电力电子及自动化 汇川技术（300124.SZ） 增持-A(首次) 公司近一年市场表现 | 市场数据：2025 年 5 月 | 19 日 | | --- | --- | | 收盘价（元）： | 68.30 | | 年内最高/最低（元）： | 81.71/39.17 | | 流通A股/总股本（亿）： | 23.87/26.95 | | 流通 股市值（亿）： A | 1,630.64 | | 总市值（亿）： | 1,840.87 | | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.49 | | 摊薄每股收益(元)： | | | 0.49 | | 每股净资产(元)： | | | 11.14 | | 净资产收益率(%)： | | | 4.47 | 资料来源：最闻 姚健 执业登记编码：S0760525040001 邮箱：yaojian@sxzq.com 徐风 执业登记编码：S0760519110003 邮箱：xufeng@sxzq.com 新能源汽车业务高增，重点布局人形机器人赛道 2025 年 5 月 20 日 ...

电力电子及自动化 汇川技术（300124.SZ） 增持-A(首次) 公司近一年市场表现 | 市场数据：2025 | 年 | 月 | 日 | 5 | 19 | 收盘价（元）： | 68.30 | | --- | --- | --- | --- | --- | --- | --- | --- | | 年内最高/最低（元）： | 81.71/39.17 | | | | | | | | 流通A股/总股本（亿）： | 23.87/26.95 | | | | | | | | 流通 | 股市值（亿）： | A | 1,630.64 | | | | | | 总市值（亿）： | 1,840.87 | | | | | | | | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.49 | | 摊薄每股收益(元)： | | | 0.49 | | 每股净资产(元)： | | | 11.14 | | 净资产收益率(%)： | | | 4.47 | 资料来源：最闻 姚健 执业登记编码：S0760525040001 邮箱：yaojian@ ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of 81.10 CNY per share based on a 40x PE valuation for 2025 [4]. Core Viewpoints - The company is a leading electromechanical integration platform in China, successfully leveraging technology across industries such as industrial control, new energy vehicles, and robotics, with a projected revenue and net profit CAGR of 38% and 30% from 2007 to 2024, respectively [15][22]. - The new energy vehicle segment is expected to see significant growth, with a projected revenue CAGR exceeding 30% from 2025 to 2027, driven by an increase in market share and operational flexibility [2]. - The industrial robotics business is also on a growth trajectory, with a projected CAGR of approximately 30% from 2025 to 2027, supported by cost control and channel advantages [2]. - The general automation business maintains a strong market position, with the company holding the top market shares in key product categories such as servo systems and low-voltage frequency converters [3]. - The mature businesses in rail transit and elevators are expected to grow steadily, providing stable cash flow to support strategic initiatives [3]. Summary by Sections Investment Logic - The company has achieved a unique position by integrating technology across industrial control, new energy vehicles, and robotics, which allows it to outperform industry cycles [15]. - The new energy vehicle business is projected to generate 16 billion CNY in revenue in 2024, a 70% year-on-year increase, with expectations for further growth as new production capacities come online [2]. - The industrial robot segment is experiencing rapid growth, with a revenue of 1.1 billion CNY in 2024, reflecting a 37% increase year-on-year [2]. General Automation Business - The company has solidified its leadership in the automation sector, with market shares of 28%, 19%, and 14% in core products for 2024, ranking first among domestic competitors [3]. - The automation industry is expected to recover slightly in 2025, following a downturn, with the company poised to benefit from this recovery [3]. Profit Forecast and Valuation - The company is expected to achieve net profits of 5.46 billion CNY, 6.67 billion CNY, and 7.83 billion CNY from 2025 to 2027, representing year-on-year growth rates of 27.5%, 22.0%, and 17.6%, respectively [4]. - The valuation is based on a robust competitive position built through technology reuse, strategic positioning, and organizational transformation [4].

