深圳市汇川技术股份有限公司投资者关系活动记录表 投资者关系活动记录表 | --- | --- | |-----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

证券时报e公司讯，企查查APP显示，近日，北京汇川技术有限公司成立，法定代表人为郭立鹏，注册 资本3亿元，经营范围包含：人工智能理论与算法软件开发；人工智能基础资源与技术平台；人工智能 通用应用系统；人工智能应用软件开发等。 企查查股权穿透显示，该公司由汇川技术全资持股。 ...

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：2024-17 | --- | --- | --- | --- | --- | --- | --- | |---------------------|--------------------------|--------------------------------------------------------|---------------------------|-------|-------|--------| | | | | | | | | | 投资者关系活 动类别 | | 特定对象调研 □分析师会议 □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 | | | | | | 参与单位名称 | 一、 10 月 31 日 | | | | | | | 及人员姓名 | 第一场：电话会议 | | | | | | | | Comgest SA 共 1 人 | ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company's revenue for the first three quarters of 2024 reached RMB 25.4 billion, a year-on-year increase of 26.22%, while the net profit attributable to shareholders was RMB 3.35 billion, reflecting a growth of 1.04% year-on-year [3][5]. - The growth in the new energy vehicle (NEV) business is significant, with sales revenue of approximately RMB 10.4 billion, marking a year-on-year increase of about 96% [3][5]. - The general automation and smart elevator businesses faced revenue pressure, with declines in sales due to market conditions and reduced demand in the real estate sector [3][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross profit margin of 31.02%, down 4.76 percentage points year-on-year, and a net profit margin of 13.45%, down 3.18 percentage points year-on-year [3][5]. - The company’s operating expenses ratio decreased by 2.19 percentage points to 18.12% [3][5]. Revenue Breakdown - The NEV segment continues to grow rapidly, while the general automation and smart elevator segments are under pressure due to declining demand in related industries [3][5]. - The revenue from the general servo system and PLC&HMI segments was approximately RMB 4.3 billion and RMB 1 billion, respectively, both showing a year-on-year decline [3][5]. Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to RMB 1.85, RMB 2.26, and RMB 2.67, respectively, reflecting a downward revision compared to previous forecasts [3][4]. - The corresponding price-to-earnings (P/E) ratios are projected at 32.8, 26.8, and 22.8 times for the years 2024, 2025, and 2026 [4][6]. Market Position - The company is positioned in the automation equipment sector, with a market capitalization of approximately RMB 162.93 billion [2][3]. - The stock has underperformed relative to the Shenzhen Composite Index, with a year-to-date decline of 37% [1][2].

[Table_StockNameRptType] 汇川技术（300124） 公司点评 24 三季报点评：静待工控拐点，新能源汽车业务维持高增 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][11]. Core Views - The company reported a revenue growth of 26.22% year-on-year for the first three quarters of 2024, with a net profit growth of 1.04% [1]. - The growth in revenue is primarily driven by the increasing penetration of new energy vehicles and the ramp-up of designated models [1]. - The company is expected to see a recovery in its industrial control business, with a positive outlook for orders in October [1]. - The new energy vehicle segment has shown significant growth, with revenues reaching 10.4 billion yuan, a year-on-year increase of approximately 96% [1]. - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 4.969 billion, 5.966 billion, and 7.205 billion yuan respectively [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 25.397 billion yuan, up 26.22% year-on-year, and a net profit of 3.354 billion yuan, up 1.04% [1][5]. - The gross margin for the first three quarters was 31.02%, a decrease of 4.76 percentage points year-on-year [1]. - The company’s revenue for the third quarter alone was 9.214 billion yuan, reflecting a growth of 20.13% year-on-year [1]. Revenue Breakdown - The general automation revenue for the first three quarters was 10.9 billion yuan, a growth of 4% year-on-year [1]. - The new energy vehicle revenue was 10.4 billion yuan, with a significant year-on-year growth of approximately 96% [1]. - The elevator business saw a revenue of 3.4 billion yuan, down about 9% year-on-year due to weak domestic demand [1]. Profitability and Valuation - The company has revised its profit forecasts, now expecting net profits of 4.969 billion yuan for 2024, 5.966 billion yuan for 2025, and 7.205 billion yuan for 2026, with corresponding P/E ratios of 30, 25, and 21 [1][9]. - The company’s EBIT margin is projected to be 12.4% in 2024, slightly declining from previous years [2][9]. - The return on equity (ROE) is expected to be 17.5% in 2024, reflecting a slight decrease from 19.4% in 2023 [2][9].

[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）公司季报点评 2024 年 10 月 31 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|---------------| | 股票数据 | | | 10 [ Table_StockInfo 月 30 日收盘价（元） ] | 55.41 | | 52 周股价波动（元） | 39.17-74.94 | | 总股本 / 流通 A 股（百万股） | 2680/2269 | | 总市值 / 流通市值（百万元） | 148489/125713 | | 相关研究 | | | [Table_ReportInfo] 《工控业务稳健增长，新能源汽车业务收入高 | | | 增》 2024.09.06 | | | 《紧抓结构性增长机会，收入快速增长》 | | | 2024.05.05 | | | 《传统行业订单持续回暖，新能源汽车收入高 | | | 增》 ...

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 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 69.1 CNY [1]. Core Insights - The company's revenue for the first three quarters of 2024 reached 25.4 billion CNY, a year-on-year increase of 26.2%, while the net profit attributable to shareholders was 3.35 billion CNY, up 1.0% year-on-year [1]. - The electric vehicle (EV) business continues to grow rapidly, with revenue of approximately 10.4 billion CNY in the first three quarters, reflecting a year-on-year growth of about 96% [2]. - The general automation business is expected to see a turning point in Q4 2024, with revenue of approximately 10.9 billion CNY in the first three quarters, a year-on-year increase of about 4% [2]. - The company is adjusting its profit forecasts due to the unexpected growth in the EV sector and short-term pressure on the general automation business, projecting revenues of 37.2 billion CNY, 45.7 billion CNY, and 54.9 billion CNY for 2024, 2025, and 2026 respectively [2]. Financial Summary - Total revenue (million CNY) for 2023A is 30,420, with a projected growth rate of 32.2% for 2024E [3]. - Net profit attributable to shareholders (million CNY) for 2023A is 4,742, with a projected growth rate of 9.8% for 2024E [3]. - Earnings per share (CNY) for 2023A is 1.77, with projections of 1.81, 2.16, and 2.59 for 2024E, 2025E, and 2026E respectively [3].