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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]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue for Q1-Q3 2024 reached 25.397 billion yuan, 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 [1] - The company is accelerating its internationalization and increasing investment in strategic areas such as energy management and digitalization, while controlling overall expenses [2] - The company's new energy vehicle business continues to grow rapidly, with revenue of 10.4 billion yuan in Q1-Q3 2024, a year-on-year increase of 96% [3] Financial Summary - The company is expected to achieve net profits attributable to the parent company of 5 billion yuan, 6.096 billion yuan, and 7.260 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth of 5.6%, 21.8%, and 19.1% [2] - The total revenue for the company is projected to reach 37.282 billion yuan in 2024, with a year-on-year growth rate of 22.6% [4] - The gross profit margin is expected to decline from 33.5% in 2023 to 31.5% in 2024 [4] Business Performance - The company’s electric drive installation volume reached 56,188 sets in August 2024, a year-on-year increase of 53.6%, with a market share of 8% [3] - The company’s drive control installation volume was 139,209 sets, up 54.2% year-on-year, with a market share of 10.7% [3] - The stator installation volume was 162,264 sets, showing a significant year-on-year increase of 158.1%, with a market share of 9.3% [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]

Revenue and Profit Performance - Revenue for the third quarter reached 9.214 billion yuan, a year-on-year increase of 20.13%[3] - Net profit attributable to shareholders was 1.236 billion yuan, a slight decrease of 0.54% compared to the same period last year[3] - Revenue for the first nine months of 2024 reached 25.397 billion yuan, a year-on-year increase of 26.22%[12] - Net profit for the first nine months of 2024 was 3.415 billion yuan, a year-on-year increase of 2.08%[12] - Revenue from the new energy vehicle business surged to 10.4 billion yuan, a year-on-year increase of 96%[12] - General automation business (including industrial robots) generated revenue of 10.9 billion yuan, a year-on-year increase of 4%[12] - Smart elevator business revenue declined by 6% to 3.6 billion yuan[12] - Rail transit business revenue decreased by 9% to 340 million yuan[12] - Total revenue for the period reached 25,397,421,789.27 RMB, compared to 20,121,204,085.32 RMB in the same period last year[21] - Revenue for the current period reached 1,344,012,950.44 RMB, a 16.98% increase compared to the previous period's 1,149,086,138.66 RMB[22] - Net profit attributable to the parent company's shareholders was 3,353,827,529.06 RMB, up 1.04% from the previous period's 3,319,367,588.06 RMB[22] - Net profit attributable to the parent company's owners increased to 17,264,783,907.94 RMB from 15,115,703,056.43 RMB[20] Cash Flow and Financial Position - Operating cash flow for the first nine months surged to 3.857 billion yuan, up 166.22% year-on-year[3] - Net cash flow from operating activities increased by 166.22% to 3.857 billion yuan, driven by higher sales receipts[11] - Cash flow from operating activities increased by 166.29% to 3,856,715,361.66 RMB compared to 1,448,720,281.76 RMB in the previous period[24] - Sales revenue from goods and services received in cash amounted to 21,393,390,802.67 RMB, a 37.86% increase from the previous period's 15,518,516,163.09 RMB[24] - Investment activities generated a cash inflow of 12,827,312,224.82 RMB, a 139.31% increase compared to the previous period's 5,360,615,665.53 RMB[24] - Cash received from tax refunds increased by 5.00% to 483,571,451.56 RMB compared to 460,563,155.49 RMB in the previous period[24] - Net cash flow from investment activities was -6.72 billion CNY, compared to -243.90 million CNY in the previous period[25] - Cash inflow from financing activities was 3.06 billion CNY, slightly lower than 3.09 billion CNY in the previous period[25] - Net cash flow from financing activities was -2.22 billion CNY, compared to -1.29 billion CNY in the previous period[25] - Cash and cash equivalents decreased by 5.10 billion CNY, compared to a decrease of 107.70 million CNY in the previous period[25] - Ending cash and cash equivalents balance was 3.44 billion CNY, down from 5.86 billion CNY in the previous period[25] Asset and Liability Changes - Total assets increased by 8.38% to 53.059 billion yuan compared to the end of the previous year[3] - Fixed assets grew by 31.44% to 6.202 billion yuan due to the completion of construction projects[8] - Prepaid expenses rose by 74.92% to 673.431 million yuan, driven by increased material procurement[8] - Other receivables surged by 315.92% to 195.966 million yuan, mainly due to increased receivables from subsidiary relocation[8] - Long-term prepaid expenses increased by 55.66% to 315.765 million yuan, attributed to factory renovation and other expenses[9] - Other non-current assets soared by 305.07% to 7.227 billion yuan, primarily due to