Investment Rating - Buy (Maintained) [1] Core Views - Industrial control business is entering the bottom range, while new energy vehicles continue to exceed expectations [1] - 24Q1-3 revenue is expected to increase by 20%-30% YoY, with net profit attributable to the parent company ranging from -4% to +6% YoY, slightly below market expectations [3] - General automation demand is under pressure but still outperforms the industry, with Q3 revenue expected to decline for the first time since 2022, but recovery to +10% growth is anticipated in Q4 [3] - New energy vehicle business is expected to grow by over 90% YoY in 24Q1-3, with Q3 revenue up by over 70% YoY, maintaining a net profit margin of 5-6% [3] - Elevator business is expected to decline by around 5% YoY in 24Q1-3, with Q3 revenue expected to drop by 10%-5% YoY, but policy support may stabilize the market [4] Financial Forecasts and Valuation - Revenue for 2024E is projected at 37,561 million yuan, a 23.47% YoY increase, with net profit attributable to the parent company at 5,028 million yuan, up 6.04% YoY [2] - EPS for 2024E is forecasted at 1.88 yuan per share, with a P/E ratio of 31.16x [2] - Revenue for 2025E is projected at 46,066 million yuan, a 22.64% YoY increase, with net profit attributable to the parent company at 6,012 million yuan, up 19.56% YoY [2] - EPS for 2025E is forecasted at 2.24 yuan per share, with a P/E ratio of 26.06x [2] - Revenue for 2026E is projected at 54,585 million yuan, an 18.49% YoY increase, with net profit attributable to the parent company at 7,177 million yuan, up 19.39% YoY [2] - EPS for 2026E is forecasted at 2.68 yuan per share, with a P/E ratio of 21.83x [2] Market Data - Closing price: 58.50 yuan [5] - 52-week low/high: 39.17/74.94 yuan [5] - P/B ratio: 6.15x [5] - Market capitalization: 156,671.31 million yuan [5] Financial Highlights - Total assets for 2024E are projected at 55,015 million yuan, with total liabilities at 26,022 million yuan [8] - Net profit attributable to the parent company for 2024E is projected at 5,028 million yuan, with a net profit margin of 13.39% [8] - ROE for 2024E is forecasted at 17.68%, with a ROIC of 12.83% [9] - Operating cash flow for 2024E is projected at 2,954 million yuan, with capital expenditures at 1,617 million yuan [9] Industry and Business Segments - General automation: Q3 revenue is expected to decline by 5%-0% YoY, but recovery to +10% growth is anticipated in Q4 [3] - New energy vehicles: Q3 revenue is expected to grow by over 70% YoY, with a net profit margin of 5-6% [3] - Elevator: Q3 revenue is expected to decline by 10%-5% YoY, but policy support may stabilize the market [4]

Revenue Projections - The company expects revenue for the first three quarters of 2024 to be between 2,414,544.49 and 2,615,756.53 million CNY, representing a year-on-year growth of 20% to 30% compared to 2,012,120.41 million CNY in the same period last year[3]. - In Q3 2024, revenue is anticipated to be between 882,086.32 and 958,789.48 million CNY, showing a year-on-year increase of 15% to 25% from 767,031.58 million CNY[3]. Profit Projections - The net profit attributable to shareholders is projected to be between 318,659.29 and 351,852.97 million CNY, reflecting a year-on-year change of -4% to 6% from 331,936.76 million CNY[3]. - The net profit after deducting non-recurring gains and losses is expected to be between 304,617.98 and 319,848.88 million CNY, with a year-on-year growth of 0% to 5% compared to 304,617.98 million CNY last year[3]. - The net profit attributable to shareholders for Q3 is projected to be between 118,032.20 and 130,456.64 million CNY, with a year-on-year change of -5% to 5% from 124,244.42 million CNY[3]. Financial Performance Factors - The company reported a decline in overall gross margin due to changes in product revenue structure and intensified market competition[4]. - The company experienced a decrease in fair value changes and investment income, primarily due to a decline in the fair value of equity investments[4]. - The company reported an increase in asset disposal income due to gains from the relocation of subsidiaries[5]. - The company anticipates an increase in income tax expenses due to the expiration of tax incentives for certain subsidiaries in the previous year[5]. Investment and Expense Management - The company is increasing investments in internationalization, energy management, and digitalization while controlling overall expenses, with R&D, sales, and management expenses growing slower than revenue[4].

