证券代码：300124 证券简称：汇川技术 公告编号：2024-040 （1）自可能对本公司股票交易价格产生重大影响的重大事项发生之日或者在决策 过程中，至依法披露之日内； 深圳市汇川技术股份有限公司 关于回购公司股份的进展公告 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 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。具体内容 详见公司于 2024 年 2 月 26 日刊登在巨潮资讯网上的《以集中竞价方式回购公司股份方 案的公告》。 一、回购股份的进展情况 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易方式回购 公司股份。截至 2024 年 4 月 30 日，公司通过集中竞价交易方式已累计回购股份 300,000 股，占公司总股本的 0.0 ...

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 汇川技术（300124）公司年报点评 2024年05月05日 [Table_InvestInfo] 投资评级 优于大市 维持 紧抓结构性增长机会，收入快速增长 股票数据 [Table_Summary] 0[4Ta月b3le0_日S收to盘ck价（In元fo）] 59.50 投资要点： 52周股价波动（元） 52.22-75.74 总股本/流通A股（百万股） 2677/2337 总市值/流通市值（百万元） 159289/139039  2023 年营收同比增 32.21%，归母净利润同比增 9.77%。2023 年，公司实 相关研究 现营收304.20亿元，同比增32.21%；综合毛利率33.55%，同比降1.46pct； [《Ta传b统le行_R业e订p单or持tI续nf回o]暖 ，新能源汽车收入高 归母净利润 47.42亿元，同比增长 9.77%。我们认为，公司归母净利润增速 低于收入增速，主要源于：（1）制造业需求不佳、市场竞争加剧导致部分产 增》2023.11.11 《一季度归母净利润略增，后续需求有望进一 品价格承压；（2 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 72 yuan, compared to the current price of 59.29 yuan [1]. Core Insights - The report focuses on the electric drive system of new energy vehicles, analyzing the core driving factors of the industry in terms of "volume, price, and profit" [5][6]. - The company has successfully transitioned from losses to profits and is positioned as a leader in the electric drive sector, leveraging its industrial control technology and stable funding from its automation segment [6][19]. Summary by Sections Electric Drive System: Understanding "Volume, Price, Profit" - The electric drive system consists of the drive motor, motor controller, and transmission assembly, with auxiliary components known as the "small three electrics" [13][17]. - The cost of the electric drive system is second only to the battery in the overall vehicle cost structure, accounting for approximately 13% of the total cost [13]. Volume: High-end New Energy Vehicle Sales and Motor Usage - The penetration rate of new energy vehicles in C-class cars is currently at 26%, indicating significant growth potential [19]. - The average number of motors per vehicle has increased, with dual-motor configurations gaining popularity, especially in high-end models [22][23]. Price: Moving Towards Integrated Solutions - The industry is shifting towards integrated "N-in-1" products, which combine multiple components to enhance performance, reduce costs, and simplify the supply chain [24][25]. - The proportion of "three-in-one" electric drive systems has risen to 61.5% in 2022, with expectations for continued growth in 2024 [26][27]. Profit: Technological Transformation and Domestic Substitution - The report highlights advancements in motor technology, including flat wire and oil cooling, which improve efficiency and reduce costs [30][31]. - The penetration rates of new technologies in electric motors and controllers are increasing, contributing to improved profitability for the company [30]. Company Performance and Forecast - The company is projected to achieve revenues of 379.3 billion, 464.7 billion, and 569.2 billion yuan from 2024 to 2026, with net profits of 60.4 billion, 73.4 billion, and 89.4 billion yuan respectively [6][7]. - The earnings per share (EPS) are expected to grow from 2.25 yuan in 2024 to 3.34 yuan in 2026, reflecting the company's strong market position and growth potential [6][7].

