证券代码：300124 证券简称：汇川技术 公告编号：2024-008 深圳市汇川技术股份有限公司 关于首次回购公司股份暨回购进展的公告 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 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公告。 一、首次实施回购股份暨回购股份进展情况 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》相关规定，公 司在回购股份期间，应当在首次回购股份事实发生的次一交易日披露进展情况，并在每 个月的前 3 个交易日内披露截至上月末的回购进展情况。 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 100,000 股，占 ...

证券代码：300124 证券简称：汇川技术 公告编号：2024-005 深圳市汇川技术股份有限公司 关于以集中竞价方式回购公司股份方案的公告 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。 重要内容提示： 1.回购方案的主要内容 （1）回购股份的种类：公司已发行的人民币普通股 A 股。 （2）回购股份的用途：实施员工持股计划或者股权激励。 （3）回购股份的价格区间：不超过人民币 75 元/股。 （4）回购股份的资金总额及资金来源：以自有资金不低于人民币 5,000 万元，不高 于人民币 10,000 万元进行回购。 （5）回购股份数量及占公司总股本的比例：以拟回购价格上限和回购金额区间测 算，回购股份数量不低于 66.67 万股，占公司总股本的 0.02%，不高于 133.33 万股，占 公司总股本的 0.05%。 （6）回购股份的实施期限：自董事会审议通过本次回购股份方案之日起不超过 6 个 月。 2.相关股东的减持计划 公司实际控制人及其一致行动人、董事、监事、高级管理人员在回购期间尚无减持 公司股份的计划。公司第一大股东深圳市汇川投资有限公司（以下简称" ...

证券代码：300124 证券简称：汇川技术 公告编号：2024-004 深圳市汇川技术股份有限公司 第五届董事会第二十七次会议决议公告 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"）第五届董事会第二十七次会议 于 2024 年 2 月 26 日以通讯表决的方式召开，会议通知于 2024 年 4 月 23 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，本次会议应出席董事 9 名，实际出席董事 9 名。公司监事柏子平、陆松泉、丁龙山，副总裁邵海波、李瑞琳、 杨春禄、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。本次会议对《关于以集中竞价方式回购公司股 份方案的议案》所涉事项进行了逐项表决，以 9 票同意、0 票反对、0 票弃权的表决结 果审议通过了该议案，具体情况如下： （一）回购股份的目的和用途 基于对公司未来发展前景的信心以及对公司价值的认可，为了维护广大投资者利 益，同时建立完善的长效激励机制，提高团队凝聚力和竞争力，助力公司的长 ...

