Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [7][9]. Core Insights - The company’s subsidiary, United Power, is set to issue up to 710 million shares to raise approximately 4.86 billion RMB for the production of core components for new energy vehicles [7]. - United Power has achieved profitability, recording a net profit of 190 million RMB in 2023 and 280 million RMB in the first half of 2024, indicating continuous growth [7]. - The company is positioned as a leader in the electric drive system sector for new energy vehicles, with significant partnerships with major automotive manufacturers [7]. - Revenue for United Power has shown a compound annual growth rate (CAGR) of 79% from 2021 to 2023, with a projected revenue of 6.06 billion RMB in the first half of 2024 [7]. - The report anticipates further growth in net profit, projecting 4.9 billion RMB for 2024, 5.8 billion RMB for 2025, and 6.9 billion RMB for 2026 [9]. Company Overview - The company operates primarily in the electrical equipment sector, with a market capitalization of approximately 130.46 billion RMB [1]. - The stock price as of January 9, 2025, was 57.20 RMB, with a target price set at 67 RMB [1]. - The company’s product mix includes 46.5% in general automation, 38.5% in new energy vehicles and rail transportation, and 14.4% in elevator electrical products [3]. Shareholder Structure - Institutional investors hold 21.5% of the circulating A-shares, while general corporations hold 30.2% [4].

Investment Rating - The investment rating for 汇川技术 (Inovance Technology) is "Buy" with a 12-month price target of RMB 61.2, indicating an upside potential of 4.5% from the current price of RMB 58.58 [10][11]. Core Insights - 汇川技术's industrial automation orders in December 2024 showed a year-on-year growth of over 20%, outperforming the previous year's performance, driven by sectors such as electric engineering machinery and consumer electronics [1]. - The company is expected to achieve a revenue growth of 21% year-on-year in Q4 2024 and 24% for the entire year, with net profit projected to grow by 20% and 7% respectively [1]. - The report highlights the company's strong market position in the industrial automation sector, with significant growth opportunities in overseas markets and expanding market share in PLC products [7]. Summary by Sections Industrial Automation Orders - 汇川技术 reported a year-on-year increase of over 20% in industrial automation orders for December 2024, compared to approximately 10% in November [1]. - The improvement in orders is attributed to the demand from electric engineering machinery, consumer electronics, and other sectors, contrasting with the declining trends seen in competitors [1][2]. Financial Projections - The revenue for the industrial automation segment is expected to grow by 6% in Q4 2024 and 4% for the entire year, aligning with the order growth rates [4]. - The revenue from the new energy vehicle components segment is projected to increase significantly, with growth rates of 36% and 67% for Q4 and the full year respectively [4]. Competitive Positioning - 汇川技术 holds a leading position in the domestic industrial automation market, with market shares of 18% and 29% for its core products, variable frequency drives and servo systems, respectively [7]. - The company is anticipated to increase its overseas revenue share from 6% in 2023 to 18% by 2030, indicating strong international growth potential [7].

Investment Rating - Buy (maintained) [1] Core Views - The subsidiary United Power's IPO has been accepted by the Shenzhen Stock Exchange, aiming to raise 4.86 billion yuan for projects including "New Energy Vehicle Core Component Production Construction" [7] - United Power's revenue has shown significant growth, with a CAGR of 80% from 2021 to 2023, and its contribution to Huichuan Technology's revenue increased from 16% in 2021 to 41% in 24Q1-3 [7] - United Power's product structure includes multi-level components, with system-level, component-level, and module-level products developing rapidly, accounting for 85% and 15% of revenue respectively in 24H1 [7] - United Power's market share in domestic third-party electric control products is about 11%, ranking first, and its share in drive assembly, motor, and OBC markets ranks 4th, 5th, and 8th respectively [7] - United Power's profitability has improved significantly after turning losses into profits, with a net profit margin of 4.7% in 24H1, and its future net profit margin is expected to rise due to platformization and scale effects [7] - United Power's customer base includes major domestic and international automakers, with new models from companies like Li Auto, Xiaomi, Chery, and GAC expected to contribute to future revenue growth [7] - United Power's total assets and net assets have grown steadily, with a debt ratio showing a positive trend [7] - Huichuan Technology's revenue and net profit are expected to grow steadily, with projected revenue of 37.56 billion yuan in 2024 and net profit of 5.03 billion yuan, maintaining a "Buy" rating with a target price of 78.1 yuan [7] Financial Forecasts - Revenue is expected to grow from 30.42 billion yuan in 2023 to 54.59 billion yuan in 2026, with a CAGR of 18.49% [1] - Net profit attributable to the parent company is expected to grow from 4.74 billion yuan in 2023 to 7.18 billion yuan in 2026, with a CAGR of 19.39% [1] - EPS is projected to increase from 1.76 yuan in 2023 to 2.67 yuan in 2026 [1] - P/E ratio is expected to decrease from 31.96 in 2023 to 21.12 in 2026 [1] - Gross margin is expected to remain stable around 29-30% from 2024 to 2026 [8] - ROE is projected to remain around 18% from 2024 to 2026 [8] Market Data - Closing price: 56.30 yuan [5] - One-year low/high price: 39.17/74.94 yuan [5] - P/B ratio: 5.70 [5] - Market capitalization: 151.57 billion yuan [5] Fundamental Data - Net asset per share: 9.88 yuan [6] - Asset-liability ratio: 49.29% [6] - Total shares: 2.69 billion [6] - Circulating A shares: 2.28 billion [6]

