汇川技术：三季报点评：收入同比增长20%，工控业务有望逐步修复

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].