汇川技术：25Q1业绩超预期-20250430

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 82.14 [8][9]. Core Views - The company reported a revenue of RMB 37.041 billion for 2024, a year-on-year increase of 21.77%, and a net profit attributable to shareholders of RMB 4.285 billion, a decrease of 9.62% year-on-year. The first quarter of 2025 saw revenues of RMB 8.978 billion, a year-on-year increase of 38.28% [1]. - The company is expected to continue strengthening its position in the industrial control and new energy vehicle sectors, with a positive outlook on order growth in these areas [1][3][4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 37.041 billion, up 21.77% year-on-year, while the net profit attributable to shareholders was RMB 4.285 billion, down 9.62% year-on-year. The first quarter of 2025 showed a revenue of RMB 89.78 billion, reflecting a 38.28% year-on-year increase [1]. - The gross margin for Q1 2025 was 30.98%, a decrease of 3.65% year-on-year, attributed to the increased proportion of low-margin new energy vehicle business and intensified market competition [2]. Market Position - The company holds leading market shares in various segments, including general servo systems (28.3%), low-voltage frequency converters (18.6%), and industrial robots (8.8%) in China [3]. - The new energy vehicle business continues to grow rapidly, with a revenue of approximately RMB 39 billion in Q1 2025, marking a 66% year-on-year increase [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders is RMB 5.534 billion for 2025, RMB 6.729 billion for 2026, and RMB 8.129 billion for 2027, with a compound annual growth rate (CAGR) of 21.19% from 2025 to 2027 [5]. - The target price of RMB 82.14 corresponds to a price-to-earnings (PE) ratio of 40 times for 2025, reflecting a premium due to the company's industry leadership and technological advantages [5].