Core Viewpoint - The CSI High-end Manufacturing Theme Index (CS High-end Manufacturing, 930820) has shown a recent upward trend, increasing by 1.76% to 5605.46 points, despite a significant decline over the past month and year-to-date [1]. Group 1: Index Performance - The CSI High-end Manufacturing Theme Index has decreased by 14.97% over the past month, 6.00% over the past three months, and 10.42% year-to-date [1]. - The index is based on a sample of listed companies in sectors such as aerospace, defense, communication equipment, semiconductors, biotechnology, pharmaceuticals, electronic devices, automotive, and computers, providing diverse investment options [1]. Group 2: Index Holdings - The top ten weighted stocks in the CSI High-end Manufacturing Theme Index include CATL (5.07%), BYD (2.67%), Hengrui Medicine (1.96%), SMIC (1.63%), Northern Huachuang (1.33%), Luxshare Precision (1.32%), BOE Technology (1.25%), Huichuan Technology (1.22%), Haiguang Information (1.19%), and Mindray (1.18%) [1]. - The market share of the index holdings is distributed as follows: Shenzhen Stock Exchange (51.22%), Shanghai Stock Exchange (48.72%), and Beijing Stock Exchange (0.06%) [1]. Group 3: Industry Composition - The industry composition of the index holdings is as follows: Industrial (36.79%), Information Technology (34.07%), Healthcare (15.25%), Consumer Discretionary (9.37%), Communication Services (4.30%), and Energy (0.23%) [2]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]. Group 4: Tracking Funds - Public funds tracking the CS High-end Manufacturing Index include the Fortune CSI High-end Manufacturing Index Enhanced C and A [3].

Group 1 - The core index, the China Securities Chuangxin Quality Growth Index, rose by 0.92% to 6368.71 points, with a trading volume of 370.183 billion yuan [1] - Over the past month, the index has decreased by 8.87%, by 3.80% over the last three months, and by 7.25% year-to-date [1] - The index selects listed companies with high return on equity across various industries, providing diverse investment options for investors [1] Group 2 - The top ten weighted stocks in the index include Kweichow Moutai (9.8%), BYD (2.99%), Wuliangye (2.56%), Dongfang Fortune (2.51%), and others [1] - The index's holdings are primarily from the Shanghai Stock Exchange (53.96%) and Shenzhen Stock Exchange (46.04%) [1] - The industry composition of the index shows that consumer staples account for 20.20%, industrials for 17.60%, and financials for 10.81%, among others [2] Group 3 - The index samples are adjusted four times a year, specifically in March, May, September, and November on the next trading day after the second Friday [2] - Weight factors are adjusted in accordance with the sample adjustments, which are generally fixed until the next scheduled adjustment [2] - Special circumstances may lead to temporary adjustments of the index, including the removal of samples that are delisted or undergo mergers and acquisitions [2]

Group 1: Investor Relations Activities - The company conducted multiple investor relations activities from March 17 to April 3, 2025, including on-site research and strategy meetings with various investment firms [1][2][3][4][5][6][7][8]. - A total of 9 participants attended the first on-site research on March 17, while 28 participants attended the first on-site research on March 18 [1][2]. Group 2: Product Development and Market Expansion - The company has extended its product line to include precision machinery, pneumatic products, sensors, and efficient motors, focusing on bundled sales strategies to meet customer needs [4][5]. - The PLC (Programmable Logic Controller) products have seen significant sales growth, with ongoing investments in R&D to enhance capabilities and expand into various industries such as lithium batteries, 3C, and photovoltaics [4][5][6]. Group 3: Market Trends and Business Growth Drivers - The 2024 government initiative aims to promote large-scale equipment updates, particularly in the industrial sector, driven by technological advancements and changing market demands [7]. - The company anticipates that the demand for equipment upgrades will support business growth, as new technologies improve production efficiency and product quality [7]. Group 4: Elevator Business Outlook - The elevator business is expected to maintain steady growth, focusing on expanding into multinational enterprises and enhancing overseas market presence [8]. - The company plans to strengthen its service market for elevators, capitalizing on the increasing demand for maintenance and replacement services in China's growing elevator stock [8].

Group 1: Investor Relations Activities - A total of 21 investors participated in the first on-site research on February 25, including major firms like JPMorgan Asset Management and Goldman Sachs [1] - The second on-site research on February 25 had 7 participants from Quan Guo Fund [2] - A total of 63 investors attended the second broker strategy meeting on February 26 [2] - The third on-site research on February 27 included 4 participants from Dongfang Marathon Investment [3] - The on-site research on February 28 had 30 participants from various international investment firms [4] Group 2: Business Performance Insights - The company's industrial automation orders showed good growth in January and February 2025, particularly in sectors like engineering machinery electrification and logistics equipment [8] - The engineering machinery electrification business is experiencing favorable development due to policy drivers and rising export demand [8] - The company has seen significant growth in its industrial robot business, driven by a strong sales platform and a diverse customer base [10] Group 3: Product Development and Strategy - The IFA platform, a fully integrated factory automation software platform, has been widely tested and validated by clients [10] - The company aims to enhance its industrial robot product series and expand into various automation sectors [10] - The transition to a "sector + battle zone" collaborative operation model has improved market penetration and sales performance [8] Group 4: Compliance and Communication - The company ensured compliance with information disclosure regulations during investor interactions, maintaining transparency and accuracy [11] - All investors participating in on-site research signed a commitment letter as per Shenzhen Stock Exchange requirements [11]

