Shenzhen Inovance Technology Co Ltd Class A

300124: XSHE (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Shenzhen Inovance Earnings: Fiscal Stimulus Soothes Near-Term Pressure, but Long-Term Risks Remain

Phelix Lee

Oct 30, 2024

We retain our fair value estimate for Shenzhen Inovance of CNY 56 per share after minor model changes. Inovance's shares appear fairly valued as a result of the recent rebound in expectations of fiscal stimulus, but we are concerned that share prices could overshoot if a CNY 10 trillion (USD 1.4 trillion) fiscal package mentioned in the recent Reuters article materializes. We do not see the fiscal package as a long-term solution to boost Inovance’s profitability in both general automation and electric vehicle components.

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Shenzhen Inovance Technology Co Ltd Class A

Shenzhen Inovance Earnings: Fiscal Stimulus Soothes Near-Term Pressure, but Long-Term Risks Remain

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