证券研究报告·公司点评报告·自动化设备 汇川技术（300124） 联合动力 IPO 受理，第三方电驱动龙头释放 盈利弹性 2025 年 01 月 02 日 | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 23008 | 30420 | 37561 | 46066 | 54585 | | 同比（ % ） | 28.23 | 32.21 | 23.47 | 22.64 | 18.49 | | 归母净利润（百万元） | 4320 | 4742 | 5028 | 6012 | 7177 | | 同比（ % ） | 20.89 | 9.77 | 6.04 | 19.56 | 19.39 | | EPS- 最新摊薄（元 / 股） | 1.60 | 1.76 | 1.87 | 2.23 | 2.6 ...

Group 1: Market Position and Growth Strategies - The company has achieved a leading market share in the domestic automation sector, particularly in variable frequency drives and servo products, but sees potential for further growth due to competitive product enhancements and increasing domestic brand strength [3][4]. - The company is focusing on expanding its market share in discrete and project-based markets, which currently have relatively low penetration [4]. - The overseas market is a key area for expansion, with strategies being implemented to increase global market share as internationalization efforts progress [4][5]. Group 2: Product Development and Competitiveness - The company is prioritizing the enhancement of its PLC products, which have seen significant growth due to market opportunities created by foreign brand shortages [4][5]. - Future strategies for PLC products include supplementing large PLC offerings, building an ecosystem through partnerships, and enhancing product connectivity with other product lines [4]. - New product lines, including precision machinery, pneumatic products, and sensors, are being promoted through bundled sales strategies to meet customer needs more effectively [5][6]. Group 3: Internationalization and Client Base - The company has adopted a dual strategy for internationalization, focusing on leveraging existing multinational clients and customized solutions developed for the Chinese market to penetrate overseas markets [5]. - The client structure for the new energy vehicle business has improved, with contributions from various types of automotive manufacturers, including new energy vehicle startups and traditional manufacturers transitioning to electric vehicles [5][6]. Group 4: Digitalization Efforts - The company's InoCube digital platform has been iteratively developed and is now being applied in various sectors, including ports and air compressors, as part of its "automation + digitalization" strategy [6]. - The digital business is still in the investment phase, with ongoing efforts to provide affordable and easy-to-deploy digital solutions for industrial clients [6].

证券代码：300124 证券简称：汇川技术 公告编号：2024-100 深圳市汇川技术股份有限公司 一、内部转让计划概述 关于公司实际控制人履行《赠与协议》暨实际控制人与其 2021 年 9 月 18 日，朱兴明先生与其女儿朱瀚玥女士签署了《赠与协议》， 朱兴明先生为体现对其女儿的关爱，将其直接持有的公司股票 20,602,113 股（占 公司总股本比例 0.77%），以及公司第一大股东深圳市汇川投资有限公司（以下 简称"汇川投资"）21.7029%股权的全部财产权益无偿赠与给其女儿朱瀚玥女士。 朱瀚玥女士在《赠与协议》中承诺，因受赠股票及受赠股权而取得的表决权，将 一致行动人之间内部转让股份计划实施完成的公告 1 本公司实际控制人朱兴明先生保证向本公司提供的信息内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 2024 年 11 月 14 日，深圳市汇川技术股份有限公司（以下简称"公司"）披 露了《关于公司实际控制人履行<赠与协议>暨实际控制人与其一致行动人之间 内部转让股份计划的提示性公告》（公告编号：2024-0 ...

