Group 1 - The core point of the article is that Sanhua Intelligent Control (02050.HK) experienced a significant decline in its stock price, dropping over 4% during trading, with a current price of 33.84 HKD and a trading volume of 876 million HKD [1]

Core Viewpoint - Sanhua Intelligent Control Co., Ltd. (三花智控) is expected to report a significant increase in net profit for the fiscal year 2025, driven by its strong market position in the HVAC components sector and growth in the automotive parts business related to new energy vehicles [1] Financial Performance - The company forecasts a net profit attributable to shareholders ranging from 3,873.96 million to 4,648.75 million RMB, representing a year-on-year growth of 25.00% to 50.00% [1] - The net profit after excluding non-recurring gains and losses is expected to be between 3,679.16 million and 4,614.54 million RMB, indicating a growth of 18.00% to 48.00% compared to the previous year [1] - Basic earnings per share are projected to be between 0.98 and 1.18 RMB [1] Business Drivers - The growth in performance is attributed to the company's strengthened leadership position in the HVAC components business and increased market demand [1] - The leading layout in the thermal management sector for new energy vehicles is expected to drive order expansion in the automotive parts business [1] - The synergy between the two business segments is anticipated to enhance overall performance [1]

智通财经APP讯，三花智控(02050)发布公告，于2025年12月23日，该公司斥资人民币2987.68万元回购 66.42万股A股，每股回购价格为44.71-45.28元。 ...

格隆汇12月23日丨三花智控(02050.HK)发布公告，2025年12月23日耗资人民币2987.7万元回购66.42万股 A股，回购价格每股44.71-45.28元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 浙江三花智能控制股份有限公司 FF305 確認 不適用 第一章節註釋： 若股份曾以超過一個每股價格發行/出售/購回/贖回，則須提供每股成交量加權平均價格。 若購回/贖回股份將於期終結存日期之後購回/贖回結算完成之時予以註銷，則該等購回/贖回股份仍屬A部所述期終結存當日的已發行股份的一部分。該等購回/贖回股份的詳情應在B部作 出披露。 呈交日期： 2025年12月23日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 ...

Core Insights - The article highlights the top and bottom AH share premium rates, indicating significant discrepancies in market valuations between H-shares and A-shares for various companies [1][2][3]. Group 1: Top AH Share Premium Rates - Northeast Electric (00042) leads with a premium rate of 881.82%, followed by Zhejiang Shibao (01057) at 378.65% and Hongye Futures (03678) at 278.25% [1][2]. - Other notable companies in the top ten include Sinopec Oilfield Service (01033) with a premium of 271.01% and Chenming Paper (01812) at 253.42% [2]. Group 2: Bottom AH Share Premium Rates - CATL (03750) has the lowest premium rate at -12.06%, followed by China Merchants Bank (03968) at -2.43% and Heng Rui Medicine (01276) at 3.74% [1][3]. - Other companies with low premium rates include Weichai Power (02338) at 9.23% and Midea Group (00300) at 9.47% [3]. Group 3: Top AH Share Deviation Values - Nanhua Futures (02691) has the highest deviation value at 147.43%, followed by Zhejiang Shibao (01057) at 106.42% and Junda Co. (02865) at 51.86% [1][4]. - Other companies with significant deviation values include Guanghe Tong (00638) at 110.31% and China Shipbuilding Defense (00317) at 149.77% [4]. Group 4: Bottom AH Share Deviation Values - GAC Group (02238) shows the lowest deviation value at -27.72%, followed by CIMC (02039) at -11.53% and Zhaoyan New Drug (06127) at -10.54% [1][5]. - Other companies with negative deviation values include Jiangsu Ningshu Highway (00177) at -10.06% and Longfly Optical Fiber (06869) at -10.05% [5].