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年04月26日 汇川技术(300124.SZ) 买进（Buy） 赵旭东 H70556@capital.com.tw 目标价(元) 69 新能源车业务高速增长，海外业务有望突破 业绩概览： 公司基本信息 2023年实现营收304.2亿元，YOY+32.2%；录得归母净利润47.4亿 产业别 电气设备 A股价(2024/4/25) 57.43 元,YOY+9.8%；扣非后净利润40.7亿元，YOY+20.1%。其中，23Q4实现营收103.0 深证成指(2024/4/25) 9264.48 亿元,YOY+52.2%，录得归母净利润14.2亿元，YOY+15.2%；扣非后净利润10.2 股价12个月高/低 75.74/52.22 亿元，YOY+55.5%，非经常性损益主要包含海外基金项目公允价值变动收益。 总发行股数(百万) 2677.13 A股数(百万) 2336.79 24Q1实现营收64.9亿元,YOY+35.8%；录得归母净利8.1亿元，YOY+8.6%； A市值(亿元) 1342.02 扣非后净利润7.9亿 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 72 CNY [1][3]. Core Insights - The company's 2023 revenue reached 30.42 billion CNY, a year-on-year increase of 32.2%, while the net profit attributable to shareholders was 4.74 billion CNY, up 9.8% [2][3]. - The electric vehicle (EV) business is expected to contribute significantly to profit growth in 2024, with a revenue of 9.4 billion CNY in 2023, marking an over 80% increase [3]. - The company has optimized its customer structure, with rapid growth in orders from new energy vehicle manufacturers, traditional domestic automakers, and overseas clients [3]. - The general automation segment continues to grow, achieving approximately 24% revenue growth in 2023, despite a weaker manufacturing environment [3]. - The internationalization strategy has accelerated, with overseas revenue exceeding 1.7 billion CNY in 2023, a growth of over 90% [3]. Financial Summary - For 2023, total revenue was 30,420 million CNY, with a year-on-year growth rate of 32.2% [8]. - The net profit attributable to shareholders for 2023 was 4,742 million CNY, reflecting a growth of 9.8% [8]. - The company forecasts revenues of 37,927 million CNY, 46,468 million CNY, and 56,922 million CNY for 2024, 2025, and 2026, respectively [9]. - The projected net profits for the same years are 6,036 million CNY, 7,335 million CNY, and 8,930 million CNY [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock will outperform the benchmark index by more than 20% over the next 6-12 months [3][9]. Core Views - The company has shown steady growth in its performance, with revenue for 2023 reaching RMB 30.42 billion, a year-on-year increase of 32.21%, and a net profit attributable to shareholders of RMB 4.74 billion, up 9.77% year-on-year [2][5]. - The general automation sector remains a stronghold for the company, with revenue growth of 24.17% in 2023, supported by an increase in market share [2][3]. - The electric vehicle (EV) segment has entered a growth phase, with revenue growth of 78.69% in 2023, driven by increased sales volume and customer demand [2][3]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of RMB 30,420 million, with a growth rate of 32.2% compared to 2022 [3][5]. - The net profit attributable to shareholders for 2023 was RMB 4,742 million, reflecting a growth rate of 9.8% [3][5]. - The first quarter of 2024 showed a net profit of RMB 811 million, an increase of 8.56% year-on-year [2][6]. Business Segments - The general automation segment generated revenue of RMB 15,038 million in 2023, with a gross margin of 44.74% [2][3]. - The industrial robotics sector within general automation saw significant growth, with revenue increasing by 43% [2][3]. - The EV and rail transportation business reported a revenue increase of 78.69% in 2023, with sales volume rising by 126.18% [2][3]. Valuation - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to RMB 2.07, RMB 2.46, and RMB 2.82, respectively, with corresponding price-to-earnings ratios of 28.6, 24.1, and 21.0 [2][3]. - The report indicates a strong outlook for the company's valuation based on its performance and market conditions [2][3].

