通用自动化：实现收入88 亿元，同比增长17%，通用伺服系统/变频器/PLC&HMI/工业机器人（含精密 机械）分别实现收入37/27/9/6 亿元。 行业：止跌企稳。2025 年上半年，中国GDP 同比增长5.3%，制造业PMI 在49.1%-50.5%区间波动，政 策端持续加码设备更新和数字化转型，带动资本开支修复，制造业投资同比增长7.5%。据睿工业，上 半年中国工业自动化市场规模1486 亿元，同比增长1%，止跌企稳，OEM/项目型市场分别同比增长2%/ 下跌0.3%。 2025 年上半年，低压变频器/通用伺服/PLC 市场规模分别达136/113/84 亿元，分别同比增长 8%/7%/5%，工业机器人出货16.3 万台，同比增长16%。 投资要点 分板块来看：2025 年上半年，通用自动化逆势增长，新能源车业务规模持续放量 2025 上半年：营业收入205 亿元，同比增长27%；归母净利润29.7 亿元，同比增长40%；扣非归母26.7 亿元，同比增长29%。其中通用自动化/新能源汽车/智慧电梯分别实现营收88/90/23 亿元，同比增速分 别为17%/50%/-1%。 净利润增速高于收入增速主要是 ...

汇川技术 20250826 摘要 汇川技术 2025 年上半年营收 205 亿元，同比增长 27%，归母净利润 约 30 亿元，同比增长 40%，主要受益于新能源汽车和工业自动化业务 的增长，以及有效的费用控制和股权投资收益。 通用自动化板块营收 88 亿元，同比增长 17%，受益于锂电、包装等高 景气行业；新能源汽车板块营收 90 亿元，同比增长 50%，与多家国内 外车企合作；电梯业务营收 23 亿元，同比下滑 1%，受房地产市场影响。 汇川技术持续高强度研发投入，上半年达 20 亿元，同比增长 33%，占 收入比重约 10%，重点投入数字化、人形机器人、新能源汽车等战略业 务，同时严格控制三费，确保经营性现金流与利润匹配。 国际化进展总体慢于预期，但仍实现营收 13.2 亿，同比增长 39%，新 兴市场如越南、中东、泰国快速增长，发达市场通过行业定制方案与欧 洲头部客户合作取得突破。 公司维持 2025 年收入增长 10%-30%，归母净利润增长 5%-25%的经 营目标，新能源汽车业务海外定点项目增多，电控产品市占率目标 20%，预计该领域保持约 30%的增长。 Q&A 汇川技术在面对数字化和软件化趋 ...

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].