Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue for H1 2024 reached 16.183 billion yuan, a year-on-year increase of 29.98%, while the net profit attributable to the parent company was 2.118 billion yuan, up 1.98% year-on-year [2][3] - The company's new energy vehicle (NEV) business achieved sales revenue of approximately 6 billion yuan, with a year-on-year growth of over 100%, establishing itself as a leading player in China's NEV electric drive system market [3] - The company maintains a leading market share in the domestic industrial control market, with a general servo system market share of about 27.6% and a low-voltage inverter product share of approximately 19.6% [2][3] Financial Performance - The company's total revenue is projected to reach 23.008 billion yuan in 2024, with a year-on-year growth of 20.9%, and net profit attributable to the parent company is expected to be 4.32 billion yuan, reflecting a 14.3% increase [4] - The gross profit margin is forecasted to be 31.7% in 2024, slightly declining from previous years [4] - The company's earnings per share (EPS) is expected to be 1.64 yuan in 2024, with a P/E ratio of 42.38 [4] Market Position and Growth Potential - The company is well-positioned in the NEV sector, with significant capacity expansion underway, including the completion of projects in Changzhou and the ramp-up of production in Thailand and Hungary [3] - The company is expected to benefit from scale effects and capacity release, making the NEV business a key profit growth driver [3] - The company has identified numerous overseas business opportunities for domestic industrial clients, enhancing its international market presence [2][3]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Viewpoints - The company's H1 2024 performance met expectations, with revenue reaching 16.183 billion, a year-on-year increase of 29.98%, driven by the rising penetration of electric vehicles and steady growth in general automation business [1] - The general automation segment achieved approximately 7.5 billion in revenue, growing 10% year-on-year, maintaining its leading position in the domestic market [2] - The electric vehicle business saw revenue of about 6 billion, more than doubling year-on-year, with significant market share gains in logistics vehicles [3] - The company is expanding internationally, establishing subsidiaries and offices in various regions, with overseas revenue of approximately 0.95 billion, a year-on-year increase of about 17% [4] Financial Summary - Revenue projections for 2024-2026 are 37.957 billion, 46.816 billion, and 57.422 billion, with growth rates of 24.8%, 23.3%, and 22.7% respectively [5] - Net profit forecasts for the same period are 5.535 billion, 6.492 billion, and 7.609 billion, with growth rates of 16.7%, 17.3%, and 17.2% respectively [5] - The company's PE ratios for 2024-2026 are projected at 20X, 17X, and 14X, respectively [4][5]

汇川技术（300124.SZ） 优于大市 半年报业绩点评：收入同比增长 30%，新能源汽车业务收入实 现较好增长 核心观点 公司研究·财报点评 机械设备·自动化设备 2024 年上半年营业收入同比增长 29.98%，归母净利润同比增长 1.98%。公 证券分析师：吴双 证券分析师：王鼎 司 2024 年上半年实现营业收入 161.83 亿元，同比增长 29.98%；归母净利润 | --- | --- | |--------------------------------------|----------------------------| | S0980519120001 | S0980520110003 | | 基础数据 | | | 投资评级 | 优于大市(维持) | | 合理估值收盘价 | 41.70元 | | 总市值/流通市值 | 111679/94538百万元 | | 52 周最高价/最低价近3 个月日均成交额 | 70.56/39.17元 656.87百万元 | | 市场走势 | | 新能源汽车收入约 60 亿元，同比增长超 100%，其中新能源乘用车方面，得 益于客户定点插电式/增程式混动车型快 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 65.9 CNY, compared to the current price of 41.70 CNY [2]. Core Views - The company's revenue for the first half of 2024 reached 16.2 billion CNY, a year-on-year increase of 30.0%, while the net profit attributable to shareholders was 2.12 billion CNY, up 2.0% year-on-year [2]. - The electric vehicle (EV) business is entering a phase of realization, significantly contributing to profit growth, with sales revenue exceeding 6 billion CNY, representing over 100% year-on-year growth [2]. - The general automation business is facing short-term pressure due to the nearing end of the lithium battery and photovoltaic industry boom, with revenue of approximately 7.5 billion CNY, a year-on-year increase of about 10% [2]. Financial Summary - The company forecasts revenues of 36.7 billion CNY, 44.8 billion CNY, and 54.7 billion CNY for 2024, 2025, and 2026 respectively, with net profits of 5.52 billion CNY, 6.68 billion CNY, and 8.13 billion CNY for the same years [2][9]. - Earnings per share (EPS) are projected to be 2.06 CNY, 2.49 CNY, and 3.03 CNY for 2024, 2025, and 2026 respectively [2][9]. - The company’s gross margin is expected to be 33.5% in 2023, decreasing slightly to 32.8% in 2024 [9].

C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 2024 年 08 月 27 日 赵旭东 H70556@capital.com.tw 目标价(元) 46 公司基本信息 | --- | --- | --- | |---------------------|--------|--------------| | 产业别 | | 电气设备 | | A 股价(2024/8/26) | | 40.53 | | 深证成指(2024/8/26) | | 8194.65 | | 股价 12 个月高/低 | | 70.02/39.17 | | 总发行股数(百万) | | 2678.14 | | A 股数(百万) | | 2267.10 | | A 市值(亿元) | | 918.86 | | 主要股东 | | 香港中央结算 | | | | 有限公司 | | | | (21.23%) | | 每股净值(元) | | 9.51 | | 股价/账面净值 | | 4.26 | | | 一个月 | 一年 | | 股价涨跌(%) | | | 近期评等 | --- | ...

