证券日报网讯汇川技术（300124）8月28日发布公告，在公司回答调研者提问时表示，当前商业服务场 景的人形机器人落地多为实验性质或试用性质，还未进入量产阶段。公司在人形机器人领域的定位，优 先做好高品质、高性能的核心零部件，为产业提供坚实的零部件基础；同时针对工业场景的需求，布局 场景化的解决方案。 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's revenue for 2024 is projected to be 37.04 billion yuan, representing a year-on-year growth of 21.8%. The net profit attributable to the parent company is expected to be 4.29 billion yuan, a decrease of 9.6% year-on-year [3][4] - The company's new energy vehicle business is experiencing significant growth, with a revenue of 16 billion yuan in 2024, up 70% year-on-year. In Q1 2025, the revenue from the new energy vehicle and rail transit sectors reached 3.9 billion yuan, a 66% increase year-on-year [4] - The company is strategically entering the AI sector, focusing on humanoid robots, leveraging its expertise in motion control and servo drives. The humanoid robot business is set to officially launch in 2024 [4] Financial Performance Summary - In 2023, the total revenue was 30.42 billion yuan, with a year-on-year growth of 32.2%. The net profit attributable to the parent company was 4.74 billion yuan, reflecting a 9.8% increase [3] - The projected total revenue for 2025 is 48.53 billion yuan, with an expected year-on-year growth of 31%. The net profit is forecasted to be 5.54 billion yuan, a growth of 29.3% [3][4] - The gross profit margin is expected to be 29.3% in 2025, with a return on equity (ROE) of 16.4% [3]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company's Q1 2025 performance met market expectations, with a revenue of 4.395 billion yuan, a year-on-year increase of 11.55%. However, the net profit attributable to shareholders decreased by 43.44% to 175 million yuan, primarily due to last year's investment gains from the disposal of subsidiary equity. The non-recurring net profit attributable to shareholders increased by 32.85% to 168 million yuan [1][2] - The gross margin slightly improved to 18.96%, up by 1.26 percentage points year-on-year, while the expense ratio decreased by 0.69 percentage points to 12.58%, indicating ongoing cost control efforts [3] - The company is focusing on a "dual pillar + artificial intelligence" strategy to enhance its global layout, aiming to strengthen its traditional consumer electronics business while expanding its new energy business, particularly in energy storage systems. The company is also developing its artificial intelligence innovation business, targeting humanoid robot core components and high-speed communication products [4] Financial Summary - The company forecasts revenue for 2025-2027 to be 18.877 billion, 21.838 billion, and 24.383 billion yuan, representing year-on-year growth of 11.5%, 15.7%, and 11.7% respectively. The net profit attributable to shareholders is expected to be 865 million, 1.007 billion, and 1.168 billion yuan, with growth rates of 12.1%, 16.3%, and 16.0% respectively [8][10] - The earnings per share (EPS) for 2025-2027 are projected to be 0.64, 0.74, and 0.86 yuan, with corresponding price-to-earnings (PE) ratios of 33.04x, 28.40x, and 24.48x [8][10]

Investment Rating - The report maintains a positive investment rating for the electric power equipment and new energy industry [2]. Core Insights - The emergence of DeepSeek is accelerating the arrival of the AI era, significantly reshaping energy demand and driving the development of distributed clean energy systems [5][9]. - The demand for intelligent computing is boosting the AIDC (Artificial Intelligence Data Center) sector, with a focus on power distribution systems as a core component [23][46]. - The human-shaped robot industry is entering a phase of industrialization, with significant potential in core component markets such as sensors and motors [48][54]. Summary by Sections Section 1: DeepSeek and Restructured Demand - DeepSeek's efficiency improvements and open-source ecosystem are facilitating the AI era, leading to increased demand for distributed energy [9][10]. - The AI-driven demand for computing power is expected to stimulate electricity demand, with a notable increase in the need for power supply systems [14][33]. - The human-shaped robot industry is on the verge of industrialization, with a focus on reducing costs and enhancing capabilities through AI [58]. Section 2: High-Quality Innovation and Supply - The report emphasizes the importance of technological innovation in overcoming the challenges of overcapacity in the new energy sector, with DeepSeek's advancements accelerating applications in various stages of production [11][17]. Section 3: Smart Energy Internet Development - The integration of AI is pivotal in creating a smart energy internet, which is expected to enhance the efficiency and sustainability of energy systems [17][19]. - The report highlights the need for new energy systems to adapt to the increasing demand for distributed energy solutions, driven by AI advancements [21][39]. Section 4: Investment Recommendations - Key investment areas include AIDC power supply manufacturers, UPS and HVDC companies, and core component suppliers for human-shaped robots [46].