2026 年 02 月 11 日 赵旭东 H70556@capital.com.tw 目标价(元) 88 公司基本信息 | 产业别 | | 电气设备 | | --- | --- | --- | | A 股价(2026/2/11) | | 75.45 | | 深证成指(2026/2/11) | | 14160.93 | | 股价 12 个月高/低 | | 91/59.92 | | 总发行股数(百万) | | 2707.23 | | A 股数(百万) | | 2398.57 | | A 市值(亿元) | | 1809.72 | | 主要股东 | | 香港中央结算 | | | | 有限公司 | | | | (17.90%) | | 每股净值(元) | | 12.70 | | 股价/账面净值 | | 5.94 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -3.7 | 6.3 12.4 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-08-27 | 71.2 | 买进 | | 2025-10-24 | 78.4 | 买进 | | 202 ...

东吴证券研报指出，汇川技术业绩符合市场预期，工控需求持续向好。预计25年归母净利润49.7~54.0 亿元，同比+16~26%，综合看，公司业绩符合市场预期。行业需求持续复苏、上顶策略下α凸显。预计 全年板块收入同比+20%，26年随行业需求进一步复苏，收入有望保持25%+增长。公司新势力、传统车 企、海外车企多元发展，国内TOP客户小米/理想/广汽埃安/奇瑞25年销量同比+201%/-19%/-23%/+8%， 表现分化。人形机器人方面，执行器&仿生臂产品性能领先、剑指解决方案供应商。公司产品涵盖旋 转、线性关节执行器及主要零部件，同时布局仿生臂、小脑等产品。产品在功率密度、扭矩密度、散 热、精度&稳定性等方面优势显著，零部件自研率高。相关研发&销售投入不断增加，进展可期。考虑 到公司工控业务拐点已至，机器人星辰大海，给予26年40xPE，目标价94.1元，维持"买入"评级。 ...

February 10, 2026 03:16 PM GMT Shenzhen Inovance Technology | Asia Pacific 4Q25 Prelims – Revenue Miss; Core Earnings In Line Reaction to earnings Unchanged Modest shortfall Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways 4Q revenue was -3% to +29% y-y; midpoint of Rmb13.2bn (+13% y-y) was 7% below our estimate/consensus, slower than 3Q's +21% y-y. Based on MIR data, Inovance's ...

新京报贝壳财经讯2月10日，汇川技术（300124）发布2025年度业绩预告，预计2025年营业收入429.68 亿元—466.72亿元，比上年同期增长16%—26%；归属于上市公司股东的净利润49.71亿元—54亿元，比 上年同期增长16%—26%；扣除非经常性损益后的归属于上市公司股东的净利润47.62亿元—51.66亿 元，比上年同期增长18%—28%。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance for 2025 is in line with market expectations, driven by a sustained demand in industrial control [1][3] - The revenue from the new energy vehicle sector is expected to grow rapidly, with a strategic focus on intelligent chassis business [3] - The company is diversifying its customer base, including both domestic and overseas clients, with significant sales growth expected from key customers [3] - The overall revenue growth for the company is projected to be 30% year-on-year for the new energy vehicle segment in 2025, with continued growth anticipated in 2026 [3] Financial Summary - Total revenue forecast for 2025 is between 429.7 billion to 466.7 billion yuan, representing a year-on-year increase of 16% to 26% [8] - The net profit attributable to shareholders is expected to be between 49.7 billion to 54.0 billion yuan, also reflecting a year-on-year increase of 16% to 26% [8] - The earnings per share (EPS) for 2025 is projected at 1.93 yuan, with a price-to-earnings (P/E) ratio of 40.68 based on the latest diluted shares [1][10] - The company anticipates a net profit growth of 22% for 2025, with a target price set at 94.1 yuan based on a P/E of 40x for 2026 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance for 2025 is in line with market expectations, driven by a sustained demand in industrial control [1][3] - The revenue from the new energy vehicle sector is expected to grow rapidly, with a strategic focus on intelligent chassis business [3] - The company is diversifying its development across new forces, traditional car manufacturers, and overseas markets, with significant sales growth from key domestic clients [3] Financial Summary - Total revenue forecast for 2025 is between 42.97 billion and 46.67 billion RMB, representing a year-on-year growth of 16% to 26% [8] - The net profit attributable to shareholders is projected to be between 4.97 billion and 5.40 billion RMB, also reflecting a year-on-year increase of 16% to 26% [8] - The earnings per share (EPS) for 2025 is estimated at 1.93 RMB, with a price-to-earnings (P/E) ratio of 40.68 based on the latest diluted shares [1][10] Segment Analysis - **New Energy Vehicles**: Revenue growth is expected to be 30% year-on-year for the entire segment, with a slowdown anticipated in Q4 2025 [3] - **General Automation**: The industry demand is recovering, with a projected revenue growth of 20% for the year, and potential for over 25% growth in 2026 [9] - **Elevators**: The segment is expected to see a modest revenue increase of 0% to 5% in 2025, with continued exploration of overseas and large-scale projects [9] - **Humanoid Robots**: The company is focusing on leading performance in actuator and bionic arm products, with significant R&D investments [9] Valuation and Price Target - The target price for the stock is set at 94.1 RMB, based on a 40x P/E ratio for 2026 [9]