Group 1 - A new company, Beijing Huichuan Technology Co., Ltd., has been established with a registered capital of 300 million yuan [1] - The legal representative of the company is Guo Lipeng [1] - The business scope includes artificial intelligence theory and algorithm software development, basic resources and technology platforms for artificial intelligence, general application systems for artificial intelligence, and application software development for artificial intelligence [1] Group 2 - The company is wholly owned by Huichuan Technology [2]

证券代码：300124 证券简称：汇川技术 公告编号：2024-099 深圳市汇川技术股份有限公司 关于参加 2024 年度深圳辖区上市公司 集体接待日活动的公告 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。 为进一步加强与投资者的互动交流工作，深圳市汇川技术股份有限公司（以下简称 "公司"）将参加由深圳证监局和深圳证券交易所指导、深圳上市公司协会与深圳市全 景网络有限公司联合举办的"2024 年度深圳辖区上市公司集体接待日"活动，现将相关 事项公告如下： 欢迎广大投资者积极参与。 特此公告。 深圳市汇川技术股份有限公司 董事会 二〇二四年十二月四日 本次集体接待日活动将采用网络远程的方式举行，投资者可以登录"全景路演"网 站（https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与公 司本次投资者集体接待日活动，活动时间为 2024 年 12 月 12 日（周四）14:30 至 17:00， 其中公司与投资者互动的时间为 15:40-17:00。 届时公司高管将在线就公司业绩、公司治理、发展战略、经营状况、可持续发展 ...

证券代码：300124 证券简称：汇川技术 公告编号：2024-098 深圳市汇川技术股份有限公司 公司于 2024 年 4 月 19 日召开第五届董事会第二十八次会议，会议以 9 票同 意、0 票反对、0 票弃权审议通过了《关于公司及子公司向银行申请综合授信额度暨 公司为子公司申请综合授信额度提供担保的议案》，同意公司及合并报表范围内的 子公司（含二级子公司）向部分银行申请集团授信或对应银行的授信额度，拟申请 的授信额度合计为 500 亿元人民币（或等值外币）；同意公司为合并报表范围内的 全资/控股子公司（含新设立、收购的控股子公司）提供不超过 21.5 亿元人民币担 保，担保额度有效期为自董事会审议通过之日起至公司有权机构审议批准 2025 年 度担保额度相关议案之日止。在担保额度范围内，资产负债率 70%以下的子公司的 担保额度可相互调剂使用。具体内容详见公司于 2024 年 4 月 23 日在巨潮资讯网上 1 披露的《关于公司及子公司向银行申请综合授信额度暨公司为子公司申请综合授信 额度提供担保的公告》（公告编号：2024-024）。 本次担保属于上述已审议通过的担保事项范围，无需再次提交公司董事会及 ...

Group 1: Investor Relations Activities - The report details various investor relations activities conducted by Huichuan Technology from October 31 to November 15, 2024, including phone conferences, on-site research, and roadshows [1][2][3][4][5][6][7][8]. - A total of 31 participants attended the roadshow on November 6, 2024, which included major investment firms such as GIC Private and Hillhouse Investment Management [2]. - The company engaged with 29 participants during a strategy meeting on November 15, 2024, involving various asset management firms [5]. Group 2: Market Performance and Strategy - The low-voltage inverter market in China was valued at approximately 14.3 billion yuan in the first half of 2024, showing a year-on-year decline of 7.8% [5]. - Huichuan Technology's market share for low-voltage inverters increased to about 19.6% in 2024, reflecting a positive trend despite overall market weakness [5]. - The company reported a year-on-year order growth exceeding 40% in the general automation sector during the first three quarters of 2024, indicating successful penetration into lower-tier markets [6]. Group 3: Future Outlook and International Expansion - The company anticipates that the national policy for large-scale equipment updates will drive demand for its automation-related products, particularly in the industrial sector [6]. - Huichuan Technology is focusing on internationalization as a key strategy, with plans to establish localized production and sales centers in regions such as Europe and India [7][8]. - The overseas revenue from the smart elevator business was approximately 600 million yuan in the first three quarters of 2024, with expectations for gradual growth as production capacity expands [8].