证券研究报告 | 公司深度 | 自动化设备 1）场景优势：公司作为工控龙头，具有 40 多个行业的 Know-how，贴近一线下 游客户的真实需求，而这正是目前产业发展中最稀缺的一环，谁能先找到应用场 景，谁就能先进入产品开发-验证-迭代-量产的正循环。 2）平台优势：基于公司现有的电机、电压产品等技术平台，针对人形机器人轻 量化和高精度等需求进行定制化开发具备较高的确定性。相较于单一零部件生产 制造商，公司具备系统定义和集成能力。 ❑ 盈利预测与估值 短期，工控周期筑底，有望回升，新能源车业务进入收获期，稳步贡献利润；长 期，公司"战略力+产品力+组织力"持续发挥优势，国产替代加速，人形机器人 打开成长空间，有望再造一个汇川。预计公司未来三年营业收入为 376/455/546 亿元，归母净利润为 49/58/69 亿元，同比增长 4%/18%/19% 。EPS 分别为 1.8、 2.2、2.6 元。 ❑ 风险提示：制造业复苏不及预期；新能源汽车市场竞争加剧；产品技术开发进 度不及预期；人形机器人商业化进展不及预期。 工控龙头，人形机器人业务打开空间 ——汇川技术深度报告 投资要点 ❑ 我们认为公司在人形机器 ...

证券代码：300124 证券简称：汇川技术 公告编号：2025-007 深圳市汇川技术股份有限公司 关于召开 2024 年度暨 2025 年第一季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2025年4月29日披露《2024 年年度报告》和《2025年第一季度报告》，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、业绩说明会安排 （一）召开时间：2025年4月29日（星期二）15:00-17:00。 （二）出席人员：公司董事长、总裁朱兴明先生，董事、副总裁、董事会秘书宋君 恩先生，独立董事黄培先生，财务总监刘迎新女士。 （三）交流内容：公司将针对2024年度及2025年第一季度经营成果、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 2.英文会议 （1）网络 ...

Group 1 - The A-share market showed mixed performance as of April 22, 2025, with the Shanghai Composite Index rising by 0.25% to 3299.76 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.36% to 9870.05 points and 0.82% to 1928.43 points, respectively [1] - The total trading volume across both markets reached 1.09 trillion yuan, indicating active market participation [1] - The multi-financial, logistics, and general retail sectors topped the gainers' list, with increases of 2.60%, 2.53%, and 2.18%, respectively [1] Group 2 - The ChiNext 100 ETF (Hua Xia, 159957) experienced a slight decline of 0.16%, closing at 1.26 yuan, with a trading volume of 23.2262 million yuan and a turnover rate of 1.33% [1] - Over the past 10 trading days, the ChiNext 100 ETF has attracted a total of 28.6416 million yuan in inflows, reflecting investor interest [1] - The valuation of the ChiNext Index is at a historical low, with a price-to-book (PB) ratio of 3.89, which is below 84.97% of the time over the past five years, indicating strong value for investors [1] Group 3 - The ChiNext Index has shown significant volatility since 2012, with a maximum increase of 570% and a maximum drawdown exceeding 70%, highlighting its high growth and elasticity characteristics [1] - The top ten weighted stocks in the ChiNext Index as of March 31, 2025, include Ningde Times, Dongfang Wealth, and Mindray Medical, collectively accounting for 50.27% of the index [2] - The management fee for the ChiNext 100 ETF is 0.15%, and the custody fee is 0.05%, which are the lowest in its category, facilitating low-cost investment in the ChiNext market [1]

