汇川技术（300124.SZ）2024 年年报及 2525 年一季报点评 25Q1 业绩同环比改善明显，新能源车业务高增 2025 年 04 月 30 日 ➢ 事件：2025 年 4 月 28 日，公司发布 24 年年报、25 年一季报。2024 年， 公司实现营收 370.41 亿元，同比+21.77%；归母净利润 42.85 亿元；同比- 9.62%；扣非归母净利润 40.36 亿元，同比-0.87%。单 24Q4，公司实现营收 116.44 亿元，同比+13.1%，环比+26.37%；归母净利润 9.32 亿元，同比- 34.50%，环比-24.61%；扣非归母净利润 9.01 亿元，同比-12.09%，环比- 15.49%。25Q1 实现营收 89.78 亿元，同比+38.28%，环比-22.89%；归母净 利润 13.23 亿元，同比+63.08%，环比+41.98%；扣非归母净利润 12.34 亿元， 同比+55.87%，环比+36.92%。 ➢ 通用自动化板块同比仍维持增势，光伏锂电以外行业订单同比增 20%。2024 年制造业需求整体承压，工业自动化行业需求减少，市场规模已连续下滑两年， 公司 ...

证 券 研 究 报 告 汇川技术（300124）2024 年报及 2025 年一季报点评 强推（维持） 电车释放利润，海外战略支撑，人形加力布局 事项： ❖ 公司发布 2024 年报及 2025 年一季报：公司 2024 年营收为 370 亿元，同比增 长 21.8%；归母净利润为 42.9 亿元，同比-9.6%；扣非净利润为 40.4 亿元，同 比-0.9%。公司 2025 年一季度营收为 90 亿元，同比+38.3%；归母净利润为 13.2 亿元，同比+63.1%；扣非净利润为 12.3 亿元，同比+55.9%。 评论： [ReportFinancialIndex] 主要财务指标 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 29 日收盘价 公司研究 电力电子及自动化 2025 年 04 月 30 日 目标价：84.8 元 当前价：67.12 元 华创证券研究所 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 证券分析师：黄麟 邮箱：huanglin1@hcyjs.com 执业编号：S036052 ...

投资者关系活动记录表 证券代码：300124 证券简称：汇川技术 深圳市汇川技术股份有限公司投资者关系活动记录表 编号：2025-5 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | □其他 | | 参与单位名称及 | 总体参会人员约 770 人。 | | 人员姓名 | | | 时间 | 2025 年 4 月 29 日 15:00-17:00 | | 地点 | 进门财经平台 公司董事长、总裁朱兴明先生 | | | 董事、副总裁、董事会秘书宋君恩先生 | | 上市公司接待人 | | | 员姓名 | 独立董事黄培先生 | | | 财务总监刘迎新女士 | | | 管理层对公司 2024 年年度及 2025 年第一季度的经营情况进行 | | | 了回顾，并回复投资者问题。 | | | 1、在当前的关税环境下，公司有没有感受到整个行业受到关税 | | | 影响的压力，对未来的展望？ | | 投资者关系活动 | 回复：四月份看到了一些影响但并不大，还需要观察五月份、六 | ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 汇川技术 (300124.SZ) 投资评级：买入 上次评级：买入 [Table_A [Table_Author] 武浩 电力设备与新能源行业首席分 uthor] 析师 执业编号：S1500520090001 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 孙然 电力设备与新能源行业分析师 执业编号：S1500524080003 联系电话：18721956681 邮 箱：sunran@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号金 隅大厦B座 邮编：100031 [Table_Title] 新能源车业务高增，战略布局人形机器人 ➢ 新能源车业务高增长，通用自动化业务龙头优势明显。1）新能源汽车 业务方面，2024 年公司新能源汽车业务营收 160 亿元，同比增长 70%， 客户定点持续提升，2025Q1 新能源汽车&轨交实现 39 亿元，同比增长 66%。2）通用自动化业务方面，2 ...

• 汇川技术重视工业软件和 IT 与 OT 融合，推出国内首款工业自动化全集成 软件平台 IFA，并通过产投战略投资多家工业软件企业，同时在自身生产 制造过程中广泛应用 AI 技术。 • 汇川技术将人形机器人视为未来最大机会，聚焦核心零部件开发，如驱动 器、无框电机模组以及滚珠丝杠，并计划在 2027 年至 2028 年推出完整 的人形机器人产品和解决方案。 汇川技术在全球化布局方面有哪些具体举措？ 汇川技术 20250429 摘要 • 2024 年汇川技术营收达 370 亿元，同比增长 22%，归母净利润 43 亿元， 同比下降 9.6%，主要受新能源汽车毛利率及行业竞争影响，但经营现金 流强劲，达 72 亿元，同比增长超 100%。 • 2025 年一季度，汇川技术营收 90 亿元，同比增长 31%，归母净利润 13 亿元，同比增长 63%。通用自动化和新能源汽车业务增长显著，毛利率提 升至 31%。 • 通用自动化板块 2024 年增长 2%，海外收入快速增长，伺服系统销售额 56 亿元，变频器 52 亿元，小型 PLC 13 亿元，工业机器人 11 亿元，市 场份额持续提升。 • 新能源汽车板块产品解 ...

