证 券 研 究 报 告 汇川技术（300124）2025 年中报点评 强推（维持） 业绩符合预期，电车高增持续释放利润 目标价：84.8 元 事项： 公司发布 2025 年中报：公司 2025 年上半年营收为 205 亿元，同比+26.7%； 归母净利润为 29.7 亿元，同比+40.1%；扣非归母净利润为 26.7 亿元，同比 +29.1%。其中二季度单季，营收为 115 亿元，同比+19.0%；归母净利润为 16.5 亿元，同比+25.9%；扣非归母净利润为 14.4 亿元，同比+12.6%。 公司研究 电力电子及自动化 2025 年 08 月 27 日 | 强推 (维持) | | --- | | 目标价:84.8元 | 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 37,041 | 46,541 | 55,549 | 65,670 | | 同比增速(%) | 21.8% | 25.6% | 19.4% | 18.2% | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a revenue of 20.509 billion yuan in the first half of 2025, representing a year-on-year growth of 26.73%, and a net profit of 2.968 billion yuan, with a year-on-year increase of 40.15%. The growth in revenue and profit is primarily driven by the expansion of the new energy vehicle business and steady growth in general automation [1][8] - The company is a leader in industrial control in China, with continuous improvement in its market share in general automation and significant growth in the new energy vehicle sector. The humanoid robot business is expected to become a leading player in the industry [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 11.531 billion yuan, a year-on-year increase of approximately 18.99%, and a net profit of 1.646 billion yuan, up 25.91% year-on-year. The gross margin and net margin for the first half of the year were 30.23% and 14.65%, respectively, with a slight decrease in gross margin but an increase in net margin due to effective cost control [1][4] - The company’s revenue from general automation was 8.807 billion yuan, growing 17% year-on-year, while the new energy vehicle business generated 9.266 billion yuan, marking a 50% increase. The revenue from smart elevators was 2.306 billion yuan, down 1% due to a sluggish real estate market [2] Business Development - The humanoid robot business is progressing well, with advancements in joint modules, ball screws, and application scenarios. The company is addressing industry pain points such as heat protection and insufficient output through the development of low-voltage high-power drivers and frameless torque motors [3] - The company has established a strong presence in overseas markets, with revenue of 1.32 billion yuan, a year-on-year increase of 39%, and notable achievements in markets like South Korea and Vietnam [2] Financial Forecasts - The company’s projected net profits for 2025 to 2027 are 5.317 billion yuan, 6.447 billion yuan, and 7.644 billion yuan, respectively, with corresponding P/E ratios of 34, 28, and 24 [3][4]

投资评级:增持(维持) 上半年业绩快速增长，盈利能力不断提升 汇川技术(300124) 证券研究报告 自动化设备 / 公司点评 / 2025.08.26 | 基本数据 | 2025-08-25 | | --- | --- | | 收盘价(元) | 71.85 | | 流通股本(亿股) | 23.88 | | 每股净资产(元) | 11.22 | | 总股本(亿股) | 26.95 | 最近 12 月市场表现 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 30,420 | 37,041 | 45,627 | 54,803 | 65,177 | | 收入增长率(%) | 32.2 | 21.8 | 23.2 | 20.1 | 18.9 | | 归母净利润(百万元) | 4,742 | 4,285 | 5,739 | 6,920 | 8,220 | | 净利润增长率(%) | 9.8 | - ...

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 ...