深圳市汇川技术股份有限公司 董事会审计委员会工作细则 深圳市汇川技术股份有限公司 董事会审计委员会工作细则 （经公司第六届董事会第三次会议审议通过） 第一章 总则 第一条 为强化董事会决策能力，做到事前审计、专业审计，确保董事会 对经理层的有效监督，完善公司治理结构，根据《中华人民共和国公司法》 （下称"《公司法》"）以及《深圳市汇川技术股份有限公司章程》（下称 "《公司章程》"）及其他有关法律法规及规范性文件的规定，公司特设立董 事会审计委员会，并制订本工作细则（下称"本细则"）。 第二条 董事会审计委员会是董事会的专门工作机构。审计委员会对董事会 负责，委员会的提案提交董事会审议决定。审计委员会应配合监事会监事的审计 活动。 第二章 人员组成 第三条 审计委员会成员由3名董事组成，应当为不在公司担任高级管理人 员的董事，其中独立董事至少2名，委员中至少有1名独立董事为专业会计人 员。审计委员会的召集人应当为会计专业人员。 第四条 审计委员会委员(以下简称"委员")由董事会选举产生。 第五条 审计委员会委员任期与董事会董事任期一致，委员任期届满，可 以连选连任。期间如有委员不再担任公司董事职务，自动失去委员 ...

广州市天河区珠江东路 32 号利通广场 29 楼 2901 室 邮编/Zip Code:510623 电话/Tel:86-020-37392666 传真/Fax:86-020-37392826 电子邮箱/E-mail：kdgzlaw@163.com 北京 天津 上海 深圳 广州 西安 沈阳 南京 杭州 海口 菏泽 成都 苏州 呼和 长沙 厦门 郑州 香港 武汉 北京市康达（广州）律师事务所 关于深圳市汇川技术股份有限公司 第六期股权激励计划各类激励工具 解锁、归属、行权条件成就及期权注销事项的 法 律 意 见 书 康达法意字【2024】第 3743 号 二〇二四年八月 1 北京市康达（广州）律师事务所 关于深圳市汇川技术股份有限公司 第六期股权激励计划各类激励工具 解锁、归属、行权条件成就及期权注销事项的 法律意见书 康达法意字【2024】第 3743 号 致：深圳市汇川技术股份有限公司 北京市康达（广州）律师事务所接受深圳市汇川技术股份有限公司（以下简称"公 司"或"汇川技术"）的委托，担任公司第六期股权激励计划（以下简称"本次激励计 划"）的法律顾问，指派韩思明律师和周勇律师参与本次激励计划相关的法律工作 ...

法律意见书 广州市天河区珠江东路 32 号利通广场 29 楼 2901 室 邮编/Zip Code:510623 电话/Tel:86-020-37392666 传真/Fax:86-020-37392826 电子邮箱/E-mail：kdgzlaw@163.com 北京 天津 上海 深圳 广州 西安 沈阳 南京 杭州 海口 菏泽 成都 苏州 呼和 长沙 厦门 郑州 香港 武汉 北京市康达（广州）律师事务所 关于深圳市汇川技术股份有限公司 第五期股权激励计划首次授予限制性股票 第四个归属期归属条件成就的 法 律 意 见 书 康达法意字【2024】第 3735 号 二〇二四年八月 1 法律意见书 北京市康达（广州）律师事务所 关于深圳市汇川技术股份有限公司 第五期股权激励计划首次授予限制性股票 第四个归属期归属条件成就的 法律意见书 康达法意字【2024】第 3735 号 致：深圳市汇川技术股份有限公司 北京市康达（广州）律师事务所接受深圳市汇川技术股份有限公司（以下简称 "公 司"或"汇川技术"）的委托，担任公司第五期股权激励计划（以下简称"本次激励计划"） 的法律顾问，指派韩思明律师和周勇律师参与本次激励计划相关 ...

