$Shenzhen Inovance Technology (300124.SZ)$ $Estun Automation (002747.SZ)$
UOB KH has a buy call on Inovance and tp of RMB82.00, now pegged to 38.3x 2024F PE, on a par with its historical forward mean.
They believe Inovance as the leader among domestic automation player will benefit the most from the on-going import substitution trend. We also expect Inovance to benefit more from the recovery in broader economy, given their larger exposure to end-markets such as property, semi and consumer electroni...