证券代码：300124 证券简称：汇川技术 公告编号：2024-059 深圳市汇川技术股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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"）拟于2024年8月27日披露《2024 年半年度报告》。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）召开时间：2024年8月27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年半年度经营成果、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/A4LxH 一、业绩说明会安排 二、问题征集方式 为提升公司与投资者之间的交流效率，广大投资者可在2024年8 ...

Investment Rating - Strong Buy (Maintained) with a target price of 65.9 RMB, current price at 41.53 RMB [1] Core Views - The industrial robot market is entering a new growth phase driven by labor market shifts and industrial upgrading in China [1] - Domestic brands have achieved a 45% market share in 2023, a historic high, due to advancements in core components and controller technology [1] - The industrial robot industry exhibits a "smile curve" in terms of profitability, with upstream core components (reducer, servo system, and controller) being the most profitable [1] - The company has expanded from SCARA robots to a comprehensive industrial automation platform, with a 6.5% market share in China's industrial robot market in 2023, ranking fourth [1] Industry Analysis Industrial Robot Market Growth - China's industrial robot market has grown tenfold from 27,000 units in 2012 to 282,000 units in 2022, driven by labor shortages and cost reductions in robot applications [1] - Domestic brands are accelerating import substitution and expanding into international markets such as Japan, South Korea, and Southeast Asia [1] - The global industrial robot market is expected to reach 622,000 units by 2024, with China accounting for over 50% of global shipments [21][22] Industrial Robot Supply Chain - The industrial robot supply chain is characterized by a "smile curve," with upstream core components (reducer, servo system, and controller) being the most profitable [1] - Domestic brands are improving their competitiveness by mastering key components, particularly robot controllers, which enhance cost control and technical value [1] - The reducer market in China is expected to recover in 2024, with a projected market size of 1.596 million units, driven by the growth of humanoid robots and other new concepts [40][41] Company Analysis Market Position - The company holds a 6.5% market share in China's industrial robot market in 2023, ranking fourth, and a 20.8% market share in the SCARA robot segment, ranking first [1] - The company's industrial robot business has grown significantly, with revenue reaching 800 million RMB in 2023, compared to FANUC's 18 billion RMB, indicating substantial growth potential [56] Product and Solution Offerings - The company offers a comprehensive product line, including robot systems, control cabinets, software, and accessories, catering to various industries such as 3C, lithium batteries, and photovoltaics [51] - The company provides integrated solutions combining PLC/HMI/CNC, servo systems, frequency conversion systems, industrial robots, precision machinery, and pneumatic systems, enhancing customer value [57] Future Growth Drivers - The company is focusing on the humanoid robot sector, developing core components such as lead screws, frameless torque motors, and force sensors [59] - The company's overseas expansion strategy aims to narrow the gap with international giants and enhance its global market position [56] Financial Projections - Revenue is projected to grow from 36.7 billion RMB in 2024 to 54.7 billion RMB in 2026, with net profit increasing from 5.52 billion RMB to 8.13 billion RMB over the same period [1] - The company's EPS is expected to rise from 2.06 RMB in 2024 to 3.03 RMB in 2026, with a target PE ratio of 32x for 2024 [1]

Group 1: Investor Relations Activities - The report details various investor relations activities conducted by Huichuan Technology from July 15 to August 2, 2024, including multiple teleconferences and on-site research events [2][3][4][5][6]. - Notable participants in these activities included Sumitomo Mitsui DS AM, Franklin Templeton, and various funds such as Hai Fu Tong and Stewart Investors, with a total of 3 to 11 participants in each session [2][3][4][5]. Group 2: Business Performance Insights - The company has maintained growth in its automation business despite a weak overall demand in the manufacturing sector, attributed to strategic market positioning and product competitiveness [4]. - The demand for automation in traditional industries has shown signs of recovery, supporting the growth of the general automation sector [5]. - The company’s revenue from the new energy vehicle sector has rapidly increased, supported by a diversified customer base including new energy vehicle manufacturers and traditional automakers transitioning to electric vehicles [5]. Group 3: Competitive Positioning - Huichuan Technology has established a competitive edge in the new energy vehicle market through years of investment, focusing on low-cost, high-reliability solutions [5][6]. - The acquisition of the French IRAI software company enhances the company’s capabilities in mechatronic design and simulation, providing valuable services in virtual debugging and training [6]. - The demand for elevator replacement and upgrades is expected to rise due to the aging elevator stock in China, which is nearing 10 million units [6].