为了进一步规范和完善公司募集资金的使用，严格履行募集资金支付的流程， 保证募集资金的安全使用，依据《深圳证券交易所上市公司自律监管指引第2号—— 创业板上市公司规范运作》《深圳市汇川技术股份有限公司募集资金使用管理制 度》，特制定本细则，作为公司募集资金使用管理制度的配套文件。 深圳市汇川技术股份有限公司 募集资金使用实施细则 深圳市汇川技术股份有限公司 募集资金使用实施细则 （经公司第六届董事会第三次会议审议通过） 第一条 本细则规定的募集资金指上市公司公开发行证券（包括首次公开发行 股票、配股、增发、发行可转换公司债券、发行分离交易的可转换公司债券 等）以及非公开发行证券向投资者募集的资金（含计划募集资金、超募资金以及 所有募集资金存放产生的利息），但不包括上市公司股权激励计划募集的资金。 公司募集资金使用范围仅限于公司募投项目使用，不得用于其他项目的投资和日常 运营资金的使用（经履行审批程序变更募集资金用途除外）。 第二条 使用募集资金应严格按照发行申请文件及公告披露的项目和投资概算拨 付。关于招股说明书已披露的募投项目资金的使用，公司应当严格按照募投项目投 资计划和实施进度合理使用。 母（分）公司具体 ...

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。 证券代码：300124 证券简称：汇川技术 公告编号：2024-069 深圳市汇川技术股份有限公司 关于注销第六期股权激励计划首次授予部分股票期权的公告 深圳市汇川技术股份有限公司（以下简称"公司"）于 2024 年 8 月 23 日召开 第六届董事会第三次会议、第六届监事会第三次会议，审议通过了《关于注销第六 期股权激励计划首次授予部分股票期权的议案》，拟注销 26 名离职及 1 名当选为公 司监事的激励对象已获授但未行权的 291,750 份股票期权、138 名激励对象本期因 考核原因不能行权的 62,826 份股票期权、第一个行权期到期未行权的 1,245,315 份 股票期权，合计 1,599,891 份股票期权。现就有关事项公告如下： 一、第六期股权激励计划实施情况概要 1．2022 年 7 月 22 日，公司分别召开了第五届董事会第十五次会议、第五届 监事会第十次会议，审议并通过了《关于<第六期股权激励计划（草案）>及其摘要 的议案》等相关议案，拟向 865 名激励对象授予的股票权益（第一类限制性股票 ...

深圳市汇川技术股份有限公司 证券代码：300124 证券简称：汇川技术 公告编号：2024-073 （三）项目建设内容：项目总用地面积 243.78 亩，规划总建筑面积 24.32 万平方 米，主要建设定子、转子、电控、电源、总成等生产车间及配套设施。 1 （四）项目投资规模：总投资不超过 50 亿元，最终投资总额以实际投资为准。公 司将根据行业发展状况、市场需求及项目进展按需分批投入。 关于控股子公司投资建设新能源汽车零部件生产基地的公告 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。 一、投资概述 为了满足新能源汽车业务相关产品订单快速增长的需求，进一步扩大生产规模， 深圳市汇川技术股份有限公司（以下简称"公司"）控股子公司苏州汇川联合动力系统 股份有限公司（以下简称"联合动力"）拟在苏州投资建设新能源汽车零部件生产基地， 建设内容包括定子、转子、电控、电源、总成等生产车间及配套设施，总投资金额不超 过人民币 50 亿元，最终投资总额以实际投资为准。公司将根据行业发展状况、市场需 求及项目进展按需分批投入。 2024 年 8 月 23 日，公司召开第六届董 ...

