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].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company achieved a revenue of 25.397 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 26.22%, while the net profit attributable to the parent company was 3.354 billion yuan, up 1.04% year-on-year [6] - The growth in revenue is primarily driven by the high growth in the new energy vehicle business, which saw an increase of approximately 96% year-on-year, reaching about 10.4 billion yuan [8] - The overall gross margin decreased by 4.76 percentage points year-on-year to 31.02%, attributed to changes in product sales structure and intensified market competition [6][10] Financial Performance Summary - For the third quarter of 2024, the company reported a revenue of 9.214 billion yuan, a year-on-year increase of 20.13%, with a gross margin of 29.69%, down 5.29 percentage points year-on-year [7][12] - The net profit for the third quarter was 1.236 billion yuan, showing a slight decline of 0.54% year-on-year [7] - The company’s expense ratio for the first three quarters of 2024 was 18.12%, down 2.19 percentage points year-on-year, with reductions in financial, management, research and development, and sales expense ratios [7] Future Outlook - The company is expected to maintain rapid growth in its new energy vehicle business as global penetration rates increase [10] - The general automation business showed slight growth, with revenue of approximately 10.9 billion yuan in the first three quarters, up about 4% year-on-year [10] - The company anticipates significant growth potential in its inverter, servo system, and PLC products due to trends in automation and intelligent manufacturing [10] Earnings Forecast and Valuation - The forecasted net profits for the company from 2024 to 2026 are 5.007 billion yuan, 5.904 billion yuan, and 7.037 billion yuan, respectively [11] - The estimated EPS for the same period is projected to be 1.87 yuan, 2.20 yuan, and 2.63 yuan [11] - Based on the company's leading position in the industrial control sector, a PE ratio of 30-35 is assigned for 2024, resulting in a target price range of 56.10 yuan to 65.45 yuan per share [11]

Group 1: General Automation Business - The general automation business is divided into advanced, high-end, and energy industries, with advanced SBU accounting for over 30% and high-end SBU slightly below 30% [1] - The third quarter faced pressure due to a significant decline in demand from the photovoltaic and lithium battery industries, impacting revenue [2] - The gross margin for the general automation business remained stable compared to the second quarter [2] Group 2: Orders and Market Performance - October orders for the general automation business are expected to show positive year-on-year growth, particularly in the process industry and engineering machinery electrification [2] - The industrial robot segment has seen growth rates higher than the general automation business, with significant orders concentrated in the first half of the year [3] - The company aims for double-digit growth in the general automation business as a core focus [4] Group 3: New Energy Vehicles (NEV) - The NEV sector is expected to see good revenue growth in the fourth quarter, which is typically a peak period for the automotive industry [4] - The product structure in the NEV business is complex, with electric drive systems accounting for approximately 80% of sales [4] - The top five customers in the NEV sector account for over 50% of revenue, with continued growth anticipated through 2025 [4] Group 4: Digitalization and Software Solutions - The company’s software products include a digital platform and industrial software, with a focus on integrating automation and digital solutions [5] - The expected order scale for the digital platform this year is between 100 million to 200 million [5] Group 5: Financial Performance and Future Outlook - The company’s operating cash flow is performing well, largely due to effective accounts receivable management [6] - Future gross margin management will be based on business divisions, with expectations for overall improvement driven by growth and efficiency [6] - R&D expenses are managed with a target rate of 8%-10% [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.24 CNY, indicating an expected increase of over 20% relative to the market benchmark index within the next six months [3][8]. Core Views - The company achieved a revenue of 25.4 billion CNY in the first three quarters, representing a year-on-year increase of 26.22%, while the net profit attributable to shareholders was 3.35 billion CNY, up 1.04% year-on-year [1]. - The growth in revenue is significantly supported by the explosive growth in the new energy vehicle sector, which saw a revenue increase of approximately 91% year-on-year in Q3 [2]. - The report highlights a structural decline in gross margin, primarily due to the increasing proportion of revenue from new energy vehicles, which affects profitability [1][2]. Summary by Sections Financial Performance - For Q3, the company reported a revenue of 9.21 billion CNY, a year-on-year increase of 20.13%, but a slight decline in net profit by 0.54% to 1.24 billion CNY [1]. - The gross margin for the first three quarters was 31.0%, down 4.8 percentage points year-on-year, while the net margin was 13.5%, down 3.2 percentage points [1]. Business Segments - General Automation: Q3 revenue was approximately 3.4 billion CNY, down about 8% year-on-year, affected by high base effects from solar and lithium battery sectors [2]. - New Energy Vehicles: Q3 revenue reached around 4.4 billion CNY, with significant contributions from major clients, maintaining a market share of 27.6% in commercial vehicles [2]. - Smart Elevators: Q3 revenue was about 1.3 billion CNY, down 12% year-on-year, with expectations to leverage structural opportunities in the service market [2]. - Rail Transit: Q3 revenue was approximately 120 million CNY, down about 29% year-on-year [2]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 4.92 billion CNY, 6.01 billion CNY, and 7.24 billion CNY, reflecting year-on-year growth rates of 4%, 22%, and 21% respectively [3].

