汇川技术 (300124.SZ): 3Q preview: likely a stable quarter; Lower TP/EPS on moderating IA order growth trajectory ahead

We preview Inovance 3Q26 results with revenue and net-profit forecasts of +18%/+20% yoy, underpinned by solid albeit moderating IA growth, with management guiding for c.20% yoy IA order growth in the quarter vs. 40% in 1H26. EV data points remain mixed to negative, but we expect Inovance Automotive's loss to stay contained. We cut 2026-30E EPS by 1-2% to reflect a weaker battery capex outlook with no growth already seen in Aug-Sept and lower our 2027E target P/E to 30x from 35x as China's IA cycle moderates, reducing our 12-month target price from Rmb89.2 to Rmb75.9. We stay Buy rated on Inovance, and we believe the key upside optionality lies in a faster ramp in embodied AI, accelerated digitalization revenue, and stronger global expansion, potentially aided by further market share gain due to supply chain tightness at international competitors.