证券代码：300124 证券简称：汇川技术 公告编号：2024-072 深圳市汇川技术股份有限公司 关于注销第六期股权激励计划预留授予部分股票期权的公告 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。 深圳市汇川技术股份有限公司（以下简称"公司"）于 2024 年 8 月 23 日召开 第六届董事会第三次会议、第六届监事会第三次会议，审议通过了《关于注销第六 期股权激励计划预留授予部分股票期权的议案》，拟注销 6 名离职激励对象已获授 但未行权的 54,136 份股票期权、41 名激励对象本期因考核原因不能行权的 12,927 份股票期权，合计 67,063 份股票期权。现就有关事项公告如下： 一、第六期股权激励计划实施情况概要 1．2022 年 7 月 22 日，公司分别召开了第五届董事会第十五次会议、第五届 监事会第十次会议，审议并通过了《关于<第六期股权激励计划（草案）>及其摘要 的议案》等相关议案，拟向 865 名激励对象授予的股票权益（第一类限制性股票、 第二类限制性股票和股票期权）合计不超过 2,322.21 万股，分首次授予和预留部分 授予，其中 ...

Company Overview - The company's stock code is 300124 and it is listed on the Shenzhen Stock Exchange[10] - The company's legal representative is Zhu Xingming[10] - The company's registered address and office address remain unchanged from the previous year[12] - The company's semi-annual report is available at the Board Secretary's office[7] - The company has not changed its registration status during the reporting period[13] - The company's subsidiaries include Inovance Control, Suzhou Inovance, and Nanjing Inovance[8] - The company is involved in various sectors including NEV, Intelligent Elevator, and Rail Transit[1] - The company's financial report is signed by Zhu Xingming, Liu Yingxin, and Wang Xiaoling[7] Financial Performance - Revenue for the reporting period reached RMB 16.18 billion, a year-on-year increase of 29.98%[14] - Net profit attributable to shareholders of the listed company was RMB 2.12 billion, up 1.98% year-on-year[14] - Net cash flow from operating activities surged by 144.23% to RMB 1.83 billion[14] - Total assets increased by 3.84% to RMB 50.84 billion compared to the end of the previous year[14] - Revenue for the first half of 2024 reached RMB 16.18 billion, a 30% increase compared to RMB 12.45 billion in the same period of 2023[184] - Operating profit for the first half of 2024 was RMB 2.26 billion, up 7.2% from RMB 2.10 billion in the first half of 2023[184] - Net profit attributable to shareholders of the parent company in the first half of 2024 was RMB 2.12 billion, a 2% increase from RMB 2.08 billion in the same period of 2023[184] - Basic earnings per share for the first half of 2024 were RMB 0.79, slightly higher than RMB 0.78 in the same period of 2023[185] - Total comprehensive income for the first half of 2024 was RMB 2.12 billion, a 1% increase from RMB 2.10 billion in the first half of 2023[185] - Revenue from the parent company in the first half of 2024 was RMB 1.40 billion, a 10.8% decrease compared to RMB 1.57 billion in the same period of 2023[186] - Net profit of the parent company in the first half of 2024 was RMB 1.02 billion, a 26.2% increase from RMB 810.31 million in the first half of 2023[186] - Investment income of the parent company in the first half of 2024 was RMB 362.18 million, a 92.5% increase compared to RMB 188.18 million in the same period of 2023[186] - Comprehensive income for the first half of 2024 reached 1,022,844,559.15 yuan, a significant increase from 810,309,425.34 yuan in the same period of 2023[187] - Operating cash flow for the first half of 2024 was 1,827,740,235.15 yuan, compared to 748,367,345.13 yuan in the first half of 2023[188] - Cash received from sales of goods and services in the first half of 2024 was 13,131,632,139.05 yuan, up from 9,444,893,232.70 yuan in the same period of 2023[188] - Cash paid for goods and services in the first half of 2024 was 6,675,528,245.71 yuan, compared to 5,034,718,030.58 yuan in the first half of 2023[188] - Cash received from investments in the first half of 2024 was 6,347,305,039.04 yuan, a substantial increase from 2,044,270,269.53 yuan in the same period of 2023[188] - Cash paid for investments in the first half of 2024 was 6,626,327,394.70 yuan, compared to 1,981,013,616.89 yuan in the first half of 2023[188] - Net cash flow from financing activities in the first half of 2024 was -1,224,546,549.68 yuan, an improvement from -1,538,050,339.53 yuan in the same period of 2023[189] - Net cash flow from operating activities of the parent company in the first half of 2024 was 1,917,695,794.65 yuan, up from 568,867,746.87 yuan in the first half of 2023[190] - Cash received from investments by the parent company in the first half of 2024 was 3,206,870,977.20 