Group 1 - The ChiNext 50 Index (399673) has decreased by 0.43% as of April 22, 2025, with mixed performance among constituent stocks [1] - Nanda Optoelectronics (300346) led the gains with an increase of 4.40%, while Zhifei Biological (300122) experienced the largest decline at 7.09% [1] - The ChiNext 50 ETF (159367) has seen a slight decrease of 0.45%, with the latest price at 0.89 yuan [1] Group 2 - The ChiNext 50 ETF closely tracks the ChiNext 50 Index, which consists of the 50 stocks with the highest average daily trading volume in the ChiNext market [2] - As of March 31, 2025, the top ten weighted stocks in the ChiNext 50 Index account for 64.18% of the index, with CATL (300750) having the highest weight at 24.47% [2][4] - The top ten stocks include notable companies such as Mindray Medical (300760) and Yongsun Electric (300274) [4] Group 3 - The ChiNext 50 ETF has a management fee rate of 0.15% and a custody fee rate of 0.05%, which are the lowest among comparable funds [1] - The index's valuation is at a historical low, with a price-to-book ratio (PB) of 4.35, lower than 85.48% of the time over the past five years, indicating strong valuation attractiveness [1] - The ETF has shown a cumulative increase of 1.25% over the past week, ranking 1 out of 9 among comparable funds [1]

Core Viewpoint - The China Securities New Energy Vehicle Theme Index has shown a decline of 8.57% over the past month and 1.59% over the past three months, reflecting the overall performance of listed companies in the new energy vehicle sector [1][2] Group 1: Index Performance - The China Securities New Energy Vehicle Theme Index reported a value of 2503.75 points [1] - The index was established on December 31, 2014, with a base value of 1000.0 points [1] Group 2: Index Composition - The top ten weighted companies in the index are BYD (13.24%), CATL (9.19%), Huichuan Technology (7.42%), Seres (5.78%), Salt Lake Potash (3.38%), Sanhua Intelligent Control (3.12%), Yiwei Lithium Energy (2.71%), Huayou Cobalt (2.49%), Yutong Bus (1.94%), and Ganfeng Lithium (1.89%) [1] - The index's holdings are primarily listed on the Shenzhen Stock Exchange (74.68%), followed by the Shanghai Stock Exchange (24.94%) and the Beijing Stock Exchange (0.38%) [1] Group 3: Industry Breakdown - The industry composition of the index includes 50.74% in industrials, 28.41% in consumer discretionary, 18.04% in materials, 2.70% in information technology, and 0.11% in healthcare [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Investment Rating - The report maintains an "Overweight" investment rating for the electric equipment industry [1] Core Views - The report highlights the EU's relaxation of trade barriers for electric vehicles and the significant potential for offshore wind energy projects [1] - Key recommended stocks include CATL, Sihua Intelligent Control, BYD, Sungrow Power Supply, and others, indicating strong growth prospects in their respective sectors [2] - The report emphasizes the robust growth in electric vehicle sales and the expected increase in demand for energy storage solutions, particularly in emerging markets [5][10] Industry Trends - The electric equipment sector has shown a mixed performance, with wind power and battery sectors experiencing growth, while photovoltaic and new energy vehicle sectors faced declines [5] - The report notes a significant increase in electric vehicle sales in March, with a year-on-year growth of 40% [25] - The energy storage market is projected to grow at a CAGR of 40-50% from 2023 to 2025, driven by demand in Europe and the Middle East [10] Company Performance - CATL reported Q1 2025 revenue of 84.705 billion, a year-on-year increase of 6.18%, with net profit rising by 32.85% [5] - Sihua Intelligent Control's revenue for 2024 is expected to grow by 14.44%, with a net profit increase of 22.55% [5] - BYD's sales in March reached 377,000 units, reflecting a 25% increase compared to the previous month [25] Investment Strategy - The report suggests that the robotics sector is poised for significant growth, with a projected market size exceeding 15 trillion, driven by advancements in humanoid robots [11] - In the electric vehicle sector, the report anticipates a 25-30% growth in sales for 2025, supported by new model launches and improved autonomous driving features [5][25] - The energy storage sector is expected to see a rebound in demand post-June 2025, with significant growth in both commercial and residential storage solutions [10]

