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：2024-16 | --- | --- | --- | --- | |----------------|------------------------------------------------------------|--------------------------------------------|-------------------------------------------------------------------------------------------------------| | | | □特定对象调研 □分析师会议 | | | | □媒体采访 | 业绩说明会 | | | 投资者关系活动 | □新闻发布会 | □路演活动 | | | 类别 | □现场参观 | | | | | □其他 | | | | 参与单位名称及 | 总体参会人员约 570 | 人。 | | | 人员姓名 时间 | 2024 年 10 月 29 日 | 15:00-17:00 | ...

华福证券 and Tam 汇川技术（300124.SZ） 通用自动化临近拐点，新能源车爆发式增长 投资要点： 事件：公司前三季度实现营收254.0亿元（同比+26.22%），归母净利 润33.5亿元（同比+1.04%），扣非归母净利润31.3亿元（同比+2.91%）。 单季度来看，公司Q3实现营收92.1亿元（同比+20.13%），归母净利润12.4 亿元（同比-0.54%），扣非归母净利润10.7亿元（同比-9.54%）。 毛利率结构性下滑，非经波动影响较大。2024年前三季度毛利率31.0% （同比-4.8pct），净利率13.5%（同比-3.2pct），主要受新能源车收入占 比提升影响，其中Q3单季度毛利率29.7%，净利率13.8%，盈利波动还受到 投资收益大幅下滑、公允价值变动损失、子公司苏州汇川控制适用所得税 率变化影响。 新能源车支撑收入增长，工控低点期待财政刺激。①通用自动化：Q3 收入约34亿元，同比下滑约8%，主要受到光伏、锂电高基数影响，其中通 用变频器/通用伺服/PLC&HMI/工业机器人收入约12/13/3.1/2.2亿元，同比 变化约-2%/-15%/-25%/+8%，通用伺服及配 ...

证 券 研 究 报 告 汇川技术（300124）2024 年三季报点评 强推（维持） 电车业务维持高增，通用自动化或迎拐点 目标价：69.1 元 事项： 公司发布 2024 年三季报：公司 2024 年前三季度营收为 254 亿元，同比增长 26.2%；归母净利润为 33.5 亿元，同比增长 1.0%；扣非净利润为 31.3 亿元， 同比增长 2.9%。公司 2024 年单三季度营收为 92 亿元，同比增长 20.1%；归 母净利润为 12.4 亿元，同比下滑 0.5%；扣非净利润为 10.7 亿元，同比下滑 9.5%。 评论： 新能源汽车业务维持快速增长。公司新能源汽车业务前三季度实现收入约 104 亿元，同比增长约 96%。子公司联合动力上半年实现净利率 6.3%，考虑到 Q3 收入仍保持快速增长，预计盈利能力保持较好水平。公司新能源乘用车业务上 半年来自国内新势力及传统车企、海外车企的订单均快速增长。据 NE 时代， 汇川联合动力 2024 年上半年双电控装机量达 30.4 万套，同比翻倍，市场份额 为 17.9%，为混动乘用车双电控第三方供应商龙头，体现了公司在新能源汽车 电控领域的市场领先优势。此外 ...

好 先说一下简体中文普通话的文本 以下是简体中文普通话的文本 从这三个文章的发表文章里面来看就是说这个东西是什么东西是什么东西是什么东西是什么东西是什么东西是什么东西是什么东西是什么东西是什么东西是什么东西 中文普通话中文普通话中文 字幕君听不清 工业中文化中数放缓或者出现了下滑但是每个行业里面的细分子行业都有一些节奏性的发动机会 其实我们几个数据来看其实我们也发布了一些结构简单的数据其实整个都是从30%到20%大概40%左右然后从超过20%到80%这个数据这个简单简单的简单太简单了20头个20头个就是整个下游螃蟹公司的订单超过20%还有 下游还有很多 还有就是很多的 非常多的 也都存在着这种各样的知识轨道所以这个是基本的基础化那么通常是可能比较普遍的对话圈这幅画这个就是这幅画它提了一个简体中文普通话的代表 这是普通话的中文普通话的中文普通话的中文普通话的中文 有暂和略 两个字 那我们今天其实带来的文本是通过其他公司的带来的改革改革进行的通过这些改革进行的改革改革进行的改革改革进行的改革改革进行的改革改革进行的改革改革进行的改革改革进行的改革改革进行的改革改革进行的改革改革进行的改革改革进行的改革改革进行的改 ...