yuan, a significant increase from 453,217,670.98 yuan in the same period of 2023[190] - Cash paid for investments by the parent company in the first half of 2024 was 3,964,330,673.29 yuan, compared to 1,053,002,000.00 yuan in the first half of 2023[190] - Investment activities cash outflow increased significantly to 5,598,047,477.01 RMB in H1 2024, up from 1,655,038,634.44 RMB in H1 2023, reflecting a 238% increase[191] - Net cash flow from financing activities improved to -932,948,947.24 RMB in H1 2024, compared to -1,082,884,847.02 RMB in H1 2023, indicating a 14% reduction in negative cash flow[191] - Total owner's equity increased to 26,006,078,569.66 RMB at the end of H1 2024, up from 25,000,991,558.81 RMB at the end of H1 2023, representing a 4% growth[192] - Comprehensive income for H1 2024 reached 2,123,373,779.25 RMB, a significant improvement from the previous period[192] - Cash and cash equivalents decreased to 953,921,242.90 RMB at the end of H1 2024, down from 1,074,948,955.21 RMB at the end of H1 2023, reflecting a 11% decline[191] - The company's capital reserve increased to 5,796,516,156.61 RMB in H1 2024, up from 5,670,337,770.16 RMB in H1 2023, showing a 2% growth[192] - Retained earnings grew to 16,029,017,117.34 RMB in H1 2024, compared to 15,115,703,056.43 RMB in H1 2023, indicating a 6% increase[192] - The company's total liabilities and owner's equity reached 26,006,078,569.66 RMB at the end of H1 2024, up from 25,000,991,558.81 RMB at the end of H1 2023, representing a 4% growth[192] - Total owner's equity at the end of the period was RMB 21,487,356,974.17, reflecting an increase from the beginning of the period[195] - Comprehensive income for the period amounted to RMB 2,089,005,914.40, contributing significantly to the increase in owner's equity[195] - Owner's equity at the beginning of the period was RMB 20,111,545,853.17, with a total increase of RMB 1,375,811,121.00 during the period[194] - The company allocated RMB 957,623,707.08 for profit distribution to owners (or shareholders), impacting the overall equity[195] - Capital reserve increased by RMB 150,416,266.68 due to owner's capital contributions and other factors[194] - The company's undistributed profit at the beginning of the period was RMB 11,502,136,213.60, with an increase of RMB 1,119,299,651.99 during the period[194] - The company's capital reserve at the beginning of the period was RMB 4,775,051,589.88, with an increase of RMB 150,416,266.68 during the period[194] - The company's total owner's equity at the end of the period was RMB 14,923,987,190.74, reflecting a decrease from the beginning of the period[198] - Comprehensive income for the period amounted to RMB 1,022,844,559.15, contributing significantly to the increase in owner's equity[197] - The company allocated RMB 1,204,746,677.55 for profit distribution to owners (or shareholders), impacting the overall equity[197] - Total owner's equity at the beginning of the period was RMB 14,183,800,686.32[199] - Comprehensive income for the period was RMB 810,309,425.34[199] - Capital increase from owners' investment was RMB 218,554,340.24[199] - Profit distribution to owners (or shareholders) amounted to RMB -957,184,507.08[199] - Total owner's equity at the end of the period was RMB 13,463,680,147.28[200] - Capital reserve decreased by RMB 560,724,684.78 during the period[199] - Undistributed profits decreased by RMB 118,300,820.68 during the period[199] - Other comprehensive income for the period was RMB 1,098.00[199] - Treasury stock increased by RMB 45,058,111.58 during the period[199] - Other changes in owner's equity amounted to RMB -791,799,797.54[200] Market and Industry Trends - The industrial automation market size in China decreased by 2.8% to RMB 147.6 billion in the first half of 2024[20] - New energy vehicle production and sales in China grew by 30.1% and 32% respectively in the first half of 2024[21] - The market penetration rate of new energy vehicles reached 35.2% in the first half of 2024[21] - The low-voltage inverter market size declined by 7.8% to RMB 14.3 billion in the first half of 2024[20] - The general servo market size decreased by 5.8% to RMB 10.5 billion in the first half of 2024[20] - Industrial