丨证券研究报告丨 联合研究丨公司点评丨汇川技术（300124.SZ） [Table_Title] 汇川技术：归母净利润超预期，非车业务利润率 修复 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] 赵智勇 邬博华 曹小敏 司鸿历 杨文建 SAC：S0490517110001 SAC：S0490514040001 SAC：S0490521050001 SAC：S0490520080002 SAC：S0490525070003 SFC：BRP550 SFC：BQK482 SFC：BVD284 [Table_Summary] 公司 25H1 实现营业收入 205.09 亿元，同比增长 26.73%；归母净利润 29.68 亿元，同比 +40.15%；扣非净利润 26.71 亿元，同比+29.15%；单季度来看，25Q2 实现营业收入 115.31 亿元，同比+18.99%；归母净利润 16.46 亿元，同比+25.91%；扣非净利润 14.38 亿元，同比 +12.59%。收入端，新能源车拉动营收快速增长，通用自动化业务保持稳健增 ...

Group 1 - The trend of A-share companies spinning off subsidiaries for IPOs is ongoing, with 20 companies updating their progress in 2023, including 5 completed, 9 in progress, and 6 terminated [1] - The spin-off allows subsidiaries to maximize capital market financing, improve funding shortages, and lower capital costs, providing sufficient funding for future development [1] - Parent companies can focus on their core businesses, enhancing operational capabilities and sustainability, thus increasing independence and competitiveness [1] Group 2 - The "A拆A" phenomenon has seen 4 companies complete their spin-offs, with examples including China Nonferrous Metal Construction Group and Hubei Xingfa Chemicals [2] - Ongoing spin-offs include companies like Zhongjie Nengyuan and Shenzhen Inovance Technology, with funds raised primarily for working capital, R&D, and production expansion [2] - For instance, Inovance plans to raise approximately 4.857 billion yuan for core component production in the new energy vehicle sector [2] Group 3 - The "A拆H" trend is also progressing, with 6 companies updating their plans for Hong Kong listings, leveraging the international market's advantages [3] - Successful listings, such as Nanshan Aluminum International, raised 2.379 billion HKD, with a stock price increase of over 77.74% since the IPO [3] - The objectives of these spin-offs include financing, enhancing independent operations, and optimizing capital structure, as seen in Shandong Gold's strategy for global market expansion [3] Group 4 - Zijin Mining views the spin-off of its overseas gold mining assets as a strategic move to enhance its international business and overall valuation [4] - The company submitted its Hong Kong listing application for its overseas gold assets, aiming to create a platform for overseas gold listings [4]

8月29日汇川技术大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | 业部 | | 5.00 | 375.15 | 75.03 | 0.00 | 中信证券股份有限公司杭州玉皇山南 | 机构专 | | | | | | 基金小镇证券营业部 | 用 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 汇川技术8月29日大宗交易平台出现一笔成交，成交量5.00万股，成交金额375.15万元，大宗交易成交价 为75.03元。该笔交易的买方营业部为中信证券股份有限公司杭州玉皇山南基金小镇证券营业部，卖方 营业部为机构专用。 进一步统计，近3个月内该股累计发生9笔大宗交易，合计成交金额为2.35亿元。 证券时报·数据宝统计显示，汇川技术今日收盘价为75.03元，上涨1.69%，日换手率为2.74%，成交额为 48.39亿元，全天主力资金净流入1265.44万元，近5日该股累计上涨7.65%，近 ...

证券代码：300124 证券简称：汇川技术 公告编号：2025-052 深圳市汇川技术股份有限公司 关于第六期股权激励计划第二类限制性股票 归属结果暨股份上市的公告 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。 特别提示： 1．本次归属股票人数：981人，其中首次授予第二类限制性股票第三个归属 期756人，预留授予第二类限制性股票第二个归属期225人； 2．本次归属股票数量：1,697,203股，占归属前总股本比例0.06%，其中首次 授予第二类限制性股票第三个归属期1,514,133股，预留授予第二类限制性股票第 二个归属期183,070股； 1.2022 年 7 月 22 日，公司分别召开了第五届董事会第十五次会议、第五届监 事会第十次会议，审议通过了《关于<第六期股权激励计划（草案）>及其摘要的 议案》及相关议案，拟向 865 名激励对象授予股票权益（第一类限制性股票、第二 类限制性股票和股票期权）合计不超过 2,322.21 万股，分首次授予和预留授予，其 中首次授予权益 2,111.10 万股（其中向 856 名激励对象首次授予第二类限制性股票 7 ...

