Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company has experienced significant revenue growth, with a projected revenue of 210-230 billion yuan in 2025, representing a year-on-year increase of 40-50% [2][3] - The company has established a strong market position, with its revenue share increasing from 16% in 2021 to 41% in the first three quarters of 2024 [1] - The company is expected to benefit from new customer contributions and collaborations with major international automotive brands [2] Revenue Growth and Product Development - The company's revenue for the first three quarters of 2023 was 94 billion yuan, reflecting a year-on-year growth of 79%, with a compound annual growth rate (CAGR) of 80% from 2021 to 2023 [1] - The company has developed a multi-level product structure, with significant sales in electric drive and power systems, achieving sales of 134,000 and 37,000 units respectively in the first half of 2024 [1] Customer Structure and Market Position - The top five customers in the first half of 2024 accounted for 33.2%, 14.0%, 6.8%, 6.4%, and 6.0% of revenue, with a notable increase in the share from the leading customer [2] - The company is collaborating with major international automotive manufacturers, including Volvo, Stellantis, Volkswagen, Audi, Porsche, and Jaguar Land Rover, for mass supply of OBC and DC/DC products [2] Profitability Forecast - The company is projected to achieve net profits of 50.3 billion yuan, 60.1 billion yuan, and 71.8 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 31, 26, and 22 [3] - The report anticipates a long-term net profit margin improvement, with expectations of reaching 8% in the future [9] Financial Health - As of the first half of 2024, the company's total assets and net assets were 129.7 billion yuan and 41.7 billion yuan respectively, showing steady growth [10] - The company's debt ratio has improved, with a decrease from 70.4% in 2021 to 67.9% in the first half of 2024 [10]

Group 1: Market Position and Growth Strategies - The company has achieved a leading market share in the domestic automation sector, particularly in variable frequency drives and servo products, but sees potential for further growth due to competitive product enhancements and increasing domestic brand strength [3][4]. - The company is focusing on expanding its market share in discrete and project-based markets, which currently have relatively low penetration [4]. - The overseas market is a key area for expansion, with strategies being implemented to increase global market share as internationalization efforts progress [4][5]. Group 2: Product Development and Competitiveness - The company is prioritizing the enhancement of its PLC products, which have seen significant growth due to market opportunities created by foreign brand shortages [4][5]. - Future strategies for PLC products include supplementing large PLC offerings, building an ecosystem through partnerships, and enhancing product connectivity with other product lines [4]. - New product lines, including precision machinery, pneumatic products, and sensors, are being promoted through bundled sales strategies to meet customer needs more effectively [5][6]. Group 3: Internationalization and Client Base - The company has adopted a dual strategy for internationalization, focusing on leveraging existing multinational clients and customized solutions developed for the Chinese market to penetrate overseas markets [5]. - The client structure for the new energy vehicle business has improved, with contributions from various types of automotive manufacturers, including new energy vehicle startups and traditional manufacturers transitioning to electric vehicles [5][6]. Group 4: Digitalization Efforts - The company's InoCube digital platform has been iteratively developed and is now being applied in various sectors, including ports and air compressors, as part of its "automation + digitalization" strategy [6]. - The digital business is still in the investment phase, with ongoing efforts to provide affordable and easy-to-deploy digital solutions for industrial clients [6].

证券代码：300124 证券简称：汇川技术 公告编号：2024-100 深圳市汇川技术股份有限公司 一、内部转让计划概述 关于公司实际控制人履行《赠与协议》暨实际控制人与其 2021 年 9 月 18 日，朱兴明先生与其女儿朱瀚玥女士签署了《赠与协议》， 朱兴明先生为体现对其女儿的关爱，将其直接持有的公司股票 20,602,113 股（占 公司总股本比例 0.77%），以及公司第一大股东深圳市汇川投资有限公司（以下 简称"汇川投资"）21.7029%股权的全部财产权益无偿赠与给其女儿朱瀚玥女士。 朱瀚玥女士在《赠与协议》中承诺，因受赠股票及受赠股权而取得的表决权，将 一致行动人之间内部转让股份计划实施完成的公告 1 本公司实际控制人朱兴明先生保证向本公司提供的信息内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 2024 年 11 月 14 日，深圳市汇川技术股份有限公司（以下简称"公司"）披 露了《关于公司实际控制人履行<赠与协议>暨实际控制人与其一致行动人之间 内部转让股份计划的提示性公告》（公告编号：2024-0 ...

