Group 1: Investor Relations Activities - The report details various investor relations activities conducted by Huichuan Technology from July 15 to August 2, 2024, including multiple teleconferences and on-site research events [2][3][4][5][6]. - Notable participants in these activities included Sumitomo Mitsui DS AM, Franklin Templeton, and various funds such as Hai Fu Tong and Stewart Investors, with a total of 3 to 11 participants in each session [2][3][4][5]. Group 2: Business Performance Insights - The company has maintained growth in its automation business despite a weak overall demand in the manufacturing sector, attributed to strategic market positioning and product competitiveness [4]. - The demand for automation in traditional industries has shown signs of recovery, supporting the growth of the general automation sector [5]. - The company’s revenue from the new energy vehicle sector has rapidly increased, supported by a diversified customer base including new energy vehicle manufacturers and traditional automakers transitioning to electric vehicles [5]. Group 3: Competitive Positioning - Huichuan Technology has established a competitive edge in the new energy vehicle market through years of investment, focusing on low-cost, high-reliability solutions [5][6]. - The acquisition of the French IRAI software company enhances the company’s capabilities in mechatronic design and simulation, providing valuable services in virtual debugging and training [6]. - The demand for elevator replacement and upgrades is expected to rise due to the aging elevator stock in China, which is nearing 10 million units [6].

证券代码：300124 证券简称：汇川技术 公告编号：2024-058 深圳市汇川技术股份有限公司 关于第一期长效激励持股计划第二个锁定期届满 的提示性公告 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。 重要提示： 1.第二个股份锁定期届满日期：2024 年 8 月 1 日 2.第二个锁定期届满对应解锁的股份数量：601,153 股 深圳市汇川技术股份有限公司（以下简称"公司"）长效激励持股计划是公 司的中长期激励方案，即对 2021 年至 2023 年每个会计年度设置业绩目标值，依 据业绩达成情况滚动设立三期各自独立存续的持股计划。公司长效激励持股计划 已由 2021 年 4 月 23 日召开的公司第四届董事会第三十四次会议、第四届监事会 第二十八次会议及2021年5月24日召开的公司2020年年度股东大会审议通过。 2022 年 5 月 24 日，公司根据 2021 年度业绩完成情况提取了第一期长效激 励持股计划业绩激励基金 14,728.67 万元。2022 年 7 月 22 日，公司召开第五届 董事会第十五次会议、第五届监事会第十次会议审议通过了《关 ...

C o m p a n y U p d a t e 股价相对大盘走势 汇川技术(300124.SZ) 买进（Buy） 公司基本信息 | --- | --- | --- | --- | |---------------------|--------|--------|--------------| | 产业别 | | | 电气设备 | | A 股价(2024/7/29) | | | 43.85 | | 深证成指(2024/7/29) | | | 8597.17 | | 股价 12 个月高/低 | | | 71.94/43.41 | | 总发行股数(百万) | | | 2678.14 | | A 股数(百万) | | | 2267.10 | | A 市值(亿元) | | | 994.13 | | 主要股东 | | | 香港中央结算 | | | | | 有限公司 | | | | | (21.56%) | | 每股净值(元) | | | 9.02 | | 股价/账面净值 | | | 4.86 | | | 一个月 | 三个月 | 一年 | | 股价涨跌(%) | | | | 近期评等 | --- | --- | --- ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 61.62 CNY per share based on a 30x PE for 2024 [3]. Core Insights - The company's revenue for the first half of the year is projected to be between 15.56 billion to 16.19 billion CNY, representing a year-on-year growth of 25% to 30%. However, the net profit attributable to the parent company is expected to be between 1.97 billion to 2.18 billion CNY, showing a slight decline of 5% to an increase of 5% year-on-year, primarily due to a decrease in investment income [2][3]. - The company continues to gain market share, with net profit margins recovering quarter-on-quarter. The market share for general servo and low-voltage frequency converters has increased to 30.3% and 21.4%, respectively, reflecting a year-on-year increase of 1.0 and 2.3 percentage points [2]. - The report highlights the potential recovery in the general automation industry as inventory replenishment approaches in 2024, supported by the company's international expansion, digitalization strategy, and new product development [2]. Financial Summary - The company is expected to achieve net profits of 5.50 billion, 6.30 billion, and 7.15 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding revenue growth rates of 19.1%, 20.4%, and 19.9% [5]. - The projected EBITDA for 2024 is 6.15 billion CNY, with a growth rate of 16.0% [5]. - The earnings per share (EPS) is forecasted to be 2.05 CNY for 2024, with a price-to-earnings (P/E) ratio of 22.56 [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 61.35 CNY, indicating an expected increase of over 20% relative to the market benchmark index within the next six months [8]. Core Views - The company is expected to achieve revenue of 155.64-161.86 billion CNY in H1 2024, representing a year-on-year growth of 25%-30%. The net profit attributable to shareholders is forecasted to be between 19.73-21.81 billion CNY, with a year-on-year change of -5% to 5% [2]. - The company is focusing on digitalization and internationalization strategies, including the acquisition of a French industrial software company to enhance its digital factory design capabilities [2]. - The general automation business is expected to grow by 5%-10%, while the new energy vehicle business is projected to grow by approximately 60% due to increased deliveries from major clients [2]. Financial Summary - Revenue is projected to grow from 30.42 billion CNY in 2023 to 37.25 billion CNY in 2024, reflecting a growth rate of 22% [3]. - Net profit is expected to increase from 4.74 billion CNY in 2023 to 5.48 billion CNY in 2024, with an EPS growth from 1.77 CNY to 2.05 CNY [3]. - The company’s P/E ratio is projected to decrease from 26.2 in 2023 to 22.7 in 2024, indicating a more attractive valuation over time [3]. Segment Performance - The general automation segment is experiencing stable growth, while the new energy vehicle segment is rapidly expanding, contributing significantly to overall revenue [2]. - The elevator business is under pressure due to a 21.8% decline in housing completion area, leading to an expected revenue decrease of about 5% [2]. - The rail transit business is anticipated to grow by approximately 25% as the company expands its order acquisition efforts [2].