机械设备 证 券 研 究 报 告 2024 年 10 月 29 日 汇川技术 (300124) ——工控王者持续突围，下一步走向全球 报告原因：首次覆盖 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 28 日 | | 收盘价（元） | 57.33 | | 一年内最高 / 最低（元） | 74.94/39.17 | | 市净率 | 6.0 | | 息率（分红/股价） | 0.78 | | 流通 A 股市值（百万元） | 130,069 | | 上证指数 / 深证成指 | 3,322.20/10,685.89 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 9.89 | | 资产负债率 % | 49.2 ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 汇川技术 (300124.SZ) 投资评级：买入 上次评级：买入 [Table_A [Table_Author] 武浩 电力设备与新能源行业首席分 uthor] 析师 执业编号：S1500520090001 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 孙然 电力设备与新能源行业分析师 执业编号：S1500524080003 联系电话：18721956681 邮 箱：sunran@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号金 隅大厦B 邮编：100031 [Table_Title] 新能源车业务持续高增，国际化推进加速 [Table_ReportDate] 2024 年 10 月 29 日 [Table_S 事件：公司ummar202y]4Q1-Q3 实现营业收入 253.97 亿元，同比+26.22%；归母净利 润 33.54 亿元，同比+1.04%；实现扣非归母净利润 3 ...

证券研究报告·公司点评报告·自动化设备 汇川技术（300124） 2024 年三季报点评：工控进入底部区间，新 能源车持续超预期 2024 年 10 月 29 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | 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） | 1.61 | 1.77 | 1.88 | ...

