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Shenzhen Inovance Technology Co Ltd Class A 300124

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Stock XSHE Rating as of
CNY 50.78 +0.26 (0.51%)
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As of Delayed Price Closed
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Company Report

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Shenzhen Inovance Steps Up Overseas Efforts Amid China Real Estate Woes and Automation Competition

Phelix Lee

We think Shenzhen Inovance has a narrow moat driven by intangible assets and switching costs. Inovance established a reputation of being a reliable supplier by offering maintenance parts and comprehensive solutions over the lives of elevators. Elevator customers are sticky due to safety requirements and programs behind elevator systems are tightly integrated with hardware. Inovance now offers a suite of cable, car, cord and human machine interface products, fortifying its lead over local peers. Inovance is setting up a factory in Hungary, which helps it strengthen its relationships with global elevator brands.

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Price vs Fair Value

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300124 is trading at a 288% premium.
Price
CNY 50.52
Fair Value
CNY 47.00
Uncertainty
High
1-Star Price
CNY 34.00
5-Star Price
CNY 13.00
Economic Moat
Fzcwxl
Capital Allocation
Grpmfthjr

Bulls Say, Bears Say

Bulls

Inovance can win market share by integrating BST’s products into comprehensive elevator systems.

Bears

Dominance of global brands would limit Inovance’s development in heavy industries.

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Trading Information

Previous Close Price
CNY 50.52
Day Range
CNY 50.12–50.98
52-Week Range
CNY 49.22–75.74
Bid/Ask
CNY 50.78 / CNY 50.80
Market Cap
CNY 136.00 Bil
Volume/Avg
7.7 Mil / 12.2 Mil

Key Statistics

Price/Earnings (Normalized)
30.59
Price/Sales
4.20
Dividend Yield (Trailing)
0.89%
Dividend Yield (Forward)
0.89%
Total Yield
0.89%

Company Profile

Founded in 2003 by a group of ex-engineers from Huawei and Emerson, Shenzhen Inovance Technology develops and manufactures components used in elevators, automation equipment, robots, new energy vehicles, and railways. A partial list of products includes variable frequency drives—also known as inverters—servo systems, sensors, interfaces and motor controllers. Inovance employs about 22,000 staff, including over 5,400 research and development engineers. Almost 95% of Inovance’s sales are made in China. Its headquarters are in Shenzhen with a large regional office in Suzhou; these major offices are supported by over 10 branches across China.
Sector
Industrials
Industry
Electrical Equipment & Parts
Stock Style Box
Large Growth
Total Number of Employees
23,685
Website
http://www.inovance.cn

Competitors

Valuation

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Metric
300124
SU
ABBN
Price/Earnings (Normalized)
 30.5927.8924.83
Price/Book Value
 5.344.748.02
Price/Sales
 4.203.543.24
Price/Cash Flow
 43.2623.0224.38
Price/Earnings
300124
SU
ABBN

Financial Strength

Metric
300124
SU
ABBN
Quick Ratio
 1.200.900.83
Current Ratio
 1.621.221.23
Interest Coverage
 29.4912.1619.59
Quick Ratio
300124
SU
ABBN

Profitability

Metric
300124
SU
ABBN
Return on Assets (Normalized)
 9.50%6.93%8.77%
Return on Equity (Normalized)
 18.56%15.86%27.51%
Return on Invested Capital (Normalized)
 15.22%10.98%15.88%
Return on Assets
300124
SU
ABBN
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