证券代码：300124 证券简称：汇川技术 公告编号：2024-058 深圳市汇川技术股份有限公司 关于第一期长效激励持股计划第二个锁定期届满 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。 重要提示： 1.第二个股份锁定期届满日期：2024 年 8 月 1 日 2.第二个锁定期届满对应解锁的股份数量：601,153 股 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。公司长效激励持股计划 已由 2021 年 4 月 23 日召开的公司第四届董事会第三十四次会议、第四届监事会 第二十八次会议及2021年5月24日召开的公司2020年年度股东大会审议通过。 2022 年 5 月 24 日，公司根据 2021 年度业绩完成情况提取了第一期长效激 励持股计划业绩激励基金 14,728.67 万元。2022 年 7 月 22 日，公司召开第五届 董事会第十五次会议、第五届监事会第十次会议审议通过了《关 ...

C o m p a n y U p d a t e 股价相对大盘走势 汇川技术(300124.SZ) 买进（Buy） 公司基本信息 | --- | --- | --- | --- | |---------------------|--------|--------|--------------| | 产业别 | | | 电气设备 | | A 股价(2024/7/29) | | | 43.85 | | 深证成指(2024/7/29) | | | 8597.17 | | 股价 12 个月高/低 | | | 71.94/43.41 | | 总发行股数(百万) | | | 2678.14 | | A 股数(百万) | | | 2267.10 | | A 市值(亿元) | | | 994.13 | | 主要股东 | | | 香港中央结算 | | | | | 有限公司 | | | | | (21.56%) | | 每股净值(元) | | | 9.02 | | 股价/账面净值 | | | 4.86 | | | 一个月 | 三个月 | 一年 | | 股价涨跌(%) | | | | 近期评等 | --- | --- | --- ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 61.62 CNY per share based on a 30x PE for 2024 [3]. Core Insights - The company's revenue for the first half of the year is projected to be between 15.56 billion to 16.19 billion CNY, representing a year-on-year growth of 25% to 30%. However, the net profit attributable to the parent company is expected to be between 1.97 billion to 2.18 billion CNY, showing a slight decline of 5% to an increase of 5% year-on-year, primarily due to a decrease in investment income [2][3]. - The company continues to gain market share, with net profit margins recovering quarter-on-quarter. The market share for general servo and low-voltage frequency converters has increased to 30.3% and 21.4%, respectively, reflecting a year-on-year increase of 1.0 and 2.3 percentage points [2]. - The report highlights the potential recovery in the general automation industry as inventory replenishment approaches in 2024, supported by the company's international expansion, digitalization strategy, and new product development [2]. Financial Summary - The company is expected to achieve net profits of 5.50 billion, 6.30 billion, and 7.15 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding revenue growth rates of 19.1%, 20.4%, and 19.9% [5]. - The projected EBITDA for 2024 is 6.15 billion CNY, with a growth rate of 16.0% [5]. - The earnings per share (EPS) is forecasted to be 2.05 CNY for 2024, with a price-to-earnings (P/E) ratio of 22.56 [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 61.35 CNY, indicating an expected increase of over 20% relative to the market benchmark index within the next six months [8]. Core Views - The company is expected to achieve revenue of 155.64-161.86 billion CNY in H1 2024, representing a year-on-year growth of 25%-30%. The net profit attributable to shareholders is forecasted to be between 19.73-21.81 billion CNY, with a year-on-year change of -5% to 5% [2]. - The company is focusing on digitalization and internationalization strategies, including the acquisition of a French industrial software company to enhance its digital factory design capabilities [2]. - The general automation business is expected to grow by 5%-10%, while the new energy vehicle business is projected to grow by approximately 60% due to increased deliveries from major clients [2]. Financial Summary - Revenue is projected to grow from 30.42 billion CNY in 2023 to 37.25 billion CNY in 2024, reflecting a growth rate of 22% [3]. - Net profit is expected to increase from 4.74 billion CNY in 2023 to 5.48 billion CNY in 2024, with an EPS growth from 1.77 CNY to 2.05 CNY [3]. - The company’s P/E ratio is projected to decrease from 26.2 in 2023 to 22.7 in 2024, indicating a more attractive valuation over time [3]. Segment Performance - The general automation segment is experiencing stable growth, while the new energy vehicle segment is rapidly expanding, contributing significantly to overall revenue [2]. - The elevator business is under pressure due to a 21.8% decline in housing completion area, leading to an expected revenue decrease of about 5% [2]. - The rail transit business is anticipated to grow by approximately 25% as the company expands its order acquisition efforts [2].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to see significant growth in its industrial automation segment, while the new energy vehicle sector is entering a harvest period [1] - The company forecasts a revenue increase of 25%-30% for the first half of 2024, with a projected revenue of approximately 158.75 billion yuan, representing a year-on-year growth of 28% [3] - The report highlights the company's strong operational alpha, despite challenges in the industrial control sector and significant impacts from the new energy vehicle market [3] Revenue and Profit Forecast - Total revenue is projected to grow from 30,420 million yuan in 2023 to 37,292 million yuan in 2024, reflecting a year-on-year growth rate of 22.59% [2] - The net profit attributable to the parent company is expected to increase from 4,742 million yuan in 2023 to 5,456 million yuan in 2024, with a growth rate of 15.06% [2] - The report anticipates a stable profit margin despite increased competition and pricing pressures in the new energy vehicle sector [3] Segment Performance - The industrial automation segment is expected to grow by 15%-20% year-on-year, driven by demand from traditional industries and overseas markets [3] - The new energy vehicle segment is projected to see a revenue increase of over 60% in Q2 2024, although profit margins may be under pressure due to competitive pricing [3] - The elevator business is expected to maintain stable growth of 0-5% for the year, supported by overseas expansion and large-scale projects [4] Valuation and Target Price - The report adjusts the net profit forecast for 2024-2026 to 54.6 billion yuan, 66.2 billion yuan, and 78.4 billion yuan respectively, with corresponding P/E ratios of 23x, 19x, and 16x [4] - A target price of 71.4 yuan is set for 2024, based on a P/E ratio of 35x [4]