证券代码：300124 证券简称：汇川技术 公告编号：2025-002 深圳市汇川技术股份有限公司 关于部分董事、监事及高级管理人员 减持股份的预披露公告 本公司董事兼副总裁周斌先生、监事柏子平先生、副总裁李瑞 琳先生、副总裁易高翔先生、财务总监刘迎新女士保证向本公司提 供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供 的信息一致。 特别提示： 截至本公告日，深圳市汇川技术股份有限公司（以下简称"公司"或"本 公司"）董事兼副总裁周斌先生、监事柏子平先生、副总裁李瑞琳先生、副总裁 易高翔先生、财务总监刘迎新女士合计持有本公司股份108,849,005股，占剔除 公司回购专用账户后的总股本比例4.041%，计划在本公告披露之日起15个交易 日后的三个月内（即2025年4月8日-2025年7月7日）以集中竞价或大宗交易方式 减持本公司股份合计不超过5,788,075股，占剔除公司回购专用账户后的总股本 比例0.215%。 公司于近日收到董事兼副总裁周斌先生、监事柏子平先生、副总裁李瑞琳 先生、副总裁易高翔先生、财务总监刘迎新女士减持公司股 ...

深圳市汇川技术股份有限公司 关于第五期股权激励计划预留授予限制性股票 第二种授予价格第三个归属期归属结果暨股份上市的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1．本次归属股票人数：182人； 证券代码：300124 证券简称：汇川技术 公告编号：2025-001 深圳市汇川技术股份有限公司（以下简称"公司"）于 2024 年 4 月 19 日召开 第五届董事会第二十八次会议、第五届监事会第二十一次会议，审议通过了《关于 第五期股权激励计划预留授予限制性股票第三个归属期归属条件成就的议案（关于 9.9 折股票的归属）》，第五期股权激励计划预留授予限制性股票第二种授予价格（公 平市场价格的 99%）第三个归属期归属条件已经成就。具体内容详见公司于 2024 年 4 月 23 日刊登在巨潮资讯网上的《关于第五期股权激励计划预留授予限制性股 票第二种授予价格第三个归属期归属条件成就的公告》。 截至本公告披露日，上述限制性股票归属事项已获深圳证券交易所审核通过， 且相关归属及上市手续已由中国证券登记结算有限责任公司深圳分公司办理完成。 现将相关事 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][8]. Core Viewpoints - The development of humanoid robots by the company relies on its deep accumulation in the industrial automation field, with core component advantages and technological breakthroughs as the main logic. The company's genetic makeup is highly compatible with the development stage of humanoid robots, and its core advantages in technology, cost reduction through scale, and industry chain collaboration are expected to help it gain a competitive position in the future humanoid robot market. The projected net profits for 2024-2026 are estimated at 4.9 billion, 5.93 billion, and 7.32 billion, corresponding to current PE ratios of 39.6x, 32.7x, and 26.6x [3][8]. Summary by Sections Company Overview - The company has a well-established history in industrial robotics, with development phases including early technology accumulation (2003-2013), formal entry into the robotics field (2013), core component R&D and product line expansion (2016), market expansion and mass production (post-2020), and recent technological upgrades and application field expansions. In 2023, the company officially established a humanoid robot R&D team, marking its entry into the humanoid robot sector [5][13]. Humanoid Robot Development - The company is accelerating core component R&D for humanoid robots and plans to establish a wholly-owned subsidiary in Beijing by the end of 2024, focusing on AI technology for robots. By 2025, the company aims to further enhance its humanoid robot initiatives and is actively recruiting specialized personnel for this field [5][28]. Component Advantages - The company has significant advantages in core components for humanoid robots, including rotary joint modules and linear joint modules, leveraging its industrial automation expertise. The development of humanoid robots is supported by the company's strong foundation in industrial automation, which provides a solid basis for technological breakthroughs [6][31]. Market Positioning - The company is well-positioned to capitalize on the growing humanoid robot market, with 2025 expected to be a pivotal year for mass production. The company’s familiarity with industrial applications provides an optimal training ground for humanoid robots, enhancing its competitive edge [7][48]. Financial Projections - The projected net profits for the company from 2024 to 2026 are 4.9 billion, 5.93 billion, and 7.32 billion, with corresponding PE ratios of 39.6x, 32.7x, and 26.6x, indicating strong growth potential [3][8].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative price increase of over 15% [17]. Core Viewpoints - The company is significantly enhancing its layout in the humanoid robot sector, leveraging its strong manufacturing foundation and technological synergy from the industrial automation field, which positions it as a competitive player in the humanoid robot components market [1][4]. - The company is expected to achieve notable scale manufacturing advantages in humanoid robot core components, benefiting from its existing R&D and production systems, which can be directly applied to humanoid robot parts development [4][10]. - Despite a weak overall demand in the manufacturing sector, the company is projected to increase its market share in various products in 2024, with specific gains in general servo systems, low-voltage frequency converters, and industrial robots [11]. Summary by Sections Recruitment and Media Coverage - The company has recently posted job openings for various positions related to humanoid robots, indicating a strategic focus on this area [2]. - The company was featured in a special segment on CCTV, highlighting its role as a core component supplier in the humanoid robot industry [3]. Industrial Automation Advantages - The company’s deep manufacturing expertise in industrial automation is expected to empower its humanoid robot core components, allowing for cost-effective production and reduced R&D expenses [4][10]. - The company has established a high-efficiency supply chain management system, which will facilitate rapid cost reductions once humanoid robot components enter mass production [10]. Market Position and Growth - The company is maintaining a solid leadership position in industrial automation, with an anticipated increase in market share for several products in 2024, despite a projected decline in the overall market size [11]. - The subsidiary, United Power, is set to go public, aiming to raise 4.857 billion yuan to strengthen its position as a leading third-party supplier in the new energy electric drive market [16]. Financial Projections - The company’s projected net profits for 2024, 2025, and 2026 are 4.965 billion yuan, 5.882 billion yuan, and 6.895 billion yuan, respectively, reflecting year-on-year growth rates of 4.71%, 18.47%, and 17.22% [17][18].