C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------|------------|-------------------|-------|------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Revenue and Profit Performance - Revenue for the third quarter reached 9.214 billion yuan, a year-on-year increase of 20.13%[3] - Net profit attributable to shareholders was 1.236 billion yuan, a slight decrease of 0.54% compared to the same period last year[3] - Revenue for the first nine months of 2024 reached 25.397 billion yuan, a year-on-year increase of 26.22%[12] - Net profit for the first nine months of 2024 was 3.415 billion yuan, a year-on-year increase of 2.08%[12] - Revenue from the new energy vehicle business surged to 10.4 billion yuan, a year-on-year increase of 96%[12] - General automation business (including industrial robots) generated revenue of 10.9 billion yuan, a year-on-year increase of 4%[12] - Smart elevator business revenue declined by 6% to 3.6 billion yuan[12] - Rail transit business revenue decreased by 9% to 340 million yuan[12] - Total revenue for the period reached 25,397,421,789.27 RMB, compared to 20,121,204,085.32 RMB in the same period last year[21] - Revenue for the current period reached 1,344,012,950.44 RMB, a 16.98% increase compared to the previous period's 1,149,086,138.66 RMB[22] - Net profit attributable to the parent company's shareholders was 3,353,827,529.06 RMB, up 1.04% from the previous period's 3,319,367,588.06 RMB[22] - Net profit attributable to the parent company's owners increased to 17,264,783,907.94 RMB from 15,115,703,056.43 RMB[20] Cash Flow and Financial Position - Operating cash flow for the first nine months surged to 3.857 billion yuan, up 166.22% year-on-year[3] - Net cash flow from operating activities increased by 166.22% to 3.857 billion yuan, driven by higher sales receipts[11] - Cash flow from operating activities increased by 166.29% to 3,856,715,361.66 RMB compared to 1,448,720,281.76 RMB in the previous period[24] - Sales revenue from goods and services received in cash amounted to 21,393,390,802.67 RMB, a 37.86% increase from the previous period's 15,518,516,163.09 RMB[24] - Investment activities generated a cash inflow of 12,827,312,224.82 RMB, a 139.31% increase compared to the previous period's 5,360,615,665.53 RMB[24] - Cash received from tax refunds increased by 5.00% to 483,571,451.56 RMB compared to 460,563,155.49 RMB in the previous period[24] - Net cash flow from investment activities was -6.72 billion CNY, compared to -243.90 million CNY in the previous period[25] - Cash inflow from financing activities was 3.06 billion CNY, slightly lower than 3.09 billion CNY in the previous period[25] - Net cash flow from financing activities was -2.22 billion CNY, compared to -1.29 billion CNY in the previous period[25] - Cash and cash equivalents decreased by 5.10 billion CNY, compared to a decrease of 107.70 million CNY in the previous period[25] - Ending cash and cash equivalents balance was 3.44 billion CNY, down from 5.86 billion CNY in the previous period[25] Asset and Liability Changes - Total assets increased by 8.38% to 53.059 billion yuan compared to the end of the previous year[3] - Fixed assets grew by 31.44% to 6.202 billion yuan due to the completion of construction projects[8] - Prepaid expenses rose by 74.92% to 673.431 million yuan, driven by increased material procurement[8] - Other receivables surged by 315.92% to 195.966 million yuan, mainly due to increased receivables from subsidiary relocation[8] - Long-term prepaid expenses increased by 55.66% to 315.765 million yuan, attributed to factory renovation and other expenses[9] - Other non-current assets soared by 305.07% to 7.227 billion yuan, primarily due to increased long-term fixed deposits and interest[9] - Total assets increased to 53,059,386,418.71 RMB from 48,957,564,055.31 RMB at the beginning of the period[19][20] - Fixed assets grew significantly to 6,202,340,590.72 RMB from 4,718,701,156.38 RMB[19] - Long-term loans increased to 2,906,722,910.11 RMB from 2,345,229,083.70 RMB[20] - Total liabilities rose to 26,154,987,663.73 RMB from 23,956,572,496.50 RMB[20] - Other non-current financial assets increased to 2,619,161,269.71 RMB from 2,385,329,172.60 RMB[19] - Contract liabilities grew to 1,027,911,705.53 RMB from 870,689,328.69 RMB[19] - Total equity attributable to the parent company's owners increased to 26,473,524,797.94 RMB from 24,481,893,916.24 RMB[20] - The company's total assets grew to 2,205,661,286.74 RMB, an 8.56% increase from the previous period's 2,031,495,892.16 RMB[22] Operating Costs and Expenses - Operating costs increased by 35.59% to 17.52 billion yuan due to higher sales and changes in product mix[10] - Total operating costs amounted to 22,278,166,879.08 RMB, up from 17,142,337,126.18 RMB in the previous year[21] - Financial expenses decreased by 427.34% to -22.61 million yuan, primarily due to increased bank interest income[10] - Other income increased by 6.84% to 525,131,414.36 RMB compared to 491,530,969.69 RMB in the previous period[22] Shareholder and Share Information - The total number of restricted shares at the end of the period is 411,049,451 shares, with an increase of 71,015,251 shares during the quarter[17] - The total number of shares held by the top 10 shareholders and top 10 unrestricted shareholders participating in the securities lending business is 53,266,682 shares, accounting for 1.9889% of the total share capital[15] - The total number of shares held by the top 10 shareholders and top 10 unrestricted shareholders at the end of the period is 35,356,496 shares, representing 1.3202% of the total share capital[15] - The total number of shares held by the top 10 shareholders and top 10 unrestricted shareholders at the end of the period is 23,798,603 shares, accounting for 0.8886% of the total share capital[15] Other Financial Metrics - Other comprehensive income decreased by 109.27% to -1.342 million yuan, impacted by foreign exchange rate fluctuations[9] - The company's monetary funds at the end of the period amounted to 3,535,321,628.75 yuan, a decrease from the initial balance of 8,486,870,571.16 yuan[18] - Accounts receivable increased to 9,548,007,383.11 yuan from 8,794,869,920.04 yuan at the beginning of the period[18] - Inventory rose to 7,384,331,785.47 yuan compared to the initial balance of 6,247,888,811.25 yuan[18] - The company's trading financial assets stood at 653,982,767.14 yuan, slightly down from 671,886,791.45 yuan at the start of the period[18] - The company's prepayments increased to 673,431,180.60 yuan from 384,992,637.83 yuan at the beginning of the period[18] - The company's accounts receivable financing increased to 2,430,355,954.15 yuan from 2,132,435,037.45 yuan at the beginning of the period[18] - Basic earnings per share remained stable at 1.25 RMB, consistent with the previous period[23] - The company's total comprehensive income reached 3,399,061,680.62 RMB, a 1.82% increase from the previous period's 3,338,159,867.62 RMB[22] - Investment activities cash outflow totaled 19.54 billion CNY, a significant increase from 5.60 billion CNY in the previous period[25] - The third quarter report was not audited[26]

October 20, 2024 03:15 PM GMT M Update Shenzhen Inovance Technology | Asia Pacific 3Q24 Prelims – Revenue In-line; Core Earnings Miss Reaction to earnings Weakens our investment thesis Modest shortfall Modest revision lower Impact to our investment thesis Financial results versus consensus Impact to next 12-month consensus EPS Key Takeaways 3Q revenue was up 15%-25% y-y, midpoint of Rmb9.2bn (+20% y-y) was in-line with MSe and consensus, as NEV powertrain business was the key growth driver... Automation and ...