robot shipments increased by 5.1% to 140,000 units in the first half of 2024[20] - The domestic elevator and escalator production in the first half of 2024 was 698,000 units, a year-on-year decrease of 7.9%[22] - New urban rail transit lines added in the first half of 2024 totaled 194.06 kilometers, involving 10 cities[23] Market Share and Competitive Position - The company's general servo system market share in China reached 27.6%, ranking first[25] - The company's low-voltage inverter market share in China was 19.6%, ranking first[25] - The company's small PLC market share in China was 13.7%, ranking second and first among domestic brands[25] - The company's industrial robot market share in China was 9.0%, ranking third, with SCARA robot market share at 26.3%, ranking first[27] - The company's new energy vehicle motor controller market share in China was 11%, ranking second and first among third-party suppliers[28] - The company's new energy vehicle drive assembly market share in China was 5.9%, ranking fourth[28] - The company's new energy vehicle motor market share in China was 4.7%, ranking fifth[28] - The company's new energy vehicle OBC market share in China was 4.6%, ranking eighth[28] - The company's elevator integrated controller/frequency converter and human-machine interface products hold leading market shares in the industry[29] - The company's smart elevator business is categorized as a mature business, focusing on steady growth and generating strong cash flow[29] - The company has fully mastered the core technologies of traction and control systems in the rail transit sector, supported by domestic policy advantages and cost-effectiveness[30] R&D and Innovation - The company's R&D investment in the first half of 2024 was 1.473 billion yuan, with an R&D expense ratio of 9.10%[38] - The company has a total of 5,822 R&D personnel and has accumulated 2,562 patents and software copyrights by the end of the reporting period[38] - The company's core technologies span multiple layers, including information, control, drive, execution, and sensing, with applications in industries such as 3C manufacturing, lithium batteries, and textiles[38] - The company's IPD (Integrated Product Development) process focuses on customer value, platform-based product development, and customization, ensuring alignment with market and technological trends[32] - R&D investment grew by 13.71% to RMB 1.47 billion, reflecting continued focus on innovation and product development[58] - R&D personnel increased by 18.29% to 5,822, with R&D personnel accounting for 23.44% of total employees, up 0.55 percentage points[63] - R&D investment increased by 13.71% to 1,472,735,523.36 yuan, but the proportion of R&D investment to operating income decreased by 1.30 percentage points to 9.10%[63] Business Segments and Performance - The company's general automation business achieved sales revenue of approximately 7.5 billion yuan, a year-on-year increase of about 10%[47] - The company's general servo system sales revenue reached approximately 3 billion yuan[47] - The company's industrial robot sales revenue reached approximately 580 million yuan[47] - The company's PLC&HMI sales revenue reached approximately 690 million yuan[47] - New energy vehicle business achieved sales revenue of approximately 6 billion yuan, a year-on-year increase of over 100%[49] - New energy logistics vehicle assembly installations reached 75,676 units, capturing a 47% market share[48] - Electric control shipments in the new energy heavy-duty truck sector increased by 220% year-on-year[48] - The fifth-generation power platform products are expected to release A-sample prototypes in the second half of 2024, with power density improvements exceeding 20%[48] - Smart elevator business achieved sales revenue of approximately 2.3 billion yuan, a slight year-on-year decrease of 2%[51] - Rail transit business achieved operating income of approximately 220 million yuan, a year-on-year increase of 8%[52] - Overseas business revenue reached approximately 950 million yuan, a year-on-year increase of 17%, accounting for 6% of total revenue[54] - The company established 10 new joint warranty centers globally, bringing the total to 26, ensuring 