Financial Performance - The company's operating revenue for the reporting period is expected to be between 1,556.36 million and 1,618.62 million CNY, representing a year-on-year growth of 25% to 30%[3] - The net profit attributable to shareholders is projected to be between 197.31 million and 218.08 million CNY, showing a year-on-year change of -5% to 5%[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 196.08 million and 214.75 million CNY, with a year-on-year growth of 5% to 15%[3] Revenue Drivers - The significant revenue growth is primarily driven by the rapid increase in revenue from the new energy vehicle business and steady growth in general automation business[5] Profitability and Margins - The overall gross profit margin has decreased due to changes in product revenue structure and intensified market competition[5] - Investment income and fair value changes have declined due to exchange rate fluctuations and decreases in the fair value of equity investments[5] Expense Management - The company has managed to control expenses, with the growth rate of sales, management, and R&D expenses being lower than the revenue growth rate[5] Strategic Focus - The company has been focusing on internationalization, energy management, and digitalization strategies during the reporting period[5] Cautionary Notes - This earnings forecast is based on preliminary estimates by the company's finance department, with detailed financial data to be disclosed in the 2024 semi-annual report[6] - Investors are advised to be cautious and aware of investment risks[6]

投资者关系活动记录表 证券代码：300124 证券简称：汇川技术 深圳市汇川技术股份有限公司投资者关系活动记录表 编号：2024-11 投资者关系活 特定对象调研 □分析师会议 动类别 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 其他 电话会议 参与单位名称 一、6月24日 及人员姓名 第一场：现场调研 Macquarie Asset Management 共1人 第二场：电话会议 Aikya Asset Management共 1人 二、6月25日 第一场：现场调研 Hanwha Asset Management、Korea Investment Management、 KB Securities、申万宏源证券共7人 ...