PLC ranks first among domestic brands, and the industrial robot SCARA model has a market share of 27.3%, ranking first in the industry.
The product matrix is complete. The general automation field covers core products and solutions such as inverters, servo systems, and PLCs. The new energy vehicle field provides core components such as electric drive systems and power systems. In 2024, the market share of new energy passenger vehicle motor controllers will reach 10.7%, ranking second in the industry and first among third-party suppliers.
Leading in technological strength, R&D investment continues to increase, R&D expenses grow faster than revenue growth, focusing on core technology iterations and layout in emerging fields, with scenario and platform advantages in the field of humanoid robots, and has launched liquid-cooled inverter solutions in the data center field and implemented terminal applications.
The international layout has been accelerated, a complete overseas sales, R&D, and supply chain platform has been built, and the overseas market has become a new growth pole with the help of multinational customer resources. At the same time, the company has deeply cultivated the domestic sinking market and implemented the Zhazhaizi plan to further expand the market coverage.
2. Performance: Resilience is highlighted, growth turning point appears
(1) Historical performance: 2024 is a period of breakthrough, the company operates steadily throughout the year, focusing on product upgrades and market expansion, and achieves operating income throughout the year
With revenue of 37.041 billion yuan and net profit attributable to the parent company of 4.285 billion yuan, the market share of core products continues to increase, the general automation business has grown steadily, and the new energy vehicle business has gradually increased its volume, laying a solid foundation for subsequent performance growth. At the same time, the market share of many core products ranks among the top in the country, demonstrating its leading strength.
2025 is a period of steady growth with outstanding performance. The annual operating income is expected to be 42.968-46.672 billion yuan, a year-on-year increase of 16%-26%. The net profit attributable to the parent company is 4.971-5.399 billion yuan, a year-on-year increase of 16%-26%. The net profit after deducting the non-attributable net profit is 4.762-5.166 billion yuan, a year-on-year increase of 18% –
28%. In the first three quarters, GM’s automation business revenue increased by 20% year-on-year, with Q3 growth reaching 26%. The core was due to the increased volume of designated new energy vehicle models, the recovery of GM’s automation business and proper cost and expense control. Profit resilience continued to increase, and growth momentum was fully released.
Core highlights in 2025-2026 include the continued recovery of General Automation’s business and the steady increase in order growth. Orders from July to September 2025 increased by 25% year-on-year –
30%, and is expected to maintain a growth of more than 20% in 2026; the new energy vehicle business has benefited from the high prosperity of the industry, and the market share of core products has continued to increase; humanoid robots, data centers and other emerging tracks have accelerated the layout, cultivating new profit growth points; international expansion has continued to advance, and the proportion of overseas market revenue has steadily increased; the product structure has continued to be optimized, the proportion of high value-added products has increased, and profitability has continued to increase.
(2) Future performance: Combining industry prosperity and company planning, performance growth in the next three years is highly certain.
The agency predicts that in 2026, with the rebound of the industrial control cycle, the intelligent upgrading of new energy vehicles, and the implementation of emerging tracks, performance will achieve rapid growth; 2027 –
In 2028, with the expansion of overseas markets, the increase in the volume of emerging businesses such as humanoid robots, and the continued increase in the market share of core products, performance will continue to rise and enter a stage of rapid profit growth; as the industry’s supply and demand pattern continues to be optimized, core technology iterations, and multi-track synergies are released, the company’s revenue and net profit will continue to improve, the quality of profits will continue to improve, long-term growth momentum will be sufficient, and there is broad room for growth.
3. Institutional views: unanimously optimistic, broad room for growth
Based on research reports from multiple institutions, institutions are generally optimistic about Inovance Technology, and many give it a “buy” rating.
The core views revolve around the company’s industry status, product advantages and emerging track potential.
First, in terms of core ratings and target prices, some institutions maintain a “buy” rating and are optimistic about the growth space brought by the company’s overseas market expansion and layout in emerging fields. It is expected that 2025 –
The CAGR of net profit attributable to the parent company in 2027 will reach 22%; some institutions have given it a “buy” rating. Considering that the industrial control business has reached an inflection point and the robot track has huge potential, it has given it a PE of 40 times in 2026 and a target price of 100.5 yuan; many institutions are optimistic about its long-term growth value in domestic substitution and emerging tracks.
Second, in terms of performance forecast, the institution is optimistic about the performance forecast for 2026-2028. It is expected that the net profit attributable to the parent company will reach about 6.5-6.8 billion yuan in 2026, and will maintain a rapid growth of more than 20% in 2027-2028. The net profit attributable to the parent company is expected to reach more than 8.2 billion yuan in 2028. The core drivers are the recovery of the industrial control business, the growth of the new energy vehicle business, the implementation of emerging tracks and the expansion of overseas markets. Growth certainty is strong.
The third is the core optimistic logic, including significant industry dividends, industrial automation upgrades and the continued boom of new energy vehicles, emerging tracks such as humanoid robots and data centers opening up long-term space, policies supporting domestic substitution and the development of high-end equipment, and a vast market space; outstanding technological and product advantages, and the market share of core products leading in the country.
It has strong R&D capabilities, full product matrix and scenario adaptation capabilities, and has obvious advantages in domestic substitution; it has coordinated efforts in multiple tracks, supported by the dual main businesses of general automation and new energy vehicles, has a forward-looking layout in emerging tracks, and has sufficient growth momentum; it has accelerated its internationalization and expansion of lower-tier markets, further opening up room for growth, and its long-term allocation value is outstanding.
IV. Conclusion
As a core leading enterprise in the domestic industrial automation field and a leader in local industrial control, Inovance Technology relies on its complete product matrix, strong technical strength, outstanding market position, clear multi-track layout and international development plan. It has deeply benefited from industrial automation upgrades, high prosperity of new energy vehicles, expansion of emerging track and domestic substitution dividends. Steady growth in performance in 2025 proves operational resilience, 2026 –
It will enter a period of accelerated growth in 2028.
In the short term, the recovery of the industrial control business and the increased volume of new energy vehicle core products drive high performance growth; in the medium and long term, core technology iterations, the implementation of emerging tracks, and the expansion of overseas markets will further open up room for growth. It is expected to continue to consolidate the core position of the domestic industrial control industry, assist the development of high-end, intelligent, and localized domestic manufacturing, and fully enjoy the dividends of coordinated development of multiple tracks.
