汇川技术23年报及24年一季报点评：培育业务逐步收获，工控龙头迈向全球

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 30.42 billion yuan in 2023, representing a year-on-year increase of 32.21%, with a net profit attributable to shareholders of 4.742 billion yuan, up 9.77% year-on-year [5][6] - In Q4 2023, the company reported revenue of 10.299 billion yuan, a year-on-year increase of 52.18%, and a net profit of 1.422 billion yuan, up 15.19% year-on-year [5][6] - The company is expected to benefit from the manufacturing cycle in the short term, with its nurturing businesses entering a harvest phase in the medium term [5][6] - Long-term growth is anticipated through product diversification, internationalization, digitalization, and energy management [6] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 30.42 billion yuan, with a gross profit margin of 33.55%, down 1.5 percentage points year-on-year due to changes in product mix [5][6] - Q1 2024 revenue was 6.492 billion yuan, a year-on-year increase of 35.78%, with a net profit of 0.811 billion yuan, up 8.56% year-on-year [5][6] Business Segments - The company’s general automation, new energy vehicles, smart elevators, and rail transit businesses grew approximately 24%, over 80%, 3%, and 20% year-on-year, respectively [5][6] - The new energy vehicle segment achieved profitability for the first time, with a net profit of 0.26 billion yuan in 2023 [6] Market Position - The company holds leading market shares in various segments, including 28.2% in general servo and 17.0% in low-voltage frequency converters [6] - The company’s industrial robots captured a 6.5% market share in the domestic market, ranking fourth overall [6] Future Outlook - The company is expected to maintain high growth potential through strategic initiatives in product categories, international expansion, and digital solutions [6] - Forecasted net profits for 2024-2026 are 5.61 billion, 7.07 billion, and 9.18 billion yuan, with corresponding price-to-earnings ratios of 30, 24, and 18 times [6]