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汇川技术(300124):上半年业绩快速增长,盈利能力不断提升

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 20.509 billion yuan in the first half of the year, representing a year-on-year growth of 26.73%, and a net profit attributable to shareholders of 2.968 billion yuan, up 40.15% year-on-year [7] - The company is actively expanding its product offerings in human-machine collaboration, which is expected to drive future growth [7] - The company maintains a leading market share in several core products, including 32% in general servo systems and 22% in low-voltage frequency converters [7] Financial Performance - Revenue forecast for 2023A is 30.42 billion yuan, with a growth rate of 32.2%, and is expected to reach 45.627 billion yuan by 2025E, with a growth rate of 23.2% [6][8] - Net profit attributable to shareholders is projected to be 5.739 billion yuan in 2025E, reflecting a growth rate of 33.9% [6][8] - The company's R&D investment for the first half of the year was 1.97 billion yuan, a year-on-year increase of 33%, indicating a commitment to enhancing product competitiveness [7] Market Position - The company has a strong market presence, with a 10.1% market share in electric motor controllers for new energy passenger vehicles, ranking second [7] - The company is focusing on strategic areas such as internationalization, digitalization, energy management, AI, and humanoid robots to create new growth engines [7] Valuation Metrics - The projected PE ratios for 2025E, 2026E, and 2027E are 33.7, 28.0, and 23.6 respectively [6][8] - The company's ROE is expected to be 17.7% in 2025E, improving to 18.9% by 2027E [6][8]