Investment Rating - The mechanical equipment industry maintains a standard rating of "Neutral" [1] Core Views - The development of electrification in construction machinery and robotics technology is a key focus area [1][4] - The industry is expected to see a significant increase in demand due to the implementation of major domestic projects, which will support long-term demand and potentially accelerate the upward cycle [4][72] - The robotics sector is experiencing growth driven by new product launches and significant orders, with a focus on humanoid robots and the integration of 3D printing technology for lightweight components [3][71] Market Performance - As of August 28, 2025, the mechanical equipment sector has seen a bi-weekly increase of 5.77%, underperforming the CSI 300 index by 1.19 percentage points [5][15] - The sector has increased by 12.87% month-to-date and 30.36% year-to-date, outperforming the CSI 300 index by 3.35 and 16.92 percentage points respectively [5][15] - The automation equipment sub-sector showed the highest bi-weekly increase of 9.83%, while the engineering machinery sub-sector increased by 2.90% [21][19] Stock Performance - The top three performing stocks in the mechanical equipment sector as of August 28, 2025, are Balanshi (205.13%), Zhejiang Haideman (67.43%), and Qiangrui Technology (57.94%) [20][22] - The worst-performing stocks include Southern Road Machinery (-23.87%), Suda Co., Ltd. (-22.42%), and Shanhe Intelligent (-22.29%) [23][22] Valuation Metrics - The current price-to-earnings (PE) ratio for the mechanical equipment sector is 30.81 times, with sub-sectors showing varying valuations [25] - The automation equipment sub-sector has the highest PE ratio at 50.58 times, while the engineering machinery sub-sector stands at 22.02 times [25][6] Recommended Stocks - Recommended stocks include Huichuan Technology (300124), Greening Harmonic (688017), Sany Heavy Industry (600031), and Hengli Hydraulic (601100) due to their strong market positions and growth potential [73][72]

Core Viewpoint - The article discusses the performance of the Chuangye 50 ETF (159682) and its major holdings, highlighting the fund's recent returns and the performance of its constituent stocks [1]. Group 1: ETF Performance - The Chuangye 50 ETF (159682) opened at 1.267 yuan, showing no change in price [1]. - Since its establishment on December 23, 2022, the fund has achieved a return of 26.74% [1]. - Over the past month, the fund's return has been 22.22% [1]. Group 2: Major Holdings Performance - Major stocks in the ETF include: - Ningde Times: increased by 0.32% [1]. - Dongfang Fortune: increased by 0.50% [1]. - Huichuan Technology: increased by 1.65% [1]. - Zhongji Xuchuang: decreased by 1.96% [1]. - Mindray Medical: decreased by 1.11% [1]. - Xinyi Sheng: decreased by 1.39% [1]. - Sunshine Power: decreased by 0.01% [1]. - Shenghong Technology: increased by 0.77% [1]. - Yiwei Lithium Energy: increased by 0.13% [1]. - Tonghuashun: increased by 0.07% [1]. Group 3: Management Information - The fund is managed by Invesco Great Wall Fund Management Co., Ltd. [1]. - The fund managers are Wang Yang and Zhang Xiaonan [1].

Group 1 - The ChiNext Index showed strong performance on August 29, with the ChiNext 50 ETF (159682) rising by 2.60% and reaching a peak increase of 4.50%, with a trading volume exceeding 300 million yuan and a turnover rate over 6% [1] - Key stocks in the ChiNext 50 ETF included leading performers such as Ningde Times, which rose over 11%, and other stocks like Chengdu Smart Technology, Tianfu Communication, and Yiwei Lithium Energy also saw significant gains [1] - As of June 30, the ChiNext 50 Index tracked major companies including Ningde Times, Dongfang Wealth, and Sunshine Power, with a focus on sectors like manufacturing, finance, and technology services [1] Group 2 - According to statistics from Securities Times, the ChiNext Index increased by 3.82% on August 28, with the total margin balance of ChiNext stocks reaching 460.243 billion yuan, marking an increase of 3.026 billion yuan from the previous trading day, continuing a streak of 14 consecutive days of growth [1] - Zheshang Securities noted that the global liquidity outlook is improving, which is expected to benefit the growth style of the A-share market, as the Federal Reserve enters a loosening cycle, potentially leading to a convergence of the China-US interest rate differential [1] - Historical data indicates that over the past 20 years, when the China-US interest rate differential has significantly narrowed, growth styles have typically outperformed [1] Group 3 - Shenwan Hongyuan Securities highlighted that the ChiNext 50 focuses on technology growth attributes, demonstrating strong performance in growth-favorable environments, outperforming representative indices such as the ChiNext Index and the Guozheng Growth Index [2] - The unique daily price fluctuation limits of ChiNext component stocks allow for greater rebound potential, making the ChiNext-related indices particularly distinctive in bullish or rebound scenarios [2]