Investment Rating - Buy (Maintained) [2] Core Views - The company is a leading domestic industrial control enterprise with a comprehensive layout in control, drive, execution, and sensing layers, achieving rapid growth over the past 15 years with a CAGR of 39% in revenue and 35% in profit [11] - The company's revenue structure in 2022 is divided into five major segments: General Automation (50%), Smart Elevator (22%), New Energy Vehicles (22%), Industrial Robotics (2%), and Rail Transit (2%) [11] - The company is focusing on strengthening its control layer and expanding internationally, with significant growth potential in its General Automation business [11] - The company is extending its industrial chain into industrial robotics and new energy vehicles, with the new energy vehicle business entering a harvest phase and showing rapid growth [11] - The company is undergoing a management transformation and digital empowerment in 2024, aiming to build an agile and efficient process-oriented organization to support long-term development [11] Financial Analysis - The company's revenue and net profit have grown at a CAGR of 39.30% and 34.73% respectively from 2007 to 2022, driven by the rapid expansion of its inverter and elevator businesses [28] - The company's gross margin and net margin have declined from 53%/33% in 2013 to 38%/14% in 2019 due to the increasing proportion of lower-margin new energy and rail transit businesses [30] - The company's operating cash flow to net profit ratio has remained stable at around 0.5-0.7, and the cash collection ratio has been maintained at around 0.8, indicating good cash flow management [31] Business Segments General Automation - The company's General Automation business grew by 27.64% in 2022, contributing 50% of total revenue, with leading market shares in low-voltage inverters, servo systems, and PLCs [20] - The company aims to further expand its product portfolio and downstream applications, with significant room for market share growth [20] Smart Elevator - The Smart Elevator business grew by 3.92% in 2022, contributing 22% of total revenue, with a leading market position in elevator control systems and integrated solutions [22] - The business is considered mature, providing stable cash flow, with future growth expected to be steady [22] New Energy Vehicles - The New Energy Vehicle business grew by 70.02% in 2022, contributing 22% of total revenue, with a market share of 7% in motor controllers, ranking third in China [23] - The business is in a rapid growth phase, with significant potential as global new energy vehicle penetration increases [23] Industrial Robotics - The Industrial Robotics business grew by 54.96% in 2022, contributing 2% of total revenue, with a market share of 5.2% in industrial robots and 17% in SCARA robots, ranking second in China [25] - The business is in the early stages of growth, with significant potential as industrial automation and robot replacement trends continue [25] Rail Transit - The Rail Transit business declined by 11.81% in 2022, contributing 2% of total revenue, with challenges due to delayed project deliveries and a decline in domestic rail transit procurement [26] - The business is considered mature, with limited growth prospects in the near term [26] Management and Incentives - The company has a decentralized equity structure with a high proportion of management ownership, and it has implemented long-term equity incentive plans to motivate key personnel [32][37] - The company has conducted six equity incentive plans from 2013 to 2022, with a focus on achieving high performance targets, including revenue and net profit growth [37][39]

证券代码：300124 证券简称：汇川技术 公告编号：2024-003 根据国家对高新技术企业的相关税收优惠政策，深圳新能源自本次获得高新技术 企业证书后连续三年（即 2023 年、2024 年、2025 年）可享受高新技术企业所得税优 惠政策，按 15%的税率缴纳企业所得税。此外，深圳新能源符合国家鼓励的重点软件 企业条件，自获利年度起，第一年至第五年免征企业所得税，接续年度减按 10%的税 率征收企业所得税。2023 年深圳新能源免征企业所得税。 特此公告。 深圳市汇川技术股份有限公司 关于控股子公司获得高新技术企业证书的公告 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")的控股子公司汇川新能源汽车 技术（深圳）有限公司（以下简称"深圳新能源"）通过了高新技术企业首次认定， 并于近日收到了由深圳市科技创新委员会、深圳市财政局、国家税务总局深圳市税务 局联合颁发的《高新技术企业证书》（证书编号：GR202344204904），发证时间为 2023 年 11 月 15 日，有效期三年。 以上证书的取得，是对深圳新 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 71.35 CNY based on a 30x PE for 2024 [3][12]. Core Insights - The company expects a revenue of 28.99-31.06 billion CNY for 2023, representing a year-on-year growth of 26%-35%, and a net profit of 4.58-4.97 billion CNY, with a growth of 6%-15% [2]. - Q4 demand and order recovery exceeded expectations, with projected Q4 revenue of 9.9 billion CNY, a 46% increase year-on-year, and a net profit of 1.45 billion CNY, an 18% increase [2]. - The company anticipates a 20% growth in industrial automation, driven by the increasing penetration of new energy vehicles, which is expected to generate 7.5-8 billion CNY in revenue for 2023 [2]. - Despite pressure on profitability due to a higher proportion of lower-margin new energy vehicle business, the company is expected to control expenses effectively while investing in internationalization and digitalization [2]. Financial Summary - The company forecasts net profits of 4.77 billion CNY in 2023, 6.37 billion CNY in 2024, and 8.26 billion CNY in 2025, with year-on-year growth rates of 11%, 33%, and 30% respectively [2][6]. - Revenue projections are 29.19 billion CNY for 2023, 37.45 billion CNY for 2024, and 45.91 billion CNY for 2025, with growth rates of 27%, 28%, and 23% respectively [6][7]. - The report highlights a projected gross margin decline due to the increasing share of lower-margin businesses, but overall profitability remains resilient [2][6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has launched a "Quality Return Dual Improvement" action plan aimed at enhancing shareholder value through focusing on core businesses in industrial automation and new energy vehicles, maintaining high dividend payouts, and strengthening digital governance [5] - Despite a 7% decline in the industrial control OEM industry in 2023, the company's industrial control revenue is expected to grow by 20-25%, driven by strong performance in servo motors, low-voltage frequency converters, and small PLCs [5] - The company is projected to achieve a revenue growth of 50% in its new energy vehicle business in 2024, with continued internationalization and digitalization efforts expected to provide long-term growth opportunities [5] - The company has consistently returned value to shareholders through share buybacks and cash dividends, distributing a total of 5.636 billion yuan in cash dividends since its listing, which is about 33% of its cumulative net profit [5] - The earnings forecast for the company indicates a net profit of 4.773 billion yuan in 2023, 6.079 billion yuan in 2024, and 7.310 billion yuan in 2025, with corresponding P/E ratios of 30.53, 23.97, and 19.93 [5] Financial Projections - Total revenue is projected to increase from 29.888 billion yuan in 2023 to 38.320 billion yuan in 2024, reflecting a year-on-year growth of 28.21% [2] - The company's net profit is expected to grow from 4.773 billion yuan in 2023 to 6.079 billion yuan in 2024, representing a year-on-year increase of 27.36% [2] - The report anticipates a steady increase in earnings per share (EPS) from 1.78 yuan in 2023 to 2.27 yuan in 2024 [2] Market Data - The closing price of the company's stock is 62.00 yuan, with a market capitalization of approximately 165.95 billion yuan [3] - The company has a price-to-book ratio of 7.35 and a total circulating A-share market value of 144.49 billion yuan [3] Basic Data - The company's net asset value per share is 8.43 yuan, with a debt-to-asset ratio of 46.56% [4] - The total number of shares outstanding is approximately 2.68 billion [4]