increased long-term fixed deposits and interest[9] - Total assets increased to 53,059,386,418.71 RMB from 48,957,564,055.31 RMB at the beginning of the period[19][20] - Fixed assets grew significantly to 6,202,340,590.72 RMB from 4,718,701,156.38 RMB[19] - Long-term loans increased to 2,906,722,910.11 RMB from 2,345,229,083.70 RMB[20] - Total liabilities rose to 26,154,987,663.73 RMB from 23,956,572,496.50 RMB[20] - Other non-current financial assets increased to 2,619,161,269.71 RMB from 2,385,329,172.60 RMB[19] - Contract liabilities grew to 1,027,911,705.53 RMB from 870,689,328.69 RMB[19] - Total equity attributable to the parent company's owners increased to 26,473,524,797.94 RMB from 24,481,893,916.24 RMB[20] - The company's total assets grew to 2,205,661,286.74 RMB, an 8.56% increase from the previous period's 2,031,495,892.16 RMB[22] Operating Costs and Expenses - Operating costs increased by 35.59% to 17.52 billion yuan due to higher sales and changes in product mix[10] - Total operating costs amounted to 22,278,166,879.08 RMB, up from 17,142,337,126.18 RMB in the previous year[21] - Financial expenses decreased by 427.34% to -22.61 million yuan, primarily due to increased bank interest income[10] - Other income increased by 6.84% to 525,131,414.36 RMB compared to 491,530,969.69 RMB in the previous period[22] Shareholder and Share Information - The total number of restricted shares at the end of the period is 411,049,451 shares, with an increase of 71,015,251 shares during the quarter[17] - The total number of shares held by the top 10 shareholders and top 10 unrestricted shareholders participating in the securities lending business is 53,266,682 shares, accounting for 1.9889% of the total share capital[15] - The total number of shares held by the top 10 shareholders and top 10 unrestricted shareholders at the end of the period is 35,356,496 shares, representing 1.3202% of the total share capital[15] - The total number of shares held by the top 10 shareholders and top 10 unrestricted shareholders at the end of the period is 23,798,603 shares, accounting for 0.8886% of the total share capital[15] Other Financial Metrics - Other comprehensive income decreased by 109.27% to -1.342 million yuan, impacted by foreign exchange rate fluctuations[9] - The company's monetary funds at the end of the period amounted to 3,535,321,628.75 yuan, a decrease from the initial balance of 8,486,870,571.16 yuan[18] - Accounts receivable increased to 9,548,007,383.11 yuan from 8,794,869,920.04 yuan at the beginning of the period[18] - Inventory rose to 7,384,331,785.47 yuan compared to the initial balance of 6,247,888,811.25 yuan[18] - The company's trading financial assets stood at 653,982,767.14 yuan, slightly down from 671,886,791.45 yuan at the start of the period[18] - The company's prepayments increased to 673,431,180.60 yuan from 384,992,637.83 yuan at the beginning of the period[18] - The company's accounts receivable financing increased to 2,430,355,954.15 yuan from 2,132,435,037.45 yuan at the beginning of the period[18] - Basic earnings per share remained stable at 1.25 RMB, consistent with the previous period[23] - The company's total comprehensive income reached 3,399,061,680.62 RMB, a 1.82% increase from the previous period's 3,338,159,867.62 RMB[22] - Investment activities cash outflow totaled 19.54 billion CNY, a significant increase from 5.60 billion CNY in the previous period[25] - The third quarter report was not audited[26]

Investment Rating - The investment rating for Shenzhen Inovance Technology is "Overweight" with an attractive industry view [3][10]. Core Insights - The revenue for 3Q24 increased by 20% year-on-year to Rmb9.2 billion, aligning with market expectations, primarily driven by the NEV powertrain business [1]. - The automation and elevator business experienced a year-on-year revenue decline in 3Q, which was slightly below expectations [1]. - The net profit (NP) for 3Q was largely in line with expectations, with a midpoint of Rmb1.2 billion, reflecting a year-on-year change of -5% to +5% [1]. - Recurring net profit decreased by 4% to 15%, falling short of market expectations due to gross profit margin erosion attributed to product mix and competition, although SG&A expense control and one-off gains provided some support [1]. Revenue and Profit Forecast - The target for 4Q NP growth is set at a minimum of 14% year-on-year, which is expected to be challenging due to a lower growth base for new automation orders starting in November [2]. Valuation Methodology - The price target for Shenzhen Inovance Technology is set at Rmb64.00, based on a 30x P/E ratio for 2025 estimates, reflecting its average valuation during the 2016-2019 period [4]. Market Data - As of October 18, 2024, the share price was Rmb58.50, with a market capitalization of Rmb156.6 billion [3]. - The 52-week price range for the stock was Rmb74.94 to Rmb39.17 [3]. Analyst Coverage - The report includes contributions from analysts Sheng Zhong, Chelsea Wang, and Serena Chen, who have certified their views on the company and its securities [8].