Core Viewpoint - 汇川技术 has shown significant stock performance with a year-to-date increase of 29.41% and a recent surge in trading activity, indicating strong investor interest and market confidence [1][2]. Company Overview - 汇川技术, established on April 10, 2003, and listed on September 28, 2010, is headquartered in Shenzhen, Guangdong Province. The company specializes in providing core components for industrial automation, including frequency converters, servo systems, PLC/HMI, high-performance motors, sensors, machine vision, and industrial robots. It also supplies electric drive and power systems for the new energy vehicle industry and traction and control systems for the rail transit sector [1]. - The revenue composition of 汇川技术 is 54.82% from smart manufacturing (including general automation and smart elevators) and 45.18% from new energy and rail transit [1]. Financial Performance - For the first half of 2025, 汇川技术 reported a revenue of 20.509 billion yuan, representing a year-on-year growth of 26.73%. The net profit attributable to shareholders was 2.968 billion yuan, reflecting a 40.15% increase compared to the previous year [2]. - Since its A-share listing, 汇川技术 has distributed a total of 7.945 billion yuan in dividends, with 3.267 billion yuan distributed over the past three years [3]. Shareholder Information - As of August 20, 2025, 汇川技术 had 150,300 shareholders, an increase of 3.85% from the previous period. The average number of circulating shares per shareholder was 15,713, a decrease of 3.71% [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 474 million shares, which is a decrease of 41.4974 million shares from the previous period [3].

Group 1 - The 28th Chengdu International Auto Show will be held from August 29 to September 7, increasing attention on the new energy vehicle industry chain [1] - The 2025 Global Power Battery Recycling Industry Summit and the 13th Retired Power Battery Recycling Utilization Forum will take place from August 29 to 31 in Shenzhen, focusing on power battery and recycling technology topics which may catalyze the sector [1] - The National Development and Reform Commission will hold a press conference on August 29, with market attention on new energy industry policy trends [1] Group 2 - As of August 29, the ChiNext New Energy ETF (159261.SZ) rose by 3.44%, and its related index, the New Energy Index (399266.SZ), increased by 3.32% [1] - Major constituent stocks saw significant gains, with CATL up 9.03%, Lead Intelligent up 20.01%, EVE Energy up 5.49%, Zhongke Electric up 15.30%, and Xinwanda up 4.91% [1] Group 3 - According to research from Aijian Securities, high growth in AI demand is driving the expansion of the AI Computing Center (AIDC) market, with the global AI server market expected to reach $125.1 billion in 2024 and grow to $222.7 billion by 2028, significantly boosting supporting energy storage demand [1] - The electrochemical energy storage industry chain is primarily driven by lithium iron phosphate batteries upstream, with integration involving companies like CATL and BYD in the midstream, and downstream applications concentrated in new energy generation, entering a rapid development phase supported by policy and cost reductions [1]

公司公布上半年业绩：收入205.09 亿元，同比+26.73%；归母净利润29.68亿元，同比+40.15%；扣非归 母净利润26.71 亿元，同比+29.15%。其中二季度公司实现收入115.31 亿元，同比/环比 +18.99%/+28.44%；归母净利润16.46 亿元，同比/环比+25.91%/+24.40%；扣非归母净利润14.38 亿元， 同比/环比+12.59%/16.52%。公司25Q2 归母净利润超过我们预期（14.34亿元），主要系收入增长叠加 核心业务毛利率提升。我们看好公司工控业务依托国内市场突围的成功经验逐步打开全球市场；新能源 汽车业务随着规模效益逐步显现进一步提升盈利水平。维持买入评级。 核心业务收入快速增长，现金流表现亮眼 国际化步伐加快，积极布局工业具身智能解决方案25H1 海外（含汽车）收入约13.2 亿元，同比+39%， 占总收入约6.4%；海外毛利率35.22%，同比+3.28pct。其中工控业务积极落地"借船出海"，新兴市场采 取"行业线+区域线"，发达市场聚焦头部跨国企业，陆续获得批量订单。此外，公司积极加码具身机器 人业务，布局低压高功率驱动器、无框力矩电机、模组 ...