Group 1 - A new company, Beijing Huichuan Technology Co., Ltd., has been established with a registered capital of 300 million yuan [1] - The legal representative of the company is Guo Lipeng [1] - The business scope includes artificial intelligence theory and algorithm software development, basic resources and technology platforms for artificial intelligence, general application systems for artificial intelligence, and application software development for artificial intelligence [1] Group 2 - The company is wholly owned by Huichuan Technology [2]

证券代码：300124 证券简称：汇川技术 公告编号：2024-099 深圳市汇川技术股份有限公司 关于参加 2024 年度深圳辖区上市公司 集体接待日活动的公告 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。 为进一步加强与投资者的互动交流工作，深圳市汇川技术股份有限公司（以下简称 "公司"）将参加由深圳证监局和深圳证券交易所指导、深圳上市公司协会与深圳市全 景网络有限公司联合举办的"2024 年度深圳辖区上市公司集体接待日"活动，现将相关 事项公告如下： 欢迎广大投资者积极参与。 特此公告。 深圳市汇川技术股份有限公司 董事会 二〇二四年十二月四日 本次集体接待日活动将采用网络远程的方式举行，投资者可以登录"全景路演"网 站（https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与公 司本次投资者集体接待日活动，活动时间为 2024 年 12 月 12 日（周四）14:30 至 17:00， 其中公司与投资者互动的时间为 15:40-17:00。 届时公司高管将在线就公司业绩、公司治理、发展战略、经营状况、可持续发展 ...

2024年11月26日，备受瞩目的2024上海宝马展（bauma CHINA）在上海新国际博览中心盛大开幕。这场盛会宛如行业的"风向标"与"推进器"， 全方位展示前沿技术革新成果、时代新品矩阵，精准洞悉行业趋势走向，为全球工程机械领域的进步注入澎湃动力，筑牢国际交流合作的坚实 桥梁。 历经四年沉淀， 汇川技术以"精研场景，绿动未来"为主题惊艳亮相 。在新能源乘用车、商用车领域，汇川技术凭借卓越电驱与电源系统，早已铸就高品质综合 产品解决方案及服务的"金字招牌"。此次盛会， 汇川技术携工程机械电动化系统解决方案重磅亮相，将其在工程机械电动化赛道的前沿佳绩与宏伟蓝图铺陈开 来，引得八方关注 。展会期间，汇川技术工程机械事业部总裁陶劲对工程机械行业发展趋势与我们进行了深度解读。 置身"双碳"目标的时代浪潮，工程机械行业格局迎来"重塑式"变革。陶劲剖析道，"双碳"进程推进、政策落地实施，新能源产业风口大开，潜力无穷。而工程机 械作为碳排放"大户"，电动化转型自是政策"靶心"所指、大势所趋。 聚焦趋势："三化"融合，潮起浪涌 踏入展会现场，各家主机厂摩拳擦掌，纷纷亮出电动化、智能化 "王牌"整体解决方案，勾勒出行业迈向 ...

证券代码：300124 证券简称：汇川技术 公告编号：2024-098 深圳市汇川技术股份有限公司 公司于 2024 年 4 月 19 日召开第五届董事会第二十八次会议，会议以 9 票同 意、0 票反对、0 票弃权审议通过了《关于公司及子公司向银行申请综合授信额度暨 公司为子公司申请综合授信额度提供担保的议案》，同意公司及合并报表范围内的 子公司（含二级子公司）向部分银行申请集团授信或对应银行的授信额度，拟申请 的授信额度合计为 500 亿元人民币（或等值外币）；同意公司为合并报表范围内的 全资/控股子公司（含新设立、收购的控股子公司）提供不超过 21.5 亿元人民币担 保，担保额度有效期为自董事会审议通过之日起至公司有权机构审议批准 2025 年 度担保额度相关议案之日止。在担保额度范围内，资产负债率 70%以下的子公司的 担保额度可相互调剂使用。具体内容详见公司于 2024 年 4 月 23 日在巨潮资讯网上 1 披露的《关于公司及子公司向银行申请综合授信额度暨公司为子公司申请综合授信 额度提供担保的公告》（公告编号：2024-024）。 本次担保属于上述已审议通过的担保事项范围，无需再次提交公司董事会及 ...