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].

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Investment Rating - Buy rating (首次覆盖) with a target price of 57 33 yuan [1] - The company's current PE ratio is 31x for 2024E, 27x for 2025E, and 22x for 2026E, lower than the industry average of 42x and 29x for 2024-2025 [6][9] Core Views - The company has grown from a single product supplier to a multi-industry, multi-level, and multi-product platform-based technology solution provider, covering four major business areas: general automation, smart elevators, new energy vehicles, and rail transit [4] - The company's revenue and net profit CAGR from 2011 to 2023 were 30% and 22%, respectively, demonstrating strong growth resilience [4] - The company initiated its internationalization strategy in 2022, with overseas markets expected to drive future growth [4] Business Segments General Automation - The general automation industry has long-term growth potential, and the company has continuously increased its market share in a highly competitive market dominated by foreign brands [4] - The company is expected to benefit from policy-driven demand recovery in the industry [4] - Revenue for the general automation business is projected to reach 173 66 billion yuan in 2024, with a gross margin of 44% [10] New Energy Vehicles - The company has been investing in new energy vehicle technology since 2009 and has achieved significant market share in motors, motor controllers, and electric drive systems (3 8%, 10 2%, and 5% respectively in 2023) [5] - The new energy vehicle business is expected to grow rapidly, with revenue projected to reach 163 78 billion yuan in 2024 [10] Smart Elevators - The elevator industry is relatively stable, with demand driven by old building renovations and replacement needs [5] - The company maintains a leading position in the industry, with revenue expected to reach 52 91 billion yuan in 2024 and a gross margin of 26% [10] Rail Transit - The company expanded into the rail transit sector in 2015 through the acquisition of Jiangsu Jingwei, focusing on traction drive systems [5] - The rail transit business is expected to grow steadily, with revenue projected to reach 5 78 billion yuan in 2024 [10] Financial Projections - The company's revenue is expected to grow from 39 812 billion yuan in 2024E to 63 354 billion yuan in 2026E, with a CAGR of 23 6% [7] - Net profit is projected to increase from 4 988 billion yuan in 2024E to 6 906 billion yuan in 2026E, with a CAGR of 19 3% [7] - The company's ROE is expected to remain stable at around 17 5% from 2024 to 2026 [7] Market Position and Competitive Advantages - The company has a leading market share in several key product categories, including 28 2% in general servo systems and 17 0% in low-voltage inverters [72] - The company's product portfolio is comprehensive, covering inverters, servo systems, PLCs, industrial robots, and more [74] - The company has successfully differentiated itself from foreign competitors by offering customized solutions and localized services [77] International Expansion - The company has accelerated its global expansion since 2022, with overseas revenue reaching 1 7 billion yuan in 2023, accounting for 5 7% of total revenue [54] - The company has established 18 subsidiaries and offices globally, with a strong presence in Southeast Asia, Europe, and the Americas [52]

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 ...

