Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching 1.2 billion RMB in the last quarter[27]. - The company's operating revenue for 2024 reached ¥37,040,952,138.72, representing a 21.77% increase compared to ¥30,419,925,397.64 in 2023[5]. - The net profit attributable to shareholders decreased by 9.62% to ¥4,285,493,340.70 in 2024 from ¥4,741,863,347.20 in 2023[5]. - The gross margin improved to 35%, up from 30% in the previous year, indicating better cost management[27]. - The company achieved total revenue of 37.041 billion yuan, a year-on-year increase of 21.77%, while net profit attributable to shareholders decreased by 9.62% to 4.285 billion yuan[91]. Dividend Distribution - The company plans to distribute a cash dividend of 4.1 RMB per 10 shares, totaling approximately 1.1 billion RMB (including tax) based on a share capital of 2,693,623,158 shares[9]. Market Expansion and Strategy - The company aims to reduce reliance on the elevator business, which is significantly affected by the real estate market, by optimizing product sales structure and expanding into new areas such as new energy vehicles and industrial automation[11]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by 2025[27]. - A strategic acquisition of a local competitor is anticipated to enhance the company's technology portfolio and increase market competitiveness[27]. - The company aims for steady growth in its smart elevator business, generating positive cash flow despite the historical rapid growth of the elevator industry being influenced by the real estate market[68]. Research and Development - The company will continue to increase R&D investment to enhance management capabilities and reduce costs in response to intensified competition in the new energy vehicle market[14]. - The company plans to invest 100 million RMB in R&D for next-generation automation solutions[27]. - The company invested CNY 3.147 billion in R&D in 2024, with a R&D expense ratio of 8.50%[84]. - The company has established a core development team for industrial AI, aiming to transform manufacturing processes and enhance operational efficiency through AI technologies[120]. Operational Efficiency - The company acknowledges the risk of increasing accounts receivable and potential bad debts as sales scale expands, and will prioritize careful selection of partners and clients to control financial risks[16]. - The company faces management risks due to its expanding scale and will continue to optimize governance structures and introduce high-end management talent to meet growth demands[18]. - The company aims to reduce operational costs by 15% through supply chain optimization initiatives[27]. - The company has established a multi-layered, multi-structured supply chain management model to ensure high-quality, low-cost, and rapid delivery[78]. Product Development and Innovation - New product development includes the launch of a high-voltage inverter, expected to generate an additional 200 million RMB in revenue[27]. - The company launched several new products, including the MD600 low-voltage compact inverter and various intelligent servo systems, enhancing its competitive edge[96]. - The company is developing a new generation of variable frequency drives (MD630 series) to enhance market share[143]. - The company is working on a new series of industrial cameras with a focus on high performance and low cost, which will create a differentiated competitive advantage in the market[36]. Market Trends and Projections - In 2024, China's GDP is projected to grow by 5.0%, with quarterly growth rates of 5.3%, 4.7%, 4.6%, and a rebound to 5.4% in Q4[45]. - The industrial automation market in China is expected to reach a scale of 285.9 billion yuan in 2024, reflecting a year-on-year decline of 1.7%[45]. - The new energy vehicle market is driven by a surge in plug-in hybrid vehicle sales, which have increased their market share to 40%[47]. - The elevator industry is projected to see a production volume of 1.492 million units in 2024, representing a year-on-year decline of 8%[50]. Risk Management - The company acknowledges the risk of increasing accounts receivable and potential bad debts as sales scale expands, and will prioritize careful selection of partners and clients to control financial risks[16]. - The company has implemented risk controls for its derivatives investments, including market, internal control, and customer default risks[172]. - The company has established a comprehensive risk management system for hedging operations, including clear operational principles and approval authority[173]. Sustainability and Environmental Impact - The company achieved energy savings of 1,458,800 kWh during the reporting period, with renewable energy usage reaching 19,627,500 kWh, a year-on-year increase of 124.53%[125]. - The company completed a green supply chain survey involving over 200 major suppliers, achieving a response rate of 93.47%[125]. - The company has established a regular communication mechanism with key clients to enhance collaboration on sustainability initiatives[125]. Internationalization and Global Presence - The company has established 18 subsidiaries and offices globally, with an overseas team of over 600 people, supporting its internationalization strategy[112]. - The company has developed over 130 overseas distributors across Southeast Asia, East Asia, Europe, India, and the Middle East, enhancing its global market presence[112]. - The company is actively expanding its market presence in developed markets by providing customized solutions to top multinational clients[113]. Financial Health and Cash Flow - The net cash flow from operating activities significantly increased by 113.67% to ¥7,200,440,164.32 in 2024, compared to ¥3,369,915,897.12 in 2023[5]. - The company's cash and cash equivalents decreased significantly, mainly due to increased net purchases of time deposits and financial products[151]. - The company's trading financial assets amounted to ¥1,782,863,400.57, representing a 3.12% increase compared to the previous period[157].

汇川技术（300124）公告，2025年第一季度营收为89.78亿元，同比增长38.28%；净利润为13.23亿元， 同比增长63.08%。 ...

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 ...

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 ...

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 ...

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 ...

证券代码：300124 证券简称：汇川技术 公告编号：2025-006 深圳市汇川技术股份有限公司 公司及控股子公司具有一定的海外业务和资产负债，在人民币汇率双向波动 及利率市场化的金融市场环境下，为有效规避和防范汇率大幅波动对公司经营造 成的不利影响，控制外汇风险，增强财务稳健性，公司及控股子公司拟与银行等 金融机构开展外汇套期保值业务。 2.投资金额 根据公司资产规模及业务需求情况，公司及控股子公司在额度使用期限内任 一时点的外汇套期保值交易保证金/权利金上限为 1 亿元人民币或等值外币，预 计任一时点持有的最高合约价值上限为 10 亿元人民币或等值外币，上述额度在 投资期限内可循环使用。 3.投资方式 1 关于开展套期保值业务的公告 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《关于开展套期保值业务的议案》，同意 公司及控股子公司在不超过10亿元人民币或等值外币合约价值（预计交易保证金 /权利金上限为1亿元人民币或等值外币）内开展外汇套期保值业 ...

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].