证券代码：300124 证券简称：汇川技术 公告编号：2025-022 深圳市汇川技术股份有限公司 关于召开 2024 年年度股东会的提示性公告 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 2025 年 4 月 29 日在巨潮 资讯网上刊登了《关于召开 2024 年年度股东会的通知》（公告编号：2025-019），公司 将于 2025 年 5 月 23 日召开 2024 年年度股东会。本次股东会将采用现场投票与网络投 票相结合的方式，为了便于各位股东行使股东会表决权，保护广大投资者合法权益，现 将本次股东会的相关事项提示如下： 一、召开会议的基本情况 1.股东会届次：2024 年年度股东会 2.会议召集人：公司董事会，经公司第六届董事会第八次会议审议通过，同意召开 本次股东会。 3.会议召开的合法、合规性：本次会议召开符合有关法律、行政法规、部门规章、 规范性文件和公司章程的规定。 人出席现场会议。 4.会议召开日期和时间： （1）现场会议召开时间：2025 年 5 月 23 日（星期五）14:00 开始 ...

深圳市汇川技术股份有限公司 2024 年年度股东会会议材料 深圳市汇川技术股份有限公司 2024 年年度股东会会议材料 2025 年 5 月 1 | 深圳市汇川技术股份有限公司 2024 年年度股东会会议议程 3 | | --- | | 议案一：关于审议《2024 年度董事会工作报告》的议案 4 | | 议案二：关于审议《2024 年年度报告》及其摘要的议案 5 | | 议案三：关于审议《2024 年度监事会工作报告》的议案 6 | | 议案四：关于审议《2024 年度利润分配方案》的议案 12 | | 议案五：关于续聘信永中和会计师事务所为公司 2025 年度审计机构的议案 13 | | 议案六：关于审议第六届董事会成员薪酬的议案 16 | | 议案七：关于修订《公司章程》的议案 17 | | 议案八：关于修订公司部分治理制度的议案 49 | 深圳市汇川技术股份有限公司 2024 年年度股东会会议材料 深圳市汇川技术股份有限公司 2024 年年度股东会会议议程 一、现场会议时间：2025 年 5 月 23 日（星期五）14:00 开始 二、网络投票时间：2025 年 5 月 23 日 1.通过深圳证券交易所 ...

SUSTAINABILITY REPORT Shenzhen INOVANCE Technology Co., Ltd. CONTENTS | Innovation Driven | 058 | | --- | --- | | Development | | | R&D Innovation Focus | 058 | | Data Privacy Protection | 063 | 082 082 087 Inclusive and Responsible Ecosystem Building Building a Sustainable Supply Chain Promoting Industrial Cooperation 089 Contributing to Social Development | Employee Development | 066 | | --- | --- | | Guarantee | | | Employee Rights and Welfare | 066 | | Protection | | | Talent Attraction and Retention | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a net profit of 4.285 billion yuan for 2024, a year-on-year decrease of 9.62%, while the net profit for Q1 2025 was 1.323 billion yuan, reflecting a year-on-year increase of 63.08%, exceeding expectations [4][5] - The company's revenue for 2024 was 37.04 billion yuan, up 21.77% year-on-year, and for Q1 2025, revenue reached 8.978 billion yuan, a year-on-year increase of 38.28% [4][5] - The company is strategically expanding into humanoid robotics, with core component R&D already initiated, which is expected to contribute to future growth [4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 37.04 billion yuan, with a year-on-year growth of 21.77%, and a net profit of 4.285 billion yuan, down 9.62% year-on-year [4][5] - For Q1 2025, the company reported a revenue of 8.978 billion yuan, up 38.28% year-on-year, and a net profit of 1.323 billion yuan, up 63.08% year-on-year [4][5] - The gross margin for 2024 was 28.7%, a decrease of 4.85 percentage points, while the net margin was 11.73%, down 3.97 percentage points [4] Business Segments - The general automation segment achieved sales of 15.24 billion yuan in 2024, a year-on-year increase of 1.36%, with Q1 2025 showing a significant growth of 29% [4] - The new energy segment reported sales of 16.64 billion yuan in 2024, up 67.76% year-on-year, and Q1 2025 revenue was approximately 3.9 billion yuan, reflecting a 66% increase [4] - The smart elevator segment faced challenges due to a weak real estate market, with 2024 sales of approximately 4.94 billion yuan, down 6.65% year-on-year [4] Strategic Initiatives - The company is focusing on internationalization, having established 18 subsidiaries and offices globally, achieving overseas revenue of approximately 2 billion yuan in 2024, a year-on-year increase of 17% [4] - The company is also advancing in digitalization and AI technologies, with plans to enhance its capabilities in these areas [4] - The formal entry into humanoid robotics is expected to create new growth avenues for the company [4]

