汇川技术跟踪报告：汇川自研iFA上线，国产工控生态智启新程

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The launch of the iFA platform marks a significant advancement in domestic industrial automation, enhancing project development and maintenance efficiency [1][2] - The Chinese industrial software market is growing, with the iFA platform positioned to compete with Siemens' software, facilitating hardware localization and supporting the company's growth in automation and new business areas like humanoid robots [2][4] Financial Performance - In Q3 2024, the company achieved a revenue of 9.21 billion yuan, a year-on-year increase of 20%, while the net profit attributable to shareholders was 1.24 billion yuan, a decrease of 1% [3] - For the first three quarters of 2024, total revenue reached 25.4 billion yuan, up 26% year-on-year, with a net profit of 3.35 billion yuan, reflecting a 1% increase [3] Business Segments - General Automation: Revenue for the first three quarters was 10.9 billion yuan, a 4% increase year-on-year, with significant contributions from various product lines [4][10] - New Energy Vehicles: Revenue reached 10.4 billion yuan, a remarkable 96% increase year-on-year, indicating strong growth potential [10] - Smart Elevators: Revenue was 3.6 billion yuan, down 6% year-on-year, while rail transit revenue was 340 million yuan, down 9% [10] Growth Drivers - The general automation market in China is projected to reach 311.5 billion yuan in 2023, with a growth rate of 11%, indicating substantial growth potential [4] - The company is positioned as a domestic leader in core product markets, with a clear and stable development path supported by manufacturing recovery and product expansion [4][11] Earnings Forecast - Revenue projections for 2024-2026 are 37.6 billion yuan, 48.2 billion yuan, and 58.0 billion yuan, with year-on-year growth rates of 24%, 28%, and 21% respectively [11] - Net profit forecasts for the same period are 4.8 billion yuan, 5.8 billion yuan, and 6.5 billion yuan, with growth rates of 0% in 2024, 22% in 2025, and 13% in 2026 [11]