24-hour online service response[53] - The company launched the "Aurora" home elevator solution, promoting smarter, safer, more comfortable, and energy-efficient home elevators[51] - The company completed the iteration of the permanent magnet traction system 2.0 version and the 2in1 high-frequency auxiliary converter 4.0 version, significantly enhancing competitiveness in lightweight, compactness, and cost-effectiveness[52] - Digital business achieved significant progress in industrial digital equipment, digital energy, and digital factory solutions, with InoCube platform enhancing multi-tenant and legacy system integration capabilities[55] - Energy management business saw PCS shipments reach 4GW, with new products like the intelligent liquid-cooled commercial energy storage system and residential energy storage solutions gaining market traction[56] - Revenue from the new energy & rail transportation sector soared by 96.15% to RMB 6.23 billion, with a slight decline in gross margin by 0.91%[60] - Domestic revenue increased by 30.90% to RMB 15.24 billion, while overseas revenue grew by 16.78% to RMB 946.90 million[60] - Gross margin for the intelligent manufacturing sector (including general automation and smart elevators) stood at 40.25%, down by 1.89% year-on-year[60] - Revenue from new energy vehicles and rail transit increased significantly due to the continuous rise in new energy vehicle penetration and the mass production of customer models[61] - Domestic revenue increased due to the rapid growth of the new energy vehicle market, while gross margin declined due to changes in product revenue structure and intensified market competition[62] Sustainability and Environmental Efforts - Greenhouse gas emissions from major operational sites were verified at 71.5% of the previous year's total emissions, with ISO 50001 certification achieved at Suzhou Huichuan and a 6.8MWp distributed photovoltaic project connected to the grid[56] - The company's sustainability efforts were recognized, with a Sustainalytics score improvement from 28 to 23.3, indicating lower risk[57] - The company's non-methane total hydrocarbon emissions were 2.56 mg/m³, well below the standard of 60 mg/m³[133] - The company's total hazardous waste disposal in 2024 was 223 tons, below the approved limit of 235 tons[133] - The company employs fiber filters and secondary activated carbon adsorption to treat VOCs and tin compounds in exhaust gases[134] - All hazardous waste is entrusted to qualified third-party companies for disposal[134] - Environmental protection investment exceeded 920,000 RMB in the reporting period[137] - Subsidiary Suzhou Inovance obtained ISO 14064-1:2018 greenhouse gas verification statement in March 2024[138] - Subsidiary Suzhou Inovance passed ISO 50001:2018 energy management system certification in June 2024[138] - MD580 series inverter (T8 SIZE 90~132kW) obtained ISO 14067:2018 product carbon footprint verification statement[138] - Subsidiary Yueyang Inovance's 6.86MWp distributed photovoltaic power generation system was connected to the grid on June 14, 2024, with an expected annual clean power generation of 6 million kWh, equivalent to avoiding approximately 3,400 tons of greenhouse gas emissions annually[138] Risk Management and Countermeasures - The company has detailed potential risks and countermeasures in the "Management Discussion and Analysis" section[5] - The company faces risks from economic fluctuations, with potential impacts on industrial automation demand and increased competition[90] - The real estate market downturn poses risks to the elevator industry, potentially affecting the company's sales and profits in this sector[91] - Intensified competition in the new energy vehicle market

证券代码：300124 证券简称：汇川技术 公告编号：2024-059 深圳市汇川技术股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 深圳市汇川技术股份有限公司（以下简称"公司"）拟于2024年8月27日披露《2024 年半年度报告》。为使投资者能够进一步了解公司经营成果、财务状况，公司拟召开业 绩说明会，现将具体情况公告如下： （一）召开时间：2024年8月27日（星期二）15:00-17:00。 （二）出席人员：董事、副总裁、董事会秘书宋君恩先生。 （三）交流内容：公司将针对2024年半年度经营成果、财务指标等与投资者进行交 流，并对投资者普遍关注的问题进行回答。 （四）召开方式：线上会议，本次会议主要以中文方式进行，配有英文同声传译， 投资者可通过语音和文字方式在线参与本次业绩说明会。 （五）报名及参会方式： 1.中文会议 （1）网络端报名参会： https://s.comein.cn/A4LxH 一、业绩说明会安排 二、问题征集方式 为提升公司与投资者之间的交流效率，广大投资者可在2024年8 ...