8 October 2024 | 6:08PM CST revenue recognition will likely accelerate per mgmt as ocean freight congestion eases) and we forecast +28% yoy revenue into 2H24E. Shenzhen Inovance Technology Co. (300124.SZ): Sept IA orders slightly down yoy/up mom | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---- ...

Group 1: Investor Relations Activities - The company conducted multiple investor relations activities from September 18 to September 30, 2024, including phone conferences and on-site research [1][2][3][5][6][7]. - A total of 12 participants from Fidelity attended a phone conference on September 30 [5]. - On September 24, 12 participants from various investment firms attended a roadshow meeting [2]. Group 2: Customization and Efficiency Strategies - The company emphasizes customized solutions in the industrial automation sector, aiming to enhance customer stickiness and reduce overall costs [5][6]. - Since 2019, the company has been implementing management reforms to improve operational efficiency while maintaining customization strategies [5][6]. - The company plans to optimize its Integrated Product Development (IPD) process to balance customization advantages with efficiency [6]. Group 3: Robotics and New Energy Vehicle Business - The company's industrial robot business saw significant growth, with six-axis robots accounting for approximately 30% of total sales in the first half of the year [6][7]. - The new energy vehicle business is supported by a diverse customer base, including new energy vehicle manufacturers and traditional automakers transitioning to electric vehicles [6][7]. Group 4: Elevator Market Insights - The elevator market in China is projected to see increased demand for replacements and upgrades, driven by government policies and technological advancements [7]. - The company is exploring business models and market opportunities in the elevator after-service market, anticipating it will become a key growth driver [7].

证券代码：300124 证券简称：汇川技术 公告编号：2024-089 深圳市汇川技术股份有限公司 关于第二期长效激励持股计划第一个锁定期届满 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"）长效激励持股计划是公 司的中长期激励方案，即对 2021 年至 2023 年每个会计年度设置业绩目标值，依 据业绩达成情况滚动设立三期各自独立存续的持股计划。2023 年 4 月 21 日，公 司根据 2022 年度业绩完成情况提取了第二期长效激励持股计划业绩激励基金 4,549 万元。2023 年 9 月 12 日，公司召开第五届董事会第二十五次会议、第五 届监事会第十九次会议，审议通过了《关于实施第二期长效激励持股计划的议案》， 第二期长效激励持股计划进入实施阶段。以上内容详见公司于 2023 年 4 月 25 日、2023 年 9 月 12 日刊登在巨潮资讯网上的公告（公告编号：2023-023、2023- 073）。 根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所 上市公司自律监管指引 ...

证券简称：汇川技术 证券代码：300124 上海荣正企业咨询服务（集团）股份有限公司 关于 深圳市汇川技术股份有限公司 第七期股权激励计划首次授予的相关事项 之 独立财务顾问报告 二〇二四年九月 | 中国证监会 | 指 | 中国证券监督管理委员会 | | --- | --- | --- | | 证券交易所 | 指 | 深圳证券交易所 | | 登记结算公司 | 指 | 中国证券登记结算有限责任公司深圳分公司 | | 元 | 指 | 人民币元 | 4 上海荣正企业咨询服务（集团）股份有限公司 独立财务顾问报告 上海荣正企业咨询服务（集团）股份有限公司 独立财务顾问报告 目 录 | 一、释义 3 | | --- | | 二、声明 5 | | 三、基本假设 6 | | 四、本次激励计划的审批程序 7 | | 五、本次激励计划的调整情况 8 | | 六、本次第二类限制性股票与股票期权满足授予条件说明 9 | | 七、本次第二类限制性股票与股票期权的授予情况 10 | | 八、本次授予第二类限制性股票与股票期权对相关年度财务状况和经营成 | | 果影响的说明 12 | | 九、结论性意见 13 | 上海荣正企业咨询服务（ ...

