证券代码：300124 证券简称：汇川技术 公告编号：2024-095 深圳市汇川技术股份有限公司 关于第七期股权激励计划所涉首次授予股票期权 登记完成的公告 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。 重要提示： 1 ● 股票期权简称：汇川JLC6 ● 股票期权代码：036581 ● 股票期权登记数量：30,690,700份 ● 股票期权有效期：不超过 60 个月 ● 股票期权激励对象登记人数：1,139人 ● 股票期权授予日：2024 年 9 月 23 日 ● 股票期权登记完成日：2024年11月7日 向深圳证券交易所和中国证券登记结算有限责任公司深圳分公司申请办理完成 了第七期股权激励计划首次授予股票期权的相关登记手续，现将有关事项公告如 下： 一、本次激励计划简述及已履行的相关审批程序 （一）激励计划简述 2024 年 9 月 23 日公司召开 2024 年第一次临时股东大会，审议通过了《激 励计划（草案）》等相关议案，其中关于首次授予权益（第二类限制性股票和股 票期权）的主要内容如下： 1.股票来源：公司从二级市场回购的本公司人民币普通股股票和/ ...

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].

证券代码：300124 证券简称：汇川技术 公告编号：2024-094 深圳市汇川技术股份有限公司 关于变更签字注册会计师的公告 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。 深圳市汇川技术股份有限公司(以下简称"公司")分别于 2024 年 4 月 19 日、2024 年 5 月 17 日召开第五届董事会第二十八次会议、2023 年年度股东大会，审议通过了《关 于续聘信永中和会计师事务所为公司 2024 年度审计机构的议案》，同意续聘信永中和会 计师事务所（特殊普通合伙）（以下简称"信永中和"）为公司 2024 年度财务报告审计 机构。具体内容详见公司分别于 2024 年 4 月 23 日、2024 年 5 月 17 日刊登在巨潮资讯 网上的《关于拟续聘会计师事务所的公告》《2023 年年度股东大会决议公告》。 公司于近日收到信永中和出具的《关于变更深圳市汇川技术股份有限公司 2024 年 度签字注册会计师的告知函》，具体情况如下： 业主管部门等的行政处罚、监管管理措施，受到证券交易所、行业协会等自律组织的自 律监管措施、纪律处分的情况。 3.独立性 李斌 ...

证券代码：300124 证券简称：汇川技术 公告编号：2024-093 第四个归属期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：546人（第一种授予价格和第二种授予价格限制性股票 的激励对象相同）； 2．本次归属股票数量：10,573,125股，占归属前总股本比例0.39%，其中，第 一种授予价格限制性股票2,522,250股，第二种授予价格限制性股票8,050,875股； 3．本次归属股票的上市流通日：2024年11月7日（星期四）； 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《关于第五期股 权激励计划首次授予限制性股票第四个归属期归属条件成就的议案（关于 7 折股票 的归属）》《关于第五期股权激励计划首次授予限制性股票第四个归属期归属条件成 就的议案（关于 9.9 折股票的归属）》，第五期股权激励计划首次授予限制性股票第 四个归属期 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 25.397 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 26.22%, with a net profit attributable to shareholders of 3.354 billion yuan, up 1.04% year-on-year, meeting expectations [1] - The revenue growth is driven by a significant increase in the new energy vehicle (NEV) business, which saw a year-on-year increase of 96% [1] - The general automation business maintained positive growth despite a relatively weak industry environment, with sales revenue of approximately 10.9 billion yuan for the first nine months of 2024, up 4% year-on-year [1] - The company anticipates a turning point in the general automation business as the impact from the photovoltaic and lithium battery sectors gradually diminishes [1] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 25.397 billion yuan, with a quarterly revenue of 9.214 billion yuan in Q3, reflecting a year-on-year increase of 20.13% [1] - The gross margin for Q1-Q3 2024 was 31.02%, down 4.76 percentage points year-on-year, while the net margin was 13.45%, down 3.18 percentage points year-on-year [1] - The company expects to maintain a strong growth trajectory in its NEV business, with over 20 new order projects added in the first three quarters of 2024 [1][2] Earnings Forecast and Valuation - The revised earnings forecast for 2024-2026 includes revenues of 37.511 billion yuan, 46.129 billion yuan, and 55.836 billion yuan, respectively, with net profits of 5.025 billion yuan, 5.837 billion yuan, and 6.902 billion yuan [2] - The projected diluted EPS for 2024-2026 is 1.88 yuan, 2.18 yuan, and 2.58 yuan, respectively, with corresponding PE ratios of 29.6, 25.5, and 21.6 times [2] - The company is positioned to benefit from the automation upgrade in the manufacturing sector, maintaining a "Buy" rating [2]

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].