证券代码：300124 证券简称：汇川技术 公告编号：2024-002 关于推动落实"质量回报双提升"行动方案的公告 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。 为践行"以投资者为本"的上市公司发展理念，切实维护深圳市汇川技术股份有限 公司（以下简称"公司"）全体股东利益，基于对公司未来发展前景的信心、对公司价 值的认可，公司将推动落实"质量回报双提升"行动方案，努力通过良好的业绩表现、 规范的公司治理、积极的投资者回报，切实履行上市公司的责任和义务，维护公司股价 稳定，树立良好的市场形象。主要措施如下： 一、聚焦"工业智能化+新能源汽车"双王业务，实现公司高质量发展 公司持续聚焦工业自动化与数智化、新能源汽车电动化与智能化，通过不断的技术 创新与综合产品解决方案，持续为客户创造价值。根据公司发布的2023年度业绩预告： 公司实现营业收入289.9-310.6亿元，同比增长26%-35%，归属于上市公司股东的净利润 45.8-49.7亿元，同比增长6%-15%，扣除非经常性损益后归属于上市公司股东的净利润 39.3-42.4亿元，同比增长16%-25%。相 ...

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：2024-2 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 一、1月15日 参与单位名称 第一场：电话会议 及人员姓名 Lazard Asset Management共1人 二、1月16日 第一场：现场调研 Avanda共3人 第二场：电话会议 邦德资管共2人 ...

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：2024-1 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 一、1月4日 参与单位名称 第一场：券商策略会 及人员姓名 Ai-Squared、Allianz Global Investors、BOYU Capital、 Carrhae Capital 、 China Investment Corporation 、 Columbia Threadneedle Investments、CoreView Capital、 Ishana Capital 、 Jetha Global 、 Point72 Asset Management、Y2 Capital、Aspoon Capital、Astroll Asset Management、Fidelity International、Harding Loevner Management、Mubadala Investment、Nordea Invest ...