汇川技术：24三季报点评：静待工控拐点，新能源汽车业务维持高增

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 25.397 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 26.22%, with a net profit attributable to shareholders of 3.354 billion yuan, up 1.04% year-on-year, meeting expectations [1] - The revenue growth is driven by a significant increase in the new energy vehicle (NEV) business, which saw a year-on-year increase of 96% [1] - The general automation business maintained positive growth despite a relatively weak industry environment, with sales revenue of approximately 10.9 billion yuan for the first nine months of 2024, up 4% year-on-year [1] - The company anticipates a turning point in the general automation business as the impact from the photovoltaic and lithium battery sectors gradually diminishes [1] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 25.397 billion yuan, with a quarterly revenue of 9.214 billion yuan in Q3, reflecting a year-on-year increase of 20.13% [1] - The gross margin for Q1-Q3 2024 was 31.02%, down 4.76 percentage points year-on-year, while the net margin was 13.45%, down 3.18 percentage points year-on-year [1] - The company expects to maintain a strong growth trajectory in its NEV business, with over 20 new order projects added in the first three quarters of 2024 [1][2] Earnings Forecast and Valuation - The revised earnings forecast for 2024-2026 includes revenues of 37.511 billion yuan, 46.129 billion yuan, and 55.836 billion yuan, respectively, with net profits of 5.025 billion yuan, 5.837 billion yuan, and 6.902 billion yuan [2] - The projected diluted EPS for 2024-2026 is 1.88 yuan, 2.18 yuan, and 2.58 yuan, respectively, with corresponding PE ratios of 29.6, 25.5, and 21.6 times [2] - The company is positioned to benefit from the automation upgrade in the manufacturing sector, maintaining a "Buy" rating [2]