Summary of Sanhua Intelligent Controls Conference Call Company Overview - **Company**: Sanhua Intelligent Controls (002050.SZ) - **Industry**: HVAC control and thermal management components Key Financial Highlights - **FY25 Pre-announcement**: Sanhua expects net income between Rmb3,874 million and Rmb4,649 million, representing a year-over-year increase of 25%-50% [1] - **4Q25 Net Profit**: Expected to be between Rmb634 million and Rmb1,406 million, indicating a year-over-year change of -21% to +76% [1] Growth Expectations - **Growth Moderation**: Anticipated growth moderation in the main business for the next two quarters, with a stable outlook for FY26 [2] - **HVAC Segment**: Continued growth pressure expected due to a high base, but potential improvement anticipated in 2026 due to likely trade-in policy extensions [5] - **EV Component Segment**: Revenue growth forecast remains unchanged at +12% for 4Q25, +12% for 1Q26, and +15% for 2Q26 [5] Customer Insights - **Tesla**: Represents approximately 25%-30% of the EV component segment revenue, with 4Q25 delivery forecast at 445K units, a 10% year-over-year decline [5] - **BYD**: Accounts for about 15%-20% of segment revenue; management expresses confidence in long-term overseas expansion despite demand uncertainty in China [5] Valuation and Price Target - **Target Price**: Rmb40.90 for Sanhua A shares and HK$43.10 for Sanhua H shares, based on a 2030E P/E of 25x, discounted back to 2026E with a cost of equity of 9.5% [9] - **Current Share Prices**: Rmb45.42 for Sanhua A and HK$35.42 for Sanhua H, indicating a downside of 10% for A shares and an upside of 21.7% for H shares [12] Investment Thesis - **Growth Potential**: Expected revenue and net profit CAGR of 18% from 2025 to 2030 [11] - **Market Position**: Strong position in HVAC and potential growth in humanoid robot actuators [11] - **Risks**: Key risks include slower-than-expected revenue from humanoid robots, global EV sales, and home appliance sales [10][11] Additional Insights - **Valuation Comparison**: Sanhua H shares have seen a price movement of -14% compared to the Hang Seng Index, while A shares have moved -9% compared to the CSI300 [8] - **Tesla Optimus Gen3**: Performance of this product is crucial for further upside in share price, with the next performance check expected in February/March 2026 [8] Conclusion Sanhua Intelligent Controls is positioned for growth in the HVAC and EV segments, with a stable outlook for FY26 despite anticipated short-term growth moderation. The company’s valuation appears attractive relative to its growth potential, but risks remain that could impact future performance.

Core Viewpoint - Sanhua Intelligent Control (02050) experienced a decline of over 5% during trading, with a current drop of 4.46%, priced at HKD 33.84, and a trading volume of HKD 876 million [1] Group 1: Stock Unlocking and Performance Forecast - On December 23, Sanhua Intelligent Control officially faced the unlocking of cornerstone shares, with 17 shareholders involved, totaling approximately 196 million shares unlocked [1] - The company released a performance forecast for 2025, expecting a net profit attributable to shareholders of approximately RMB 3.874 billion to RMB 4.649 billion, representing a year-on-year growth of 25% to 50% [1] - The forecasted net profit, excluding non-recurring gains and losses, is expected to be around RMB 3.679 billion to RMB 4.615 billion, indicating a year-on-year increase of 18% to 48% [1] Group 2: Business Growth and Market Position - The announcement highlighted the company's consolidation of its leading position in the refrigeration and air conditioning components sector, capitalizing on market demand growth opportunities [1] - The company aims to achieve sustained business growth through technological accumulation and advantages in large-scale production [1] - In the automotive components sector, the company is expanding quality orders driven by its leading position in the thermal management field for new energy vehicles and the demonstration effect of benchmark customers [1] - The synergy between the two major segments is expected to support overall performance growth for the year [1]

智通财经APP讯，三花智控(02050)公布，该集团预期2025年归属于上市公司股东的净利润约38.74 亿-46.49亿元，同比增长25%-50%;扣除非经常性损益后的净利润约36.79亿-46.15亿元，同比增长 18%-48%。 公告称，公司报告期内业绩预增的主要原因：报告期内，公司持续巩固制冷空调电器零部件业务的行业 龙头地位，充分把握市场需求增长契机，叠加核心产品深厚的技术积淀与规模化生产优势，驱动该业务 实现持续增长。与此同时，公司依托全球新能源汽车热管理领域的领先市场布局，借助标杆客户的示范 效应持续拓展优质订单，进一步夯实汽车零部件业务的业绩增长动能。两大业务板块协同发力，为公司 全年业绩增长提供了坚实的支撑。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全 部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 ZHEJIANG SANHUA INTELLIGENT CONTROLS CO., LTD. 二、與會計師事務所溝通情況 浙江三花智能控制股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股 份 代 號 ：2050） 2025 年度業績預告 本 公 告 乃 由 浙 江 三 花 智 能 控 制 股 份 有 限 公 司（「本公司」）自 願 作 出。 一、本期業績預計情況 單位：人民幣百萬元 | 項 目 | 本報告期 | | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 歸屬於上市 | | 3,873.9564 | – | 4,648.7477 | | | 公司股東的 | 比上年同期增長 | 25.00% | – | 50.00% | 3,099.1651 | | 淨利潤 | | | | | | | 扣除非 ...