证券研究报告 汇川技术 (300124 CH) 25Q1 业绩超预期 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 电气设备 | 公司公布 24 年报与 25 年一季度业绩：24 年收入 370.41 亿元(同比 +21.77%)，归母净利 42.85 亿元(同比-9.62%)，扣非归母净利 40.36 亿元(同 比-0.87%)。25Q1 收入 89.78 亿元(同比+38.28%/环比-22.89%)，归母净利 13.23 亿元(同比+63.08%/环比+41.98%)，扣非归母净利 12.34 亿元(同比 +55.87%/环比+36.92%)。24 年业绩低于我们预测（50.28 亿元），主要系 市场竞争加剧影响盈利。25Q1 业绩超过我们预期（9.45 亿元），主要系工 控订单增速较快。看好公司持续巩固工控与新能源汽车领域地位，维持买入。 综合毛利率受业务结构变化影响略有下滑，期间费用率下滑 24Q4 毛利率 23.65%，同/环比-5.53/-6.04pct；25Q1 毛利率 30.98%，同/ ...

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance significantly exceeded expectations, with a revenue of 89.8 billion yuan, representing a year-on-year growth of 38% [8] - The company aims for a revenue growth of 10-30% and a net profit growth of 5-25% for 2025 [8] - The strategic focus on "AI + humanoid" robotics is a major new initiative, with plans to enhance investment in humanoid robots and related technologies [9] Financial Summary - Total revenue for 2023 is projected at 30,420 million yuan, with a year-on-year growth of 32.21% [1] - The net profit attributable to shareholders for 2023 is expected to be 4,742 million yuan, with a year-on-year increase of 9.77% [1] - The earnings per share (EPS) for 2023 is estimated at 1.76 yuan [1] - The company anticipates a total revenue of 37,041 million yuan for 2024, with a year-on-year growth of 21.77% [1] - The projected net profit for 2024 is 4,285 million yuan, reflecting a year-on-year decrease of 9.62% [1] - The company expects to achieve a net profit of 5,628 million yuan in 2025, with a year-on-year growth of 31.34% [1] - The price-to-earnings (P/E) ratio for 2025 is projected at 30.84 [1] Business Segments - The industrial automation segment showed strong performance with a revenue growth of nearly 30% year-on-year in Q1 2025 [8] - The electric vehicle segment continues to grow at over 60%, with a projected revenue of 225-240 billion yuan in 2025 [8] - The elevator segment is expected to maintain steady growth, with revenue projected to reach 49-52 billion yuan in 2025 [8]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [6][12]. Core Insights - The company has demonstrated solid performance in its financials, with a revenue of 37.04 billion RMB in 2024, reflecting a year-over-year growth of 21.8%. However, the net profit decreased by 9.6% to 4.29 billion RMB [7]. - The company's revenue from the new energy vehicle (NEV) segment has shown remarkable growth, achieving 16.64 billion RMB in 2024, a year-over-year increase of 67.8% [7]. - The automation business has seen a slight increase in market share despite a challenging domestic market, with key products maintaining top rankings in their respective categories [7]. - The company is focusing on cost control, with a decrease in the expense ratio, which has positively impacted its profitability [7]. - Future growth is anticipated in the NEV sector and the development of humanoid robots, with significant investments planned for new product lines [12]. Financial Performance Summary - In 2024, the company reported a total revenue of 37.04 billion RMB, with a breakdown showing NEV revenue at 16.64 billion RMB and general automation revenue at approximately 15.24 billion RMB [7][13]. - The first quarter of 2025 showed a revenue of 8.98 billion RMB, marking a year-over-year increase of 38.3%, with net profit reaching 1.32 billion RMB, up 63.1% [7]. - The projected net profits for 2025 to 2027 are 5.81 billion RMB, 6.73 billion RMB, and 7.45 billion RMB, respectively, indicating a strong growth trajectory [10][12]. Market Position and Strategy - The company holds a leading position in the automation sector, with significant market share increases in various product categories, including servos and frequency converters [7]. - The strategic focus on expanding the NEV market and humanoid robotics is expected to enhance the company's competitive edge and market presence [12]. - The company plans to initiate research and development for its sixth-generation powertrain and related products in the second half of 2025 [12].