川仪股份 20250907 摘要 川仪市占率自 2022 年后受行业压力未能持续提升，但受益于国产替代 和自主可控，有望在新市场份额中加速增长。 国际合作通过技术、产品和材料支持，以及协同效应，助力川仪在央国 企客户中获得更多订单，增强其市场竞争力。 国机集团的海外经验和子公司网络为川仪拓展国际市场提供了有力支持， 有望显著增加其海外收入。 川仪核心业务为自动化仪器仪表，智能调节阀、执行机构和变送器贡献 近 70%收入，下游应用集中于石化化工、冶金及核电等领域。 尽管 2024-2025 上半年利润下滑，剔除恒河合资项目影响后，母公司 利润仅小幅下降，且中报显示毛利率有所修复，盈利能力企稳。 下游炼化和化工行业资本开支筑底向上，国家政策推动老旧装置淘汰更 新，为川仪带来新的市场需求和增长机会。 川仪在核电等新兴领域订单增速显著，具备提升市场份额潜力，尤其是 在控制阀市场，相较于头部企业仍有较大增长空间。 Q&A 为什么在当前时间点重新关注川仪？川仪最近发生了哪些变化？ 川仪在 2018 年至 2020 年期间曾是机械行业的明星企业，主要受益于自主可 控政策的驱动，公司在多个品类上取得突破，营收和利润增速保持良 ...

Investment Rating - The report assigns a "Buy" rating for the company, with an initial coverage forecast for net profit of 7.51 billion, 8.67 billion, and 9.43 billion yuan for 2025-2027, corresponding to PE ratios of 15, 13, and 12 respectively [9][11]. Core Viewpoints - The company, Chuan Yi Co., is a leading enterprise in China's industrial automatic control system manufacturing industry, focusing on expanding its product categories and promoting domestic substitution to enhance market share. The company is also expected to benefit from overseas business growth [2][6][9]. - With the support of the state-owned enterprise Guo Ji Group, Chuan Yi Co. is anticipated to achieve multi-dimensional synergy in research and development, products, and channels, facilitating its growth into a world-class instrumentation enterprise [2][9]. Summary by Sections Company Overview - Chuan Yi Co. has a comprehensive product system covering temperature, pressure, level, and flow measurement, and has established itself as a leader in the industrial automatic control system manufacturing sector in China. The company has a diverse product range, including smart control valves, smart actuators, smart transmitters, and various other industrial control devices [2][6][19]. Market Potential - The market for instrumentation and control systems is vast, with the revenue of China's instrumentation manufacturing industry expected to exceed 1 trillion yuan by 2024. The company is positioned to capture significant market share through product category expansion and domestic substitution, as the global competitive landscape is still dominated by foreign enterprises [7][43]. Domestic and International Opportunities - Chuan Yi Co. is well-positioned to benefit from ongoing capital expenditures in key industries such as petrochemicals, metallurgy, and nuclear power. The company is also expanding into overseas markets, particularly in the Middle East, which presents substantial growth opportunities [8][9]. Synergy from State-Owned Enterprise Control - The acquisition by Guo Ji Group is expected to create synergies in R&D, product development, and distribution channels, enhancing the company's competitive edge and facilitating its entry into high-end markets [9][11]. Financial Performance - The company has demonstrated steady revenue growth, with a projected revenue of 7.592 billion yuan in 2024, reflecting a 2.4% year-on-year increase. The compound annual growth rate (CAGR) for revenue from 2016 to 2024 is 11.1%, while net profit has shown a CAGR of 25.2% during the same period [17][25]. Product Development and Market Strategy - Chuan Yi Co. is actively pursuing the localization of its products and enhancing its manufacturing capabilities through the establishment of smart production lines and digital workshops. The company aims to improve its product offerings and market competitiveness by focusing on high-end product development and expanding its product categories [19][23][25]. Joint Ventures and Collaborations - The establishment of the joint venture with Yokogawa Electric Corporation, known as Yokogawa Chuan Yi, is aimed at expanding into the high-end market for pressure transmitters and industrial automation control systems. This partnership is expected to contribute significantly to the company's investment income [29][30]. Competitive Landscape - The company faces competition from established global players in the instrumentation sector, such as Emerson and Yokogawa. However, there remains substantial potential for domestic substitution, particularly in the control valve and transmitter markets, where the current domestic market share is still below 50% [49][58].