1、2023年汽车首次盈利 2、发展道路：定制化、平台化、全球化、规模化 3、未来20年 极致性价比的竞争力（创新、高效管理运营） 高端差异化品牌形象 规模化通过全球化实现 平台化上的定制化 2023年业绩 收入：304.2亿，增长32.21% 2. 3. 利润：规模化、增效 4. 求加大研发 通用自动化 收入：150亿，增长24%，占比超50%，逆势增长 通用伺服第二 小型PLC中国第二 工业机器人份额6.5%，国内第四 新能源车 1. 收入94亿，增长>80%，实现盈利 客户：合作新势力、国内A类车企，国际车企大批量交付，绝对值不大但成长很快 插电、增程占有率高 智慧电梯 收入：53亿，增长3%，房地产影响大，利润增长高于收入，依托一体化+综合大配套 未来一大增长：存量电梯后服市场 轨道交通 收入5.5亿，增长20% 国际化 收入17亿，增长90% 营销策略：行业线出海+借船出海 数字化 目前收入规模贡献小，重点布局数字装备（全生命周期管理） 基于企业对能源管理需求提升、汽车锂电客户已落地；数字工厂偏能源节能；InoCube数字化平台迭代 能源管理 PCS出货45GW 未来重点应用场景：ToB端客户重点挖 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][7]. Core Views - The company's revenue from the new energy vehicle (NEV) business has shown rapid growth, contributing to a strong overall performance in 2023 and Q1 2024 [2][4]. - The internationalization strategy is deepening, with significant growth in overseas revenue [3][4]. - The company maintains its leading position in the general automation market, with substantial market shares in various product categories [2][3]. Financial Performance - In 2023, the company's total revenue reached 30,420 million yuan, a year-on-year increase of 32.21%, while the net profit attributable to shareholders was 4,742 million yuan, up 9.77% [4][6]. - For Q1 2024, revenue was 6,492 million yuan, reflecting a year-on-year growth of 35.78%, and net profit was 811 million yuan, an increase of 8.56% [4][6]. - The NEV business revenue grew by 80% in 2023, indicating a strong upward trend [2][3]. Business Segmentation - In 2023, revenue from the general automation, NEV, smart elevators, and rail transit segments were 15 billion, 9.4 billion, 5.3 billion, and 0.55 billion yuan, respectively [2][3]. - The company holds significant market shares in various automation products, including 28.2% in general servo systems and 10.2% in NEV motor controllers [2][3]. Internationalization Strategy - The company reported domestic and overseas revenues of 28.68 billion and 1.74 billion yuan in 2023, with overseas revenue growing by 96.52% year-on-year [3][4]. - The overseas team has expanded to over 400 personnel, with 15 subsidiaries and offices established globally [3][4]. Profitability and Forecast - The company's gross margin for 2023 was 33.55%, a decrease of 1.46 percentage points year-on-year, while the net profit margin was 15.59%, down 3.19 percentage points [6][7]. - The report forecasts revenues of 39,123 million, 47,922 million, and 56,822 million yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 6,045 million, 7,117 million, and 8,428 million yuan [6][7].

[Table_Title] 证券研究报告 新能源车业务持续高增， 工控龙头出海加速 公司研究 [Table_ReportDate] 2024年4月24日 [Table_ReportType] 点评报告 [T事ab件le：_S公um司ma2r0y2]3 年实现营业收入 304.20 亿元，同比 32.21%；归母净利润 [T汇ab川le技_S术toc k(A3n0d0R1an2k4]. SZ) 47.42亿元，同比9.77%；实现扣非归母净利润40.71亿元，同比20.12%。 2024Q1公司实现营业收入64.92亿元，同比35.78%；归母净利润8.11亿元， 投资评级：买入 同比8.56%;实现扣非归母净利润8.56亿元，同比7.92%。 上次评级：买入 点评： [T[武Taba浩lbe l_e A电_uAt力uhot设hr]o备 r]与 新能源行业首席分 ➢ 通用自动化业务逆势增长，出海持续加速。2023 年通用自动化行业承 析师 压，公司逆势增长，通用自动化产品2023年实现150亿元，同比增长 执业编号：S1500520090001 49.44%，2024Q1 实现销售收入约 32 亿元，同比增长约 ...

Investment Rating - The investment rating for the company is "Buy" [1][3][11]. Core Views - The company achieved a revenue of 30.42 billion yuan in 2023, representing a year-on-year growth of 32.21%, and a net profit of 4.742 billion yuan, with a growth of 9.77% [1]. - The company's industrial automation business showed resilience despite a sluggish market, while the new energy vehicle segment turned profitable for the first time [1]. - The company aims for a revenue growth of 15%-35% and a net profit growth of 5%-20% in 2024 [1]. Financial Performance - In 2023, the gross margin was 33.55%, net margin was 15.70%, and the net profit margin excluding non-recurring items was 13.38% [1]. - The company reported a significant increase in revenue from the new energy vehicle business, which grew over 80% year-on-year in 2023, and 150% in Q1 2024 [1]. - The company’s operating expenses as a percentage of revenue were 6.39% for sales, 4.27% for management, and 8.63% for R&D in 2023 [1]. Business Segments - General Automation: Revenue reached 15.038 billion yuan in 2023, up 24.17% year-on-year [1]. - New Energy Vehicles: Revenue was approximately 9.4 billion yuan in 2023, with a growth rate exceeding 80% [1]. - Smart Elevators: Revenue was 5.291 billion yuan in 2023, growing by 2.50% [1]. - Rail Transportation: Revenue was 0.55 billion yuan in 2023, with a growth of about 20% [1]. Future Projections - The company forecasts net profits of 5.486 billion yuan in 2024, 6.573 billion yuan in 2025, and 7.732 billion yuan in 2026, with corresponding P/E ratios of 30, 25, and 21 [1][12].