证券代码：300124 证券简称：汇川技术 公告编号：2025-005 深圳市汇川技术股份有限公司 关于使用部分暂时闲置的募集资金进行现金管理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，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 2025 年 4 月 18 日召开第 六届董事会第七次会议，审议通过了《关于使用部分暂时闲置的募集资金进行现金管 理的议案》，为了提高募集资金使用效率，在保证不影响募集资金正常使用的情况下， 公司和全资子公司苏州汇川技术有限公司（以下简称"苏州汇川"）可使用不超过 2,400 万元人民币暂时闲置的募集资金进行现金管理，该额度在有效期内可循环滚动使用。 现将有关事项公告如下： 一、募集资金基本情况 1 目、"产能扩建及智能化工厂建设项目"、"工业软件技术平台研发项目"、"数字化建 设项目"、"补充流动资金"5个项目。截至2025年3月31日，上述5个项目均已结项。已 结项但尚有部分已签订合同待支付的募投项目进展如下： 截至2025年3月31日，公司2020年度向特定对象发行股票并募集资金余额为 2,474.84万元（含 ...

监事会就此议案发表了核查意见。 具体内容详见公司于 2025 年 4 月 18 日刊登在巨潮资讯网上的公告。 2.以 9 票同意、0 票反对、0 票弃权的表决结果，审议通过了《关于开展套期保值 业务的议案》 证券代码：300124 证券简称：汇川技术 公告编号：2025-003 深圳市汇川技术股份有限公司 第六届董事会第七次会议决议公告 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")第六届董事会第七次会议于 2025 年 4 月 18 日以通讯表决的方式召开，会议通知于 2025 年 4 月 14 日以电子邮件 方式送达全体董事。本次会议由公司董事长朱兴明先生主持，会议应参加董事 9 名， 实际参加董事 9 名。公司监事唐柱学、柏子平、丁龙山，副总裁邵海波、李瑞琳、易高 翔，财务总监刘迎新列席会议。本次董事会的召集、召开和表决程序符合国家有关法 律、法规及公司章程的规定。经逐项讨论，审议了如下议案： 1.以 9 票同意、0 票反对、0 票弃权的表决结果，审议通过了《关于使用部分暂时 闲置的募集资金进行现金管理的议 ...

华泰联合证券有限责任公司 关于深圳市汇川技术股份有限公司 使用部分暂时闲置的募集资金进行现金管理的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐机构"）作 为深圳市汇川技术股份有限公司（以下简称"汇川技术"、"公司"）2020 年向特 定对象发行股票持续督导阶段的保荐机构，根据《证券发行上市保荐业务管理办 法》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《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》及《上市公 司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》等相关规定， 对汇川技术拟使用部分暂时闲置的募集资金进行现金管理的相关事项进行了核 查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意深圳市汇川技术股份有限公司向特 定对象发行股票注册的批复》（证监许可[2021]1344 号），公司向特定对象发行股 票 36,732,241 股，发行价格为 58.00 元/股，实际募集资金总额为人民币 2,130,469,978.00元，发行费用共计26,796,190.98元，其中发行费用中2,369,692 ...

证券代码：300124 证券简称：汇川技术 公告编号：2025-004 深圳市汇川技术股份有限公司 第六届监事会第七次会议决议公告 本公司及监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。 经核查，监事会认为：本次使用部分暂时闲置募集资金进行现金管理，符合《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》《上市公 司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》等相关规定，有利 于提高公司募集资金的使用效率和收益，不存在损害公司及中小股东利益的情形，该 事项决策和审议程序合法、合规，同意公司本次使用部分暂时闲置募集资金进行现金 管理。 具体内容详见公司于 2025 年 4 月 18 日刊登在巨潮资讯网上的公告。 特此公告。 深圳市汇川技术股份有限公司 监事会 二〇二五年四月十八日 深圳市汇川技术股份有限公司（以下简称"公司"）第六届监事会第七次会议于 2025 年 4 月 18 日以通讯表决的方式召开，会议通知于 2025 年 4 月 14 日以电子邮件 方式送达全体监事。本次会议由监事会主席唐柱学先生召集和主持，会议应出席监事 ...