Investment Rating - Strong Buy (Maintained) with a target price of 65.9 RMB, current price at 41.53 RMB [1] Core Views - The industrial robot market is entering a new growth phase driven by labor market shifts and industrial upgrading in China [1] - Domestic brands have achieved a 45% market share in 2023, a historic high, due to advancements in core components and controller technology [1] - The industrial robot industry exhibits a "smile curve" in terms of profitability, with upstream core components (reducer, servo system, and controller) being the most profitable [1] - The company has expanded from SCARA robots to a comprehensive industrial automation platform, with a 6.5% market share in China's industrial robot market in 2023, ranking fourth [1] Industry Analysis Industrial Robot Market Growth - China's industrial robot market has grown tenfold from 27,000 units in 2012 to 282,000 units in 2022, driven by labor shortages and cost reductions in robot applications [1] - Domestic brands are accelerating import substitution and expanding into international markets such as Japan, South Korea, and Southeast Asia [1] - The global industrial robot market is expected to reach 622,000 units by 2024, with China accounting for over 50% of global shipments [21][22] Industrial Robot Supply Chain - The industrial robot supply chain is characterized by a "smile curve," with upstream core components (reducer, servo system, and controller) being the most profitable [1] - Domestic brands are improving their competitiveness by mastering key components, particularly robot controllers, which enhance cost control and technical value [1] - The reducer market in China is expected to recover in 2024, with a projected market size of 1.596 million units, driven by the growth of humanoid robots and other new concepts [40][41] Company Analysis Market Position - The company holds a 6.5% market share in China's industrial robot market in 2023, ranking fourth, and a 20.8% market share in the SCARA robot segment, ranking first [1] - The company's industrial robot business has grown significantly, with revenue reaching 800 million RMB in 2023, compared to FANUC's 18 billion RMB, indicating substantial growth potential [56] Product and Solution Offerings - The company offers a comprehensive product line, including robot systems, control cabinets, software, and accessories, catering to various industries such as 3C, lithium batteries, and photovoltaics [51] - The company provides integrated solutions combining PLC/HMI/CNC, servo systems, frequency conversion systems, industrial robots, precision machinery, and pneumatic systems, enhancing customer value [57] Future Growth Drivers - The company is focusing on the humanoid robot sector, developing core components such as lead screws, frameless torque motors, and force sensors [59] - The company's overseas expansion strategy aims to narrow the gap with international giants and enhance its global market position [56] Financial Projections - Revenue is projected to grow from 36.7 billion RMB in 2024 to 54.7 billion RMB in 2026, with net profit increasing from 5.52 billion RMB to 8.13 billion RMB over the same period [1] - The company's EPS is expected to rise from 2.06 RMB in 2024 to 3.03 RMB in 2026, with a target PE ratio of 32x for 2024 [1]