Investment Rating - Buy (Maintained) [1] Core Views - The industrial control sector has entered a bottoming phase, while the new energy vehicle (NEV) business continues to exceed expectations [1] - Q3 revenue increased by 20% YoY, while net profit attributable to the parent company decreased by 1% YoY, and non-GAAP net profit decreased by 10% YoY, meeting market expectations [2] - The gross margin for Q1-3 2024 was 31.02%, down 4.8 percentage points YoY, with Q3 gross margin at 29.7%, down 5.3 percentage points YoY [2] - The NEV business is expected to achieve a 70% YoY revenue growth in 2024, with a net profit margin of over 6% [4] Business Segments General Automation - Q1-3 2024 revenue was approximately 10.9 billion yuan, up 4% YoY, with Q3 revenue down 7% YoY [3] - The OEM market is expected to have bottomed out, with Q4 orders projected to recover to 10-15% YoY growth [3] - Market share for inverters, servos, and small PLCs in Q3 2024 was 19.6%, 28.5%, and 13.9%, respectively, with YoY changes of +1.8, -1.2, and -1.2 percentage points [3] New Energy Vehicles - Q1-3 2024 revenue was approximately 10.4 billion yuan, up 96% YoY, with Q3 revenue up 90% YoY [4] - The NEV business is expected to achieve 150-160 billion yuan in revenue for 2024, with a net profit margin of over 6% [4] - Key growth drivers include new customers (e.g., Xiaomi), new models (e.g., GAC), and new solutions (e.g., hybrid systems) [4] Elevator Business - Q1-3 2024 revenue was approximately 3.6 billion yuan, down 6% YoY, with Q3 revenue down 12% YoY [4] - The business is expected to stabilize with the help of government policies and overseas market penetration, with full-year revenue projected to decline by 5-0% YoY [4] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is projected to be 37.56 billion yuan, 46.07 billion yuan, and 54.59 billion yuan, respectively, with YoY growth rates of 23.47%, 22.64%, and 18.49% [1] - Net profit attributable to the parent company for 2024E, 2025E, and 2026E is projected to be 5.03 billion yuan, 6.01 billion yuan, and 7.18 billion yuan, respectively, with YoY growth rates of 6.04%, 19.56%, and 19.39% [1] - EPS for 2024E, 2025E, and 2026E is projected to be 1.88 yuan, 2.24 yuan, and 2.68 yuan, respectively [1] Valuation - The target price is set at 78.4 yuan, based on a 35x PE multiple for 2025E [5] - The current PE ratios for 2024E, 2025E, and 2026E are 30.55x, 25.56x, and 21.41x, respectively [1]

Investment Rating - The report assigns a "Trading Buy" rating to the company, with a target price of 64 CNY [2] Core Views - The company's new energy vehicle business continues to grow rapidly, while the industrial control business remains under pressure [2] - In 3Q24, the company achieved revenue of 92.1 billion CNY, a YoY increase of 20.1%, driven by strong growth in the new energy vehicle sector [2] - The new energy vehicle business contributed approximately 44 billion CNY in revenue, a YoY increase of 91%, benefiting from rapid sales growth of customer models [2] - The industrial automation business saw a 7% YoY decline in revenue, with specific segments like general inverters, general servos, and PLC&HMI experiencing drops of 2%, 15%, and 25% respectively [2] - The company's gross margin declined to 29.7% in 3Q24, down 5.3 percentage points YoY, primarily due to the increased proportion of low-margin new energy vehicle business [2] Financial Performance - For the first three quarters of 2024, the company reported revenue of 254.0 billion CNY, a YoY increase of 26.2%, and net profit attributable to shareholders of 33.5 billion CNY, a YoY increase of 1.0% [2] - In 3Q24, the company's net profit attributable to shareholders was 12.4 billion CNY, a slight YoY decrease of 0.5%, while non-GAAP net profit was 10.7 billion CNY, down 9.5% YoY [2] - The company's 3Q24 operating margin was 17.1%, down 1.9 percentage points YoY, mainly due to a decrease in R&D expense ratio [2] Business Segments - The new energy vehicle & rail transit segment accounted for 38.5% of the company's product mix, while the elevator electrical segment contributed 14.4% [2] - The general automation segment, which makes up 46.5% of the product mix, saw a decline in revenue, particularly in the PLC&HMI segment, which dropped by 25% YoY [2] Strategic Initiatives - The company is accelerating its internationalization strategy, establishing new subsidiaries and offices in Vietnam and building a new factory in Thailand [2] - In the digitalization space, the company showcased its industrial digital platform InoCube and the iFA Evolution software platform at the Industrial Expo, enhancing its competitiveness in software and hardware integration [2] - The recent acquisition of a French industrial software company is expected to complement the company's digital twin technology [2] Future Outlook - The report forecasts that the company will achieve net profits of 47, 58, and 69 billion CNY for 2024, 2025, and 2026 respectively, with EPS of 1.8, 2.2, and 2.6 CNY [2] - The company's PE ratios for 2024-2026 are projected at 32x, 27x, and 22x, based on the current A-share price [2]