证券代码：300124 证券简称：汇川技术 公告编号：2024-087 深圳市汇川技术股份有限公司 第六届监事会第五次会议决议公告 1.以 3 票同意、0 票反对、0 票弃权的表决结果，审议通过了《关于调整第七期股 权激励计划相关事项的议案》 本次对第七期股权激励计划相关事项的调整符合《上市公司股权激励管理办法》 （以下简称"《管理办法》"）、公司《第七期股权激励计划（草案）》（以下简称"《激 励计划（草案）》"）的相关规定，不存在损害公司股东利益的情形。 具体内容详见公司于 2024 年 9 月 24 日刊登在巨潮资讯网上的公告。 2.以 3 票同意、0 票反对、0 票弃权的表决结果，审议通过了《关于向激励对象首 次授予第二类限制性股票与股票期权的议案》 监事会对第七期股权激励计划首次授予激励对象名单进行核实后认为： 本公司及监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"）第六届监事会第五次会议于 2024 年 9 月 23 日以通讯表决的方式召开，会议通知于 2024 年 9 月 23 日以电子邮件 方式送达全体监事。 ...

广州市天河区珠江东路 32 号利通广场 29 楼 2901 室 邮编/Zip Code:510623 电话/Tel:86-020-37392666 传真/Fax:86-020-37392826 电子邮箱/E-mail：kdgzlaw@163.com 北京 天津 上海 深圳 广州 西安 沈阳 南京 杭州 海口 菏泽 成都 苏州 呼和 长沙 厦门 郑州 香港 武汉 法律意见书 北京市康达（广州）律师事务所 关于深圳市汇川技术股份有限公司 第七期股权激励计划调整及首次授予相关事项的 法 律 意 见 书 康达法意字【2024】第 4396 号 二〇二四年九月 1 法律意见书 北京市康达（广州）律师事务所 关于深圳市汇川技术股份有限公司 2. 本所及经办律师已根据法律法规的规定严格履行了法定职责，遵循勤勉尽责和 诚实信用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、 完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述及重大遗漏，并 承担相应的法律责任。 3. 本所及经办律师仅就公司本次激励计划的相关法律事项发表意见，并不对会计、 审计等专业事项发表意见，本所及经办律师不具备对该等专业事 ...

证券代码：300124 证券简称：汇川技术 公告编号：2024-088 深圳市汇川技术股份有限公司 关于调整第七期股权激励计划相关事项并向激励对象授予 第二类限制性股票与股票期权的公告 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： 根据《深圳市汇川技术股份有限公司第七期股权激励计划（草案）》（以下简称 "《激励计划（草案）》"）的规定，深圳市汇川技术股份有限公司（以下简称"公司" 或"本公司"或"汇川技术"）第七期股权激励计划（以下简称"本激励计划"或"本 次激励计划"）规定的第二类限制性股票与股票期权的授予条件已经成就。根据 2024 年第一次临时股东大会的授权，公司于 2024 年 9 月 23 日召开第六届董事会第五次会 议，审议通过《关于调整第七期股权激励计划相关事项的议案》《关于向激励对象首次 授予第二类限制性股票与股票期权的议案》，确定本激励计划首次授予日为 2024 年 9 月 23 日，以 42.87 元/股的授予价格向 14 名激励对象授予 28.3 万股第二类限制性股票， 以 42.87 元/份的行权价格向 1,146 名激励 ...

证券代码：300124 证券简称：汇川技术 公告编号：2024-086 深圳市汇川技术股份有限公司 第六届董事会第五次会议决议公告 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。 具体内容详见公司于 2024 年 9 月 24 日刊登在巨潮资讯网上的公告。 1.以 9 票同意、0 票反对、0 票弃权的表决结果，审议通过了《关于调整第七期股 权激励计划相关事项的议案》 鉴于公司《第七期股权激励计划（草案）》（以下简称"《激励计划（草案）》"） 中确定的首次授予的激励对象中2名激励对象因个人原因放弃参与本次股权激励计划， 不再具备激励对象资格，根据公司 2024 年第一次临时股东大会的授权，董事会拟对首 次授予的激励对象人数及授予的股票期权数量进行调整。调整后，公司本次激励计划 首次授予的激励对象人数由公示名单的 1,162 人调整为 1,160 人，首次授予权益总数由 3,128.3 万股调整为 3,117.52 万股，第七期股权激励计划授予的权益总数由 3,476.3 万股 调整为 3,465.52 万股。其中，第二类限制性股票首次授予的激励对象人数与数量不变 ...