业绩简评 8 月 25 日，公司发布 2025 半年度报告，1H25 实现营收 205.1 亿元，同比+26.7%，归母净利润 29.7 亿元，同比+40.1%，扣非归 母净利润 26.7 亿元，同比+29.1%，毛利率 30.2%，同比-1.5pct， 经营性现金流 30.2 亿元，同比+65%； Q2 实现营收 115.3 亿元，同比+19.0%，归母净利润 16.5 亿元， 同比+25.9%，扣非归母净利润 14.4 亿元，同比+12.8%%，毛利率 29.6%，同比-0.2pct，Q2 业绩略超预期。 经营分析 通用自动化：行业需求好转，公司营销&解决方案竞争力持续提升。 设备更新&数字化转型政策带动自动化行业需求复苏，25H1 OEM 市场规模同比+2%。公司持续加强营销网络部署及本土化服务， 25H1 整体自动化业务实现营收 88 亿元，同比+17%，毛利率 44.5%， 同比+0.7pct，伺服/低压变频器/小型 PLC/工业机器人市场份额 32%/22%/7%/8%,看好公司定制化解决方案优势持续提升市占率。 新能源汽车：维持高速增长，规模优势持续扩大。25H1 国内新能 源汽车销量 694 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 37.041 billion yuan for 2024, representing a year-on-year growth of 21.77%. However, the net profit attributable to shareholders decreased by 9.62% to 4.285 billion yuan, while the net profit excluding non-recurring items was 4.036 billion yuan, down 0.87% [2][6] - In Q1 2025, the company achieved a revenue of 8.978 billion yuan, marking a year-on-year increase of 38.28%. The net profit attributable to shareholders surged by 63.08% to 1.323 billion yuan, and the net profit excluding non-recurring items rose by 55.87% to 1.234 billion yuan [2][6] - The company continues to see high growth in the new energy vehicle sector, with revenue growth of 68% in 2024 and 66% in Q1 2025. The general automation business is showing signs of recovery, with a growth of 1% in 2024 and 28% in Q1 2025 [2][12] - The company is focusing on strategic initiatives, including humanoid robots and AI, which are expected to create new growth drivers. The company has developed low-voltage high-power drivers and other components for humanoid robots, with promising performance in internal tests [12][12] Summary by Sections Financial Performance - For 2024, total revenue was 37.041 billion yuan, with a gross profit margin of 29%. The net profit margin was 11.6% [16] - In Q1 2025, the company reported a net profit margin of 14.96%, an increase of 2.3 percentage points year-on-year [12][12] Business Segments - The new energy vehicle and rail transit businesses showed significant growth, with respective year-on-year increases of 68% and 66% in 2024 and Q1 2025. The general automation business also showed recovery with a 28% growth in Q1 2025 [12][12] - The company’s market share in key product categories such as servo systems and low-voltage frequency converters has improved, ranking first in several categories [12][12] Strategic Initiatives - The company is advancing its strategic initiatives in internationalization, digitalization, and energy management, while also investing in humanoid robots and AI technologies [12][12] - The company plans to launch components for humanoid robots in the market in 2025, leveraging its understanding of industrial scenarios to develop intelligent solutions [12][12]

Key Points - In Q1 2025, the company reported revenue of 9 billion yuan, a year-on-year increase of 38%, and a net profit attributable to shareholders of 1.3 billion yuan, up 63% year-on-year [1] - For the full year 2024, the company achieved revenue of 37 billion yuan, a 22% increase year-on-year, but net profit attributable to shareholders decreased by 10% to 4.3 billion yuan [1] Segment Analysis - General Automation: Revenue reached 15.2 billion yuan in 2024, a 1% increase year-on-year, with specific product revenues of 5.6 billion yuan for general servo, 5.2 billion yuan for general frequency converters, 1.3 billion yuan for PLC&HMI, and 1.1 billion yuan for industrial robots [2] - New Energy Vehicles: Revenue was 16 billion yuan, a significant increase of 70% year-on-year, driven by the growth of the new energy vehicle industry and increasing penetration rates [2] - Smart Elevators: Revenue declined to 4.9 billion yuan, a 7% decrease year-on-year, with the domestic elevator production dropping by 8% [3] - Rail Transit: Revenue increased to 560 million yuan, a 2% growth year-on-year [3] Future Focus Areas - The company is prioritizing internationalization, digitalization, energy management, AI, and humanoid robots, with overseas revenue reaching 2 billion yuan in 2024, a 17% increase [3] - Progress in humanoid robots includes the development of high-power drivers and high-performance joint components, as well as establishing connections with machine manufacturers and industrial clients [3] Profit Forecast and Valuation - Short-term outlook suggests a recovery in the industrial control cycle and steady profit contribution from the new energy vehicle business [3] - Long-term projections estimate revenues of 45.2 billion yuan, 54.7 billion yuan, and 65.7 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 4.9 billion yuan, 5.9 billion yuan, and 7.1 billion yuan, reflecting year-on-year growth rates of 14%, 19%, and 20% [3]

Investment Rating - The report assigns a positive investment rating to Huichuan Technology, indicating a strong performance outlook relative to the market index [8]. Core Insights - Huichuan Technology's dual strategy in "Intelligent Manufacturing & New Energy Vehicles" has led to better-than-expected performance in the first quarter of 2025, with a revenue of 9 billion yuan, representing a 38% year-on-year increase, and a net profit of 1.3 billion yuan, up 63% year-on-year [6]. - The company is projected to achieve a revenue of 37 billion yuan in 2024, a 22% increase year-on-year, with a net profit of 4.285 billion yuan, reflecting a 10% decline year-on-year [6]. - The report highlights the company's strong market position in various segments, including general automation and new energy vehicles, with significant growth in revenue from the latter [6]. Financial Summary - Revenue Forecast: - 2024: 37.041 billion yuan - 2025: 45.244 billion yuan - 2026: 54.711 billion yuan - 2027: 65.723 billion yuan - Year-on-year growth rates are projected at 22% for 2024 and 2025, 21% for 2026, and 20% for 2027 [2]. - Net Profit Forecast: - 2024: 4.285 billion yuan - 2025: 4.906 billion yuan - 2026: 5.859 billion yuan - 2027: 7.044 billion yuan - Year-on-year growth rates are projected at -10% for 2024, 14% for 2025, 19% for 2026, and 20% for 2027 [2]. - Earnings Per Share (EPS) Forecast: - 2024: 1.6 yuan - 2025: 1.8 yuan - 2026: 2.2 yuan - 2027: 2.6 yuan [2]. Segment Performance - General Automation: - Revenue of 15.2 billion yuan in 2024, a 1% increase year-on-year, with market shares of 18.6% in low-voltage frequency converters and 28.3% in general servos, ranking first in both categories [6]. - New Energy Vehicles: - Revenue of 16 billion yuan in 2024, a 70% increase year-on-year, driven by industry growth and increased market penetration [6]. - Smart Elevators: - Revenue of 4.9 billion yuan in 2024, a 7% decrease year-on-year, reflecting a broader market decline [6]. Future Outlook - The company is focusing on internationalization, digitalization, energy management, AI, and humanoid robots as key growth areas [6]. - The long-term forecast suggests a robust growth trajectory, with expected revenues of 45.244 billion yuan in 2025, 54.711 billion yuan in 2026, and 65.723 billion yuan in 2027, alongside net profits of 4.906 billion yuan, 5.859 billion yuan, and 7.044 billion yuan respectively [6].