Core Viewpoint - The report highlights the financial performance of Chongqing Chuanyi Automation Co., Ltd. for the first half of 2025, indicating a decline in revenue and net profit compared to the same period last year, while emphasizing the company's commitment to innovation and market expansion despite challenges in the industry [2][7][10]. Company Overview and Financial Indicators - The company reported a total revenue of 328,112.75 million RMB, a decrease of 12.37% compared to the previous year [2]. - The total profit amounted to 36,562.70 million RMB, down 8.78% year-on-year [2]. - The net profit attributable to shareholders was 32,455.78 million RMB, reflecting a decline of 10.46% [2]. - The company's net assets increased by 4.70% to 451,546.74 million RMB, while total assets decreased by 3.90% to 808,139.78 million RMB [2]. Industry and Business Situation - The company operates in the industrial automation control system manufacturing sector, which is characterized as a technology-intensive industry with broad downstream applications [3][10]. - The industry is closely tied to macroeconomic conditions, with cyclical fluctuations impacting fixed asset investments and new projects [3]. - Despite challenges, the demand for automation instruments remains stable due to ongoing technological upgrades and industry transformations [3][10]. Business Operations - The main business segments include industrial automation control systems and electronic information functional materials, with the former accounting for 86.82% of revenue [3][10]. - The company has a comprehensive product range, including smart actuators, transmitters, and control devices, which are essential for various industries such as petrochemicals, metallurgy, and power generation [3][10]. Innovation and Market Expansion - The company has increased its R&D investment, amounting to 23,095.12 million RMB, which is 7.04% of its revenue, focusing on upgrading existing products and developing new technologies [9][10]. - The company has successfully launched several new products, including smart pressure transmitters and temperature sensors, enhancing its competitive edge in the market [10][12]. - The company has established partnerships with major state-owned enterprises and expanded its market presence in sectors like nuclear power and fine chemicals, achieving significant order growth in specific segments [11][12]. Competitive Advantages - The company possesses a well-rounded product portfolio and strong technical capabilities, with a focus on high-end applications and a commitment to continuous innovation [14][16]. - The brand is recognized for its quality and service, having received multiple awards from clients, which enhances its market reputation [15][16]. - The company is actively pursuing digital transformation and smart manufacturing initiatives to improve operational efficiency and product quality [17].

Investment Rating - The report gives a "Strong Buy" rating for the company [1][8]. Core Views - The company is a leading player in the industrial automation instrumentation sector, with a comprehensive product range and advanced technology that meets domestic and some international standards [6][7]. - The report highlights the significant growth potential in the domestic instrumentation market, driven by the trend of domestic substitution and increasing demand for automation in various industries [6][9]. - The company is expected to benefit from the ongoing capital expenditure in the process industries, particularly in oil, chemical, and metallurgy sectors [8][9]. Financial Summary - Projected total revenue (in million) for 2024A, 2025E, 2026E, and 2027E are 7,592, 7,666, 8,304, and 9,131 respectively, with year-on-year growth rates of 2.4%, 1.0%, 8.3%, and 10.0% [2]. - Projected net profit attributable to shareholders (in million) for the same years are 778, 795, 915, and 1,056, with growth rates of 4.6%, 2.1%, 15.2%, and 15.4% [2]. - Earnings per share (EPS) are expected to be 1.52, 1.55, 1.78, and 2.06 for the years 2024A to 2027E [2]. Company Overview - The company has a stable shareholding structure, with its main shareholder being the Four Link Group, and is transitioning control to the State-owned Assets Supervision and Administration Commission [20][21]. - The company has a strong focus on R&D, with a steady increase in R&D expenditure from 282 million in 2020 to 535 million in 2024, reflecting a commitment to innovation and technology advancement [35][36]. Industry Analysis - The industrial automation instrumentation market in China is characterized by a wide application range, high technical barriers, and a low concentration of industry players [40][41]. - The market for industrial automation instruments has shown consistent growth, with revenues surpassing 1 trillion yuan in 2023, reflecting a compound annual growth rate (CAGR) of 8.3% from 2019 to 2024 [43][44]. - The report identifies significant opportunities for domestic brands to increase their market share in the face of foreign competition, particularly in key product categories such as control valves, flow meters, temperature instruments, and pressure transmitters [50][55][62].

Core Viewpoint - Chongqing Chuan Yi Automation Co., Ltd. reported a revenue of 7.592 billion yuan, an increase of 2.44%, and a net profit of 778 million yuan, an increase of 4.60% for the year 2024 [2][3]. Financial Performance - The company achieved a revenue of 7.592 billion yuan in 2024, up 2.44% from 2023, driven by a competitive market and a focus on core customer strategies [3][4]. - The net profit attributable to shareholders was 778 million yuan, reflecting a 4.60% increase year-on-year [4]. - The net profit after deducting non-recurring gains and losses was 643 million yuan, remaining stable compared to the previous year [4]. - The net cash flow from operating activities decreased by 31.81% to 482 million yuan [4]. Business Segments - The main business includes industrial automation control systems and engineering packages, with the industrial automation segment accounting for 88.9% of revenue and electronic information functional materials accounting for 10.4% [5]. - The industrial automation instruments and devices segment saw a revenue increase of 2.30%, while the electronic information functional materials segment grew by 9.26% [6][7]. Revenue by Product - Revenue from industrial automation instruments was 6.749 billion yuan, with a gross margin of 33.96%, but the gross margin decreased by 1.12 percentage points [7]. - Revenue from composite materials increased by 9.26%, with a gross margin increase of 0.65 percentage points [9]. - Revenue from electronic devices decreased by 5.65%, but the gross margin increased by 3.49 percentage points [9]. Regional Performance - Revenue in southern regions grew by 3.92%, while northern regions saw a 0.75% increase [10]. - Export revenue decreased by 19.04% due to international conditions affecting overseas payments [11]. Future Outlook - The company aims to achieve a revenue target of 8 billion yuan and a profit target of 808 million yuan in 2025 by expanding into various markets including petrochemicals and environmental protection [14].