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"）拟于2024年10月29日披露《2024 年第三季度报告》。为使投资者能够进一步了解公司经营成果、财务状况，公司拟召开 业绩说明会，现将具体情况公告如下： 一、业绩说明会安排 证券代码：300124 证券简称：汇川技术 公告编号：2024-091 深圳市汇川技术股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 2.英文会议 英文会议报名参会入口 （一）召开时间：2024年10月29日（星期二）15:00-17:00。 （二）出席人员：董事、副总裁、董事会秘书宋君恩先生。 （三）交流内容：公司将针对2024年前三季度经营成果、财务指标等与投资者进行 交流，并对投资者普遍关注的问题进行回答。 （四）召开方式：线上会议，本次会议主要以中文方式进行，配有英文同声传译， 投资者可通过语音和文字方式在线参与本次业绩说明会。 （五）报名及参会方式： 1.中文会议 （1）网络端报名参会： https://s.comein.cn/AK3Yu （2）手机端报名参会：登陆进门财 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][8]. Core Insights - The company is expected to achieve revenue of 88.2-95.9 billion yuan in Q3 2024, representing a year-on-year growth of 15% to 25%. The net profit attributable to the parent company is projected to be between 11.8-13.0 billion yuan, showing a year-on-year change of -5% to +5% [3][4]. - The growth in the new energy vehicle sector is driving revenue growth, while the company is also focusing on strategic areas such as product diversification, international expansion, digitalization, and energy management to sustain high growth in the long term [3][4][5]. Summary by Sections Financial Performance - For Q3 2024, the company forecasts revenue of approximately 92.0 billion yuan, a 20% increase year-on-year, with net profit expected to remain stable at 12.4 billion yuan, and a decrease in non-recurring net profit to 10.7 billion yuan, down 9.5% year-on-year [3][4]. - The company anticipates total revenue for the first three quarters of 2024 to be between 241.45-261.58 billion yuan, reflecting a year-on-year growth of 20% to 30% [3]. Market Position - The company has established a strong market presence in the industrial control sector, with significant market shares in low-voltage frequency converters (21.4%), AC servos (30.3%), and small PLCs (15.1%) [5]. - In the new energy vehicle market, the company holds a 11% market share in domestic electric passenger vehicle control systems, ranking second overall [5]. Strategic Outlook - The company is expected to benefit from improving manufacturing conditions and supportive government policies aimed at enhancing economic recovery [4][5]. - Continued investment in strategic business areas is anticipated to yield positive results, with a focus on internationalization and energy management [5].

Investment Rating - The report assigns a Neutral rating to Shenzhen Inovance Technology, indicating a cautious outlook on the company's performance due to potential risks associated with revenue guidance cuts [3][7]. Core Insights - The report expresses concerns about the company's ability to meet its 2024 revenue growth guidance of 20% year-over-year, particularly in the general automation sector, due to a high base effect from previous quarters and weaker demand from new energy sectors [7]. - The target price for Shenzhen Inovance Technology is set at Rmb55.0, reflecting a valuation based on approximately 30 times the estimated earnings per share (EPS) for FY24E [3][7]. Financial Summary - The earnings summary indicates a net profit of Rmb4,320 million for 2022, projected to increase to Rmb4,911 million in 2024, with a diluted EPS growth from Rmb1.640 in 2022 to Rmb1.847 in 2024 [4]. - The expected total return for the stock is projected at -5.8%, with an expected share price return of -6.6% and a dividend yield of 0.8% [3][4]. Market Capitalization - The market capitalization of Shenzhen Inovance Technology is reported at Rmb157,769 million, equivalent to approximately US$22,260 million [3].