Group 1: Investor Relations Activities - The company conducted a series of investor relations activities from February 10 to February 21, 2025, including phone conferences and on-site research [9] - A total of 150 participants attended various strategy meetings, showcasing significant interest from multiple investment firms [7] - The company engaged with 31 participants in a strategy meeting on February 11, highlighting the diverse investor base [2] Group 2: Product Development and Market Strategy - The company aims to achieve over 20% market share in PLC products, which are considered strategic for automation equipment [11] - The company is actively developing components for humanoid robots, including motors and actuators [12] - Recent acquisitions, such as Shanghai Lain and Korean SBC, have enhanced the company's precision machinery capabilities, with successful applications in various downstream sectors [13] Group 3: New Energy Vehicle Initiatives - The subsidiary, United Power, is focusing on technological innovations in core components for new energy vehicles, preparing to expand into intelligent automotive technologies [14] - The company is committed to integrating core technologies related to chassis domains to support future growth in the new energy vehicle sector [14] Group 4: Solutions and Customer Engagement - The company provides comprehensive "Industrial Control + Process" solutions tailored to meet diverse customer needs, enhancing product quality and production efficiency [9] - Solutions offered include a complete package of products such as PLCs, drives, industrial robots, and precision machinery, aimed at optimizing customer operations [9]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The launch of the iFA platform marks a significant advancement in domestic industrial automation, enhancing project development and maintenance efficiency [1][2] - The Chinese industrial software market is growing, with the iFA platform positioned to compete with Siemens' software, facilitating hardware localization and supporting the company's growth in automation and new business areas like humanoid robots [2][4] Financial Performance - In Q3 2024, the company achieved a revenue of 9.21 billion yuan, a year-on-year increase of 20%, while the net profit attributable to shareholders was 1.24 billion yuan, a decrease of 1% [3] - For the first three quarters of 2024, total revenue reached 25.4 billion yuan, up 26% year-on-year, with a net profit of 3.35 billion yuan, reflecting a 1% increase [3] Business Segments - General Automation: Revenue for the first three quarters was 10.9 billion yuan, a 4% increase year-on-year, with significant contributions from various product lines [4][10] - New Energy Vehicles: Revenue reached 10.4 billion yuan, a remarkable 96% increase year-on-year, indicating strong growth potential [10] - Smart Elevators: Revenue was 3.6 billion yuan, down 6% year-on-year, while rail transit revenue was 340 million yuan, down 9% [10] Growth Drivers - The general automation market in China is projected to reach 311.5 billion yuan in 2023, with a growth rate of 11%, indicating substantial growth potential [4] - The company is positioned as a domestic leader in core product markets, with a clear and stable development path supported by manufacturing recovery and product expansion [4][11] Earnings Forecast - Revenue projections for 2024-2026 are 37.6 billion yuan, 48.2 billion yuan, and 58.0 billion yuan, with year-on-year growth rates of 24%, 28%, and 21% respectively [11] - Net profit forecasts for the same period are 4.8 billion yuan, 5.8 billion yuan, and 6.5 billion yuan, with growth rates of 0% in 2024, 22% in 2025, and 13% in 2026 [11]