Group 1: Investor Relations Activities - The report details various investor relations activities conducted by Huichuan Technology from October 31 to November 15, 2024, including phone conferences, on-site research, and roadshows [1][2][3][4][5][6][7][8]. - A total of 31 participants attended the roadshow on November 6, 2024, which included major investment firms such as GIC Private and Hillhouse Investment Management [2]. - The company engaged with 29 participants during a strategy meeting on November 15, 2024, involving various asset management firms [5]. Group 2: Market Performance and Strategy - The low-voltage inverter market in China was valued at approximately 14.3 billion yuan in the first half of 2024, showing a year-on-year decline of 7.8% [5]. - Huichuan Technology's market share for low-voltage inverters increased to about 19.6% in 2024, reflecting a positive trend despite overall market weakness [5]. - The company reported a year-on-year order growth exceeding 40% in the general automation sector during the first three quarters of 2024, indicating successful penetration into lower-tier markets [6]. Group 3: Future Outlook and International Expansion - The company anticipates that the national policy for large-scale equipment updates will drive demand for its automation-related products, particularly in the industrial sector [6]. - Huichuan Technology is focusing on internationalization as a key strategy, with plans to establish localized production and sales centers in regions such as Europe and India [7][8]. - The overseas revenue from the smart elevator business was approximately 600 million yuan in the first three quarters of 2024, with expectations for gradual growth as production capacity expands [8].

证券代码：300124 证券简称：汇川技术 公告编号：2024-097 特别提示： 2021 年 9 月 23 日，深圳市汇川技术股份有限公司（以下简称"公司"）披 露了《关于实际控制人权益变动的提示性公告》，公司实际控制人朱兴明先生与 其女儿朱瀚玥女士于 2021 年 9 月 18 日签署了《赠与协议》，朱兴明先生为体现 对女儿的关爱，将其直接持有的公司股票 20,602,113 股（占公司总股本比例 0.77%），及公司第一大股东深圳市汇川投资有限公司 21.7029%股权的全部财产 权益无偿赠与给朱瀚玥女士。朱瀚玥女士在《赠与协议》中承诺，因受赠股票及 受赠股权而取得的表决权，将无条件委托给朱兴明先生行使。为履行《赠与协议》， 朱兴明先生计划自本公告披露之日起 15 个交易日后的 3 个月内，以大宗交易方 式向朱瀚玥女士转让公司股份不超过 11,000,000 股，占公司总股本比例 0.41%。 由于上市公司董事、高管人员股份锁定比例限制等原因，剩余部分将于后续年度 择机转让。 本次股份转让属于公司实际控制人及其一致行动人之间进行的内部转让， 不涉及向市场减持，朱兴明先生及其一致行动人合计持股比例和数量 ...

证券代码：300124 证券简称：汇川技术 公告编号：2024-096 4．归属股票来源：公司向激励对象定向发行公司A股普通股股票。 深圳市汇川技术股份有限公司（以下简称"公司"）于 2024 年 8 月 23 日召开 第六届董事会第三次会议、第六届监事会第三次会议，审议通过了《关于第六期股 权激励计划首次授予第二类限制性股票第二个归属期归属条件成就的议案》《关于 第六期股权激励计划预留授予第二类限制性股票第一个归属期归属条件成就的议 案》，第六期股权激励计划首次授予第二类限制性股票第二个归属期、第六期股权 激励计划预留授予第二类限制性股票第一个归属期的归属条件已经成就。具体内容 详见公司于 2024 年 8 月 27 日刊登在巨潮资讯网上的《关于第六期股权激励计划首 次授予第二类限制性股票第二个归属期归属条件成就的公告》《关于第六期股权激 励计划预留授予第二类限制性股票第一个归属期归属条件成就的公告》。 1 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： ...