证券研究报告·公司点评报告·自动化设备 汇川技术（300124） 2024 年中报预告点评：工控α依旧显著，新 能源车进入收获期 2024 年 07 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 23008 | 30420 | 37292 | 44782 | 52946 | | 同比（%） | 28.23 | 32.21 | 22.59 | 20.09 | 18.23 | | 归母净利润（百万元） | 4320 | 4742 | 5456 | 6618 | 7843 | | 同比（%） | 20.89 | 9.77 | 15.06 | 21.30 | 18.50 | | EPS-最新摊薄（元/股） | 1.61 | 1.77 | 2.04 | 2.47 | ...

Financial Performance - The company's operating revenue for the reporting period is expected to be between 1,556.36 million and 1,618.62 million CNY, representing a year-on-year growth of 25% to 30%[3] - The net profit attributable to shareholders is projected to be between 197.31 million and 218.08 million CNY, showing a year-on-year change of -5% to 5%[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 196.08 million and 214.75 million CNY, with a year-on-year growth of 5% to 15%[3] Revenue Drivers - The significant revenue growth is primarily driven by the rapid increase in revenue from the new energy vehicle business and steady growth in general automation business[5] Profitability and Margins - The overall gross profit margin has decreased due to changes in product revenue structure and intensified market competition[5] - Investment income and fair value changes have declined due to exchange rate fluctuations and decreases in the fair value of equity investments[5] Expense Management - The company has managed to control expenses, with the growth rate of sales, management, and R&D expenses being lower than the revenue growth rate[5] Strategic Focus - The company has been focusing on internationalization, energy management, and digitalization strategies during the reporting period[5] Cautionary Notes - This earnings forecast is based on preliminary estimates by the company's finance department, with detailed financial data to be disclosed in the 2024 semi-annual report[6] - Investors are advised to be cautious and aware of investment risks[6]

投资者关系活动记录表 证券代码：300124 证券简称：汇川技术 深圳市汇川技术股份有限公司投资者关系活动记录表 编号：2024-11 投资者关系活 特定对象调研 □分析师会议 动类别 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 其他 电话会议 参与单位名称 一、6月24日 及人员姓名 第一场：现场调研 Macquarie Asset Management 共1人 第二场：电话会议 Aikya Asset Management共 1人 二、6月25日 第一场：现场调研 Hanwha Asset Management、Korea Investment Management、 KB Securities、申万宏源证券共7人 ...

深圳市汇川技术股份有限公司 关于回购公司股份实施完成暨股份变动的公告 证券代码：300124 证券简称：汇川技术 公告编号：2024-056 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 2 月 26 日召开第五届 董事会第二十七次会议，审议通过了《关于以集中竞价方式回购公司股份方案的议案》。 公司计划使用不低于人民币 5,000 万元，不高于人民币 10,000 万元的自有资金以集中竞 价交易方式回购公司部分社会公众股份，用于实施员工持股计划或股权激励。回购股份 价格上限为 74.55 元/股（调整后）。上述内容详见公司分别于 2024 年 2 月 26 日及 2024 年 5 月 29 日刊登在巨潮资讯网上的《关于以集中竞价方式回购公司股份方案的公告》 及《关于 2023 年年度权益分派实施后调整回购股份价格上限的公告》。 截至本公告披露日，公司已按照披露方案完成回购公司股份，具体内容公告如下： 一、回购股份的情况 2024 年 2 月 29 日，公司首次通过股份回购专用证券账户以集中竞价交 ...

投资者关系活动记录表 证券代码：300124 证券简称：汇川技术 深圳市汇川技术股份有限公司投资者关系活动记录表 编号：2024-10 投资者关系活 特定对象调研 □分析师会议 动类别 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 其他 电话会议、券商策略会 参与单位名称 一、6月11日 及人员姓名 第一场：现场调研 招银理财、国信证券共2人 二、6月12日 第一场：现场调研 申万菱信基金共3人 三、6月13日 第一场：电话会议 威灵顿共3人 ...