今日看点 | | | 2月10日晚间重要公告摘要 | | --- | --- | --- | | 条和 | 公司 | 主要内容 | | 聚焦 | | 葛卫东耗资10亿元认购江淮汽车定增股票 | | | 中芯国际 | 业绩快报:2025年第四季度净利润同比增长23.2% | | | *ST立方 | 完成停牌核查 11日起复牌 | | 业绩精选 | 特宝生物 | 业绩快报:2025年净利润10.38亿元 同比增长25.39% | | | 新宙邦 | 业绩快报:2025年度净利润同比增长16.56% | | | 有研硅 | 业绩快报:2025年实现营业总收入10.05亿元 | | | 汇川技术 | 2025年净利润同比预增16%-26% | | 定增&重组 | 新潮新材 | 拟定增募资不超10亿元 | | | 楚天龙 | 拟定增募资不超7.6亿元 | | | 依依股份 | 终止发行股份及支付现金购买资产事项 | | | 办鑫集成 | 公司尚不具备"太空光伏"领域相关产品的生产能力 | | | 直川股份 | 近期部分主营产品市场价格上涨 暂时无法预计对公司 | | | | 业绩的影响程度 | | | 运机集团 | 全 ...

报告期内，公司研发费用增速高于收入同比增速，主要原因系：①公司持续提升核心技术竞争力，加快 产品升级迭代;②加大海外产品、软件与数字化产品的开发投入;③加大智能机器人、数字能源、智能底 盘等战略新业务投入。 汇川技术（300124）(300124.SZ)发布2025年度业绩预告，预计2025年度归属于上市公司股东的净利润 49.7亿元至54亿元，同比增长16%—26%。 报告期内，公司营业收入取得较好增长，主要系:①受下游客户定点车型放量等因素影响，新能源汽车 业务收入同比实现较好增长;②受下游行业结构性增长、公司多产品解决方案与上顶策略持续深化等因 素影响，通用自动化业务收入同比实现较好增长;③受益于跨国客户及后服务市场的持续耕耘，智慧电 梯业务同比略有增长。 ...

智通财经APP讯，汇川技术(300124.SZ)发布2025年度业绩预告，预计2025年度归属于上市公司股东的净 利润49.7亿元至54亿元，同比增长16%—26%。 报告期内，公司研发费用增速高于收入同比增速，主要原因系：①公司持续提升核心技术竞争力，加快 产品升级迭代;②加大海外产品、软件与数字化产品的开发投入; ③加大智能机器人、数字能源、智能底 盘等战略新业务投入。 报告期内，公司营业收入取得较好增长，主要系:①受下游客户定点车型放量等因素影响，新能源汽车 业务收入同比实现较好增长;②受下游行业结构性增长、公司多产品解决方案与上顶策略持续深化等因 素影响，通用自动化业务收入同比实现较好增长;③受益于跨国客户及后服务市场的持续耕耘，智慧电 梯业务同比略有增长。 ...

| | | 2月10日重要公告精选 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 热点 | 长飞光纤 | 目前不从事CPO相关业务 | | | 协鑫集成 | 尚不具备"太空光伏"领域相关产品的生产能力。 | | 项目投资 | 中倒高新 | 拟以1.45亿元实施新增PCB错针棒3000万支/年项目 | | 合同中标 | 三星医疗 | 下属全资子公司预中标3.21亿元南方电网招标项目 | | 股权转让 | 太阳能 | 子公司拟收购金华风凌100%股权 | | 业绩 | 中芯国际 | 2025年第四季度归母净利润12. 23亿元 同比增长23.2% | | 回购 | 恺英网络 | 首次回购206. 1万股 | | 增减持 | 润贝航科 | 控股股东、实际控制人拟合计减持不超过3%股份 | | 其他 | 震安科技 | 拟向宁花香等定增募资不超过7.4亿元 | | | 江苏新能 | 拟发行可转债募资不超12. 4亿元 上海智工 | 【热点】 横店影视(603103.SH)：如公司股价进一步异常上涨，公司可能申请停牌核查 协鑫集成(002506.SZ)：尚不具备"太空光伏"领域相关 ...