证券代码：002380 证券简称：科远智慧 南京科远智慧科技集团股份有限公司 投资者关系活动记录表 公司下游用户场景主要包括能源、电力、化工、石化、钢铁、 建材、水务和水泥等行业。从业务占比来看，去年能源电力占比超 70%，是最主要的业务板块；化工占比 16%，冶金、建材等其他领 域占比较小。行业增长情况，能源电力板块作为持续支撑公司增长 的主要动力，主要得益于火电 DCS 系统从几年前开始全面启动并 不断加速的自主可控替代，截至去年底国产化渗透率达 43%；化工 板块去年业绩下滑，主要是化工行业产能过程，景气度下行；钢铁 板块自今年年初启动 PLC 国产化替代，已获得部分订单，发展前 景广阔；建材、水务等行业当前业务占比不高，预期后续国产化浪 潮驱动，均展现出一定的增长潜力。 | 投资者关系活 | ☑特定对象调研□分析师会议 | | --- | --- | | 动类别 | □媒体采访□业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 | 中泰证券：王心悦 | | 及人员姓名 | 国泰基金：谢泓材 | | | 东方红资管 ...

Group 1: Investor Relations Activities - The investor relations activities took place from May 19 to May 29, 2025, involving multiple sessions including on-site research and strategy meetings [5]. - A total of 16 participants from various investment firms attended the first on-site research session on May 19 [1]. - The activities included participation from 33 individuals in the third on-site research session and 73 individuals in the fourth session [2][3]. Group 2: Company Cost Advantages - The company maintains cost advantages over foreign brands primarily through low costs in R&D, marketing, and management [5]. - Compared to domestic brands, the company benefits from leading product design, scale effects in procurement and manufacturing, and effective quality control [5]. - The company employs rapid product iteration and optimization to enhance performance while reducing costs, ensuring stable gross margins despite competitive pressures [6]. Group 3: PLC and Industrial Robot Development - The company is increasing investment in medium to large PLC products, which are crucial for high-end applications in industries like photovoltaics and lithium batteries [7]. - The industrial robot business has seen significant growth due to a strong sales platform, extensive customer base, and continuous optimization of the regional sales network [8]. - The company plans to expand its industrial robot product series to meet diverse industry needs, with applications already established in sectors such as 3C, photovoltaics, and lithium batteries [9]. Group 4: Product Expansion and Market Opportunities - The company is actively expanding its product lines in automation, including pneumatic and guide rail products, to meet customer demands and explore new market opportunities [10]. - The elevator business is projected to grow steadily, focusing on expanding into multinational enterprises and enhancing service offerings in the aftermarket [11]. - The company aims to leverage its comprehensive elevator electrical solutions to capture market share among domestic and international clients [11].

Group 1: Company Overview - Huichuan Technology is a leading enterprise in the domestic industrial control sector, actively expanding into the humanoid robotics field and incubating several "seed" businesses to enhance domestic process industry levels [1] - The company has established a humanoid robotics business team and developed high-performance joint component prototypes, with product launches expected this year [2][3] Group 2: Humanoid Robotics Opportunities - The chairman of Huichuan Technology, Zhu Xingming, highlighted two key factors for the company's optimistic shift towards humanoid robotics: the open-sourcing of large models and increased customer recognition [2] - The company anticipates that 2025 will be an appropriate entry point into the humanoid robotics market, with significant results expected by 2030 [2] Group 3: Industrial Automation and Process Improvement - Huichuan Technology's general automation business achieved revenue of 15.2 billion yuan in 2024, with 4.1 billion yuan in the first quarter of this year [4] - The company is focusing on enhancing process software to bridge the gap in domestic process industries, which lag behind international standards by at least 10 years [4] Group 4: New Energy Vehicle and Storage Solutions - The revenue from Huichuan Technology's new energy vehicle business grew nearly 70% year-on-year, benefiting from rapid growth in electric control, motors, and assemblies [5] - The company has re-entered the energy storage market, with a focus on the transition from fossil fuels to multi-energy supply structures, and has seen significant growth in its PCS storage inverter shipments, exceeding 7 GW [5] Group 5: International Expansion Strategy - Huichuan Technology's overseas business revenue reached 2.039 billion yuan last year, marking a 17.22% increase, contributing approximately 5.51% to total revenue [6] - The company is committed to a long-term strategy for international expansion, focusing on acquiring quality overseas assets and enhancing its global presence [6]

Core Viewpoint - The company reported a revenue increase of 13.5% year-on-year for 2024, reaching 1.71 billion yuan, with a net profit growth of 14.8% to 229 million yuan, indicating strong financial performance despite rising expenses [1] Financial Performance - 2024 revenue: 1.71 billion yuan, up 13.5% year-on-year [1] - 2024 net profit: 229 million yuan, up 14.8% year-on-year [1] - 2024 net profit excluding non-recurring items: 203 million yuan, up 25.8% year-on-year [1] - Q1 2025 revenue: 390 million yuan, up 14.3% year-on-year [1] - Q1 2025 net profit: 46 million yuan, up 3.5% year-on-year [1] - Q1 2025 net profit excluding non-recurring items: 40 million yuan, up 8.2% year-on-year [1] Strategic Initiatives - The company is advancing its major client strategy, with a focus on expanding its marketing network, leading to an increase in period expense ratios [2] - 2024 comprehensive gross margin: 37.7%, up 1.91 percentage points year-on-year, driven by higher gross margin PLC contributions [2] - Sales expense ratio for 2024: 11.4%, up 2.05 percentage points year-on-year [2] - Management expense ratio for 2024: 4.78%, up 0.19 percentage points year-on-year [2] - R&D expense ratio for 2024: 9.81%, up 0.05 percentage points year-on-year [2] - The company has initiated projects with over 80 S-level clients across emerging industries such as new energy vehicles, semiconductors, and smart logistics [2] Market Position and Product Development - The company achieved a 9.5% market share in the domestic small PLC market, with revenue growth of 21% to 648 million yuan in 2024 [3] - The domestic small PLC market size for 2024 is projected at 6.81 billion yuan, down 7.6% year-on-year [3] - The company is developing a large PLC product, expected to launch in 2025 [3] - The drive business generated 806 million yuan in revenue in 2024, with a gross margin of 24.5% [4] - The company is actively developing components for humanoid robots and plans to launch new high-performance servo drive systems [4] Investment Outlook - Revenue forecasts for 2025-2027 have been adjusted to 2.13 billion yuan, 2.64 billion yuan, and 3.21 billion yuan respectively [5] - Net profit forecasts for 2025-2027 have been adjusted to 288 million yuan, 361 million yuan, and 437 million yuan respectively [5] - The target price is adjusted to 71.7 yuan based on a 35 times PE ratio for 2025, maintaining a "strong buy" rating [5]