Inovance (汇川技术, 300124.SZ), one of China’s largest producers of industrial control systems, released its 2022 financial results on the evening of April 24.
Inovance recorded revenue of 23 billion yuan (US$3.32. billion), up 28.23% year on year, last year, with a corresponding net profit attributable to shareholders of 4.32 billion yuan, an increase of 20.89% over the previous year.
The net profit attributable to shareholders after deducting non-recurring gains and losses stood at 3.39 billion yuan, 16.13% higher than a year earlier.
Despite a challenging external environment, including a sluggish macroeconomy and declining demand in the elevator and new energy vehicle industries, Inovance adjusted its management strategies and implemented cost-cutting measures, resulting in positive business outcomes, said the company in an exchanging filing.
Founded in 2003 by a group of ex-Huawei executives, Inovance has reported 561 million yuan in sales revenue for its industrial robot business in 2022, a jump of 54.96% year-on-year.
Its industrial robot products include six-joint robots, SCARA robots, vision systems, high-precision ball screws, control systems, core components, and other solutions.
The company has achieved cost control and customization capabilities by producing the core components of industrial robots, including the servo system, ball screws, and body, in-house — with the exception of reducer.
In 2022, the company strengthened the technical platforms for small six-joint robots, large six-joint robots, and SCARA robots, bolstering development quality and efficiency.
It also upgraded SCARA robots and desktop small six-joint robots in line with changes in industry and customer demand.
Additionally, Inovance launched the R220 series, a group of six-joint robots featuring a payload of 220 kg, which will help to promote automation upgrades in industries such as lithium batteries and automotive electronics.
The company also enhanced its basic process platform, increasing the competitiveness of process-based products and solutions.
Inovance revealed during a recent survey by institutional investors that sales orders for its industrial robot business leaped more than 50% in 2022.
Although SCARA robots remain the top-selling of all products, the company has been actively expanding the types and applications of its six-axis robot, with small-payload six-axis robots achieving large-scale sales, and medium-to-large-payload ones reaching small-batch application.
To match the rapidly growing business demand, Inovance began construction of its manufacturing base in Nanjing in 2022, which will serve as the factory producing its precision machinery.
The new plant’s business area will span industrial robots, industrial software, ball screws, digitalization, and R&D. The facility will also integrate industrial vision and imaging, magnetic levitation high-speed motors, and automation business segments.
Once operational, it is expected to produce 280,000 sets of precision ball screws and 120,000 sets of robots annually.