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Views - The company achieved a revenue of 37.04 billion yuan in 2024, representing a year-on-year growth of 21.8%, while the net profit attributable to shareholders decreased by 9.6% to 4.285 billion yuan [1] - In Q1 2025, the company reported a revenue of 8.978 billion yuan, a year-on-year increase of 38.3%, and a net profit of 1.323 billion yuan, up 63.1% year-on-year [1] - The company is focusing on industrial automation, electric vehicles, and expanding into AI and robotics [1][6] Financial Performance Summary - For 2024, the company reported a gross margin of 28.7% and a net margin of 11.7%, both showing a decline compared to the previous year [6] - The forecast for 2025-2027 indicates revenues of 45.96 billion yuan, 56.32 billion yuan, and 65.22 billion yuan respectively, with growth rates of 24.1%, 22.6%, and 15.8% [2][7] - The net profit attributable to shareholders is projected to grow to 5.224 billion yuan in 2025, with a growth rate of 21.9% [2][8] Business Segment Insights - The general automation segment is expected to see revenue growth of 10.32% in 2025, while the electric vehicle segment is projected to grow by 42.5% [7] - The company has established a core development team for industrial AI and is initiating research in humanoid robotics [6][7] - The electric vehicle business achieved a revenue of approximately 16 billion yuan in 2024, marking a 70% increase year-on-year [6]

Investment Rating - The investment rating for Shenzhen Inovance Technology is Equal-weight [5] Core Insights - The automation orders in April showed high single-digit year-on-year growth, although some industries like PIMM experienced a year-on-year decline. Conversely, sectors such as battery, machine tool, logistics machinery, packaging, and air conditioners for data centers maintained solid order levels [1] - Management is optimistic about maintaining stable gross profit margins (GPM) for automation in 2025, expecting a contraction of less than 1 percentage point year-on-year in Q1 2025, with no significant adjustments in average selling prices (ASP) year-to-date [2] - The top five clients in the New Energy Vehicle (NEV) sector contributed 50-60% of total EV powertrain revenue, with Li Auto leading at 20-30% [3] Summary by Sections Automation Orders - April automation orders showed high single-digit year-on-year growth, with weaker momentum in industries like PIMM, textile, solar, 3C, and air compressors. However, demand remained solid in battery, machine tool, logistics machinery, packaging, and air conditioners for data centers [1] Gross Profit Margin - Management expects the full-year GPM for automation to remain stable compared to a decline of 2 percentage points in 2024, with Q1 2025 showing a contraction of less than 1 percentage point year-on-year [2] Client Contributions - The top five NEV clients accounted for 50-60% of total EV powertrain revenue, with Li Auto contributing 20-30%, followed by GAC and Chery. Foreign auto OEM clients contributed 5-6% in aggregate [3] Product Pipeline - Inovance plans to launch significant humanoid products in the second half of 2025, including motors, screws, and modules, and aims to introduce a collaborative robot (cobot) product for public sale soon [3]

Group 1 - The Shanghai Composite Index opened high and the CSI 300 Machinery Manufacturing Index reported 5990.16 points [1] - The CSI 300 Machinery Manufacturing Index has increased by 4.51% in the past month, 2.70% in the past three months, and 4.12% year-to-date [2] - The CSI 300 Index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [2] Group 2 - The top ten weights in the CSI 300 Machinery Manufacturing Index are: Huichuan Technology (18.27%), Sany Heavy Industry (14.28%), CRRC Corporation (10.71%), Weichai Power (9.94%), XCMG (9.0%), China Shipbuilding (8.24%), China Heavy Industry (6.03%), Hengli Hydraulic (4.98%), Zoomlion (4.63%), and Yutong Bus (4.29%) [2] - The market segments of the CSI 300 Machinery Manufacturing Index are composed of 54.62% from the Shanghai Stock Exchange and 45.38% from the Shenzhen Stock Exchange [2] Group 3 - The industry composition of the CSI 300 Machinery Manufacturing Index includes: Engineering Machinery (27.91%), Electric Motors and Industrial Control Automation (18.27%), Shipbuilding and Other Marine Equipment (17.25%), Commercial Vehicles (15.10%), Urban Rail and Railways (13.81%), Fluid Machinery (4.98%), and Other Specialized Machinery (2.68%) [3] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [3]