The Dongwu Securities Research Report pointed out that Huichuan Technology's equity incentives show confidence, strong industrial control, and AIDC & Robotics open up room for growth. This time, the scale of incentives has increased significantly compared to the past, and at the same time, the number coverage and incentives are strong. The assessment goals are clear and clear, and the growth of industrial control and emerging businesses is outstanding. Under K-type demand, industrial control α continues to strengthen, downstream decentralization, and AI empowerment open up room for growth. The pressure on gross margins of new energy vehicles may continue, and overseas and smart chassis will support profit recovery. AIDC & Robotics has a forward-looking layout, and the growth curve for new businesses is gradually becoming clear. Awarded 30 x PE for 27 years, corresponding to a target price of 78.3 yuan, maintaining a “buy” rating.

The Dongwu Securities Research Report pointed out that Huichuan Technology's equity incentives show confidence, strong industrial control, and AIDC & Robotics open up room for growth. The scale of incentives this time has increased significantly compared to the past, and at the same time, the number coverage and incentives are strong. The assessment goals are clear and clear, and the growth of industrial control and emerging businesses is outstanding. Under K-type demand, industrial control α continues to strengthen, downstream decentralization, and AI empowerment open up room for growth. The pressure on gross margins of new energy vehicles may continue, and overseas and smart chassis will support profit recovery. AIDC & Robotics has a forward-looking layout, and the growth curve for new businesses is gradually becoming clear. Awarded 30 x PE for 27 years, corresponding to a target price of 78.3 yuan, maintaining a “buy” rating.