Inovance Technology (A): FA orders robust + share gain; expansion in AI & robotics; reiterate Buy

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Inovance Technology (A): FA orders robust + share gain; expansion in AI & robotics; reiterate Buy

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Inovance Technology (A)

FA orders robust + share gain; expansion in

AI & robotics; reiterate Buy

Reiterate Rating: BUY | PO: 91.0 CNY | Price: 76.46 CNY

Robust FA orders YTD; capacity ramp-up ahead 14 May 2026

Inovance’s industrial automation and digitalization business (including general Equity

automation and elevator) grew 13% YoY in 1Q26. Management stated that its orders

have been robust year-to-date (YTD), but its shipment growth in 1Q26 was capped by Ming Hsun Lee, CFA >> Research Analyst

the insufficient capacity. Looking into 2Q26, we see continued robust demand for FA in Merrill Lynch (Hong Kong)

China, largely supported by AI-related, semiconductor and battery sectors (see report: +852minghsun.lee@bofa.com3508 5006

Greater China Industrials: FA channel check: order growth accelerated in April). The Kenjin Hotta >>

company targets to raise its production capacity of general automation products by 30% Research Analyst

BofAS Japan

in May-June, in order to satisfy the robust demand amid the FA upcycle. Inovance kenjin.hotta@bofa.com

continued to gain market share in China: its domestic market share in AC servo/LV Yikai Liu, CFA >>

inverter/small PLC/industrial robot was 32.9%/19.9%/14.3%/9.7% in 1Q26, up from Research Analyst

Merrill Lynch (Hong Kong)

30.5%/19.6%/9.3%/8.4% in 2025, according to MIR Databank. yikai.liu@bofa.com

Expansion in AI and humanoid robot FionaResearchLiangAnalyst>>

Inovance is now rapidly expanding in industrial AI, based on its iFG platform. Its key fiona.liang3@bofa.com

products include AI-integrated industrial software, industrial AI agents and AI-enabled Summer Wang, CFA >>

motion control products.