Investment Rating - Buy (Maintained) [1] Core Views - 24H1 revenue increased by 30% YoY, with net profit attributable to the parent company up by 2%, meeting market expectations [3] - Gross margin under pressure due to intensified competition, with Q2 gross margin at 29.9%, down 6.3 percentage points YoY [3] - General automation: Despite an 8% decline in the industrial control industry in Q2, the company's industrial control revenue increased by approximately 10% YoY [3] - New energy vehicles: Q2 revenue increased by approximately 80% YoY, with United Power's profit nearing 400 million yuan [3] - Elevator: Q2 revenue decreased by approximately 6% YoY, with overseas and large-scale supporting businesses becoming the foundation for stable growth [4] - Overseas: Q2 revenue increased by 17% YoY, driven by steady growth in elevator exports, with industrial control exports expected to grow by over 30% YoY [4] Financial Forecasts and Valuation - Revenue forecast for 2024E: 37,292 million yuan, a 22.59% increase YoY [2] - Net profit attributable to the parent company forecast for 2024E: 5,456 million yuan, a 15.06% increase YoY [2] - EPS forecast for 2024E: 2.04 yuan per share [2] - P/E ratio for 2024E: 19.89x [2] - Target price: 71.4 yuan, based on a 35x P/E ratio for 2024 [4] Market Data - Closing price: 40.53 yuan [5] - 52-week low/high: 39.17/70.56 yuan [5] - P/B ratio: 4.28x [5] - Market capitalization: 108,545.10 million yuan [5] Financial Data - Net asset per share: 9.46 yuan [6] - Asset-liability ratio: 48.98% [6] - Total shares outstanding: 2,678.14 million [6] - Tradable A-shares: 2,267.10 million [6] Related Research - "HuiChuan Technology (300124): 2024 Interim Report Preview: Industrial Control α Remains Significant, New Energy Vehicles Enter Harvest Period" [7] - "HuiChuan Technology (300124): 2023 Annual Report and 2024 Q1 Report Review: Industrial Control Leader Navigates the Cycle, Electric Drive Enters Harvest Period" [7]

证券代码：300124 证券简称：汇川技术 公告编号：2024-061 深圳市汇川技术股份有限公司 第六届监事会第三次会议决议公告 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"）第六届监事会第三次会议于 2024 年 8 月 23 日以现场结合线上参会方式召开，会议通知于 2024 年 8 月 12 日以电 子邮件方式送达全体监事。本次会议由监事会主席唐柱学先生召集和主持，会议应出 席监事 3 人，实际出席监事 3 人。董事会秘书宋君恩先生列席会议。本次会议的召开 符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 本次会议采取书面表决方式进行投票表决，审议了以下议案： 1.以 3 票同意、0 票反对、0 票弃权的表决结果，审议通过了《关于审议<2024 年 半年度报告>及其摘要的议案》 经审核，监事会认为：公司董事会编制和审核《2024 年半年度报告》及其摘要的 程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公 司 2024 年半年度经营的实际情况，不存在任何虚假记载 ...

第二个解锁期解锁条件成就的公告 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．本次可解锁的第一类限制性股票激励对象人数：9人； 2．本次可解锁的第一类限制性股票数量：30.50万股，占目前公司总股本的 0.0114%； 证券代码：300124 证券简称：汇川技术 公告编号：2024-066 深圳市汇川技术股份有限公司 关于第六期股权激励计划首次授予第一类限制性股票 3．本次第一类限制性股票解除限售在相关部门办理完解锁手续后、上市流 通前，公司将发布相关上市流通的提示性公告，敬请投资者注意。 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，审议并通过了《关于 第六期股权激励计划首次授予第一类限制性股票第二个解锁期解锁条件成就的 议案》，第六期股权激励计划首次授予第一类限制性股票第二个解锁期解锁条件 已经成就。现将相关事项公告如下： 一、第六期股权激励计划实施情况概要 1．2022 年 7 月 22 日，公司分别召开了第五届董事会第十五次会议、第五 届监事会第十 ...

证券代码：300124 证券简称：汇川技术 公告编号：2024-070 深圳市汇川技术股份有限公司 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 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．本次符合归属条件的激励对象人数：236人； 2．本次拟归属第二类限制性股票数量：258,564股，占目前公司总股本的 0.0097%； 3．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； 4．本次归属的第二类限制性股票待相关手续办理完成后，公司将发布相关上 市流通的公告，敬请投资者关注。 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，审议并通过了《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。 现将相关事项公告如下： 一、第六期股权激励计划实施情况概要 1．2022 年 7 月 22 日，公司分别召开了第五届董事会 ...

证券代码：300124 证券简称：汇川技术 公告编号：2024-063 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）、《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等相 关规定，深圳市汇川技术股份有限公司（以下简称"公司"或"汇川技术"）就 2024 年半年度募集资金存放与使用情况作如下专项报告： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 1、2010 年度首次公开发行股票募集资金 经中国证券监督管理委员会证监许可[2010]1161 号文《关于核准深圳市汇川 技术股份有限公司首次公开发行股票并在创业板上市的批复》的核准，同意本公 司向社会公众公开发行人民币普通股（A 股）2,700 万股。本公司于 2010 年 9 月 13 日向社会公众投资者定价发行人民币普通股(A 股)2,700 万股，每股面值人民币 1.00 元，每股发行认购价格为人民币 71.88 元，共计募集人民币 1,940,760,000.00 元。经此发行，注册资本变更为人民币 108, ...