Group 1 - The core viewpoint of the report is that Minsheng Securities recommends Sanhua Intelligent Control (002050.SZ) due to its improving profitability in the refrigeration business, steady growth in the automotive parts sector, and strategic expansion into biomimetic robotics for future growth [1][1][1] Group 2 - The refrigeration business is experiencing continuous improvement in profitability driven by product optimization [1] - The automotive parts business shows stable growth with ongoing global expansion efforts [1] - The company is strategically positioning itself in the biomimetic robotics sector to create a third growth curve [1]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4]. Core Insights - The company reported H1 2025 revenue of 16.263 billion yuan, an increase of 18.91% year-on-year, and a net profit attributable to shareholders of 2.110 billion yuan, up 39.31% year-on-year [1]. - The cooling business continues to enhance profitability, with revenue from air conditioning components reaching 10.389 billion yuan in H1 2025, a year-on-year increase of 25.49%, accounting for 63.88% of total revenue [3]. - The automotive parts business also showed steady growth, with H1 2025 revenue of 5.874 billion yuan, up 8.83% year-on-year, representing 36.12% of total revenue [3]. - The company is strategically expanding into the bionic robotics sector, leveraging its motor manufacturing experience to create a new growth curve [4]. Financial Performance Summary - In Q2 2025, the company achieved revenue of 8.593 billion yuan, a year-on-year increase of 18.74% and a quarter-on-quarter increase of 12.05% [2]. - The gross margin for Q2 2025 was 29.27%, up 1.44 percentage points year-on-year and 2.44 percentage points quarter-on-quarter [2]. - The net profit margin for Q2 2025 was 14.13%, an increase of 2.03 percentage points year-on-year and 2.09 percentage points quarter-on-quarter [2]. - The company expects revenues of 32.637 billion yuan, 36.948 billion yuan, and 41.758 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 4.070 billion yuan, 5.014 billion yuan, and 5.931 billion yuan [5].

Core Viewpoint - The company reported strong financial performance for H1 2025, with significant year-on-year growth in both revenue and net profit, indicating a positive outlook for its core businesses and global expansion strategy [1][2][4]. Revenue Analysis - In Q2 2025, the company achieved revenue of 8.59 billion yuan, representing a year-on-year increase of 18.7%, driven by strong performance in refrigeration parts and automotive components [1][3]. - Refrigeration parts contributed approximately 5.4 billion yuan in Q2 revenue, with a year-on-year growth of 23%, benefiting from domestic demand and global expansion efforts [3]. - Automotive components generated around 3.2 billion yuan in Q2 revenue, showing a recovery with a year-on-year increase of 12%, primarily from key clients like Xiaomi and Geely [3]. Profitability Analysis - The company’s gross margin improved by 0.7 percentage points year-on-year in H1, with both refrigeration and automotive components contributing to this increase [4]. - In Q2, the net profit margin rose by 2.1 percentage points year-on-year, reflecting effective cost management and operational efficiency [4]. - The company’s strategic focus on cost reduction and efficiency enhancement is evident, with reductions in sales, management, and R&D expenses [4]. Investment Recommendations - The company maintains a "buy" rating, supported by its upward trend in core businesses and competitive advantages from global expansion [5]. - Revenue projections for 2025-2027 are estimated at 32.38 billion, 37.17 billion, and 43.20 billion yuan, with corresponding net profits of 3.97 billion, 4.56 billion, and 5.20 billion yuan, indicating robust growth [5].

Core Insights - The humanoid robot industry is emerging as a new frontier in technological competition and a key area for listed companies to invest in [1] Company Developments - Top Group (601689) is expanding its robot product line by establishing an electric drive division, focusing on core components like actuators and developing various robotic products [3] - Sanhua Intelligent Control (002050) is enhancing its capabilities in bionic robot actuators and has received high praise from clients for its innovative product improvements [3] - Junpu Intelligent (688306) has successfully developed a humanoid robot arm prototype and is establishing a production line for humanoid robots, marking a significant commercial milestone with a contract worth approximately 28.25 million yuan [4] - Efort (688165) is increasing its investment in humanoid robots and believes in the long-term value of the robot industry, with over 90 million yuan allocated for R&D in the first half of 2025 [4] - Longsheng Technology (300680) is advancing its dual-path approach in core component and complete machine development, achieving breakthroughs in key components [5] Industry Trends - The demand for high-end screws and bearings is expected to grow rapidly alongside the development and commercialization of humanoid robots and smart vehicles [6] - Beite Technology (603009) is investing 1.85 billion yuan in a new planetary roller screw production base, with ongoing construction [6] - Zhenyu Technology (300953) has delivered various micro components and is in the process of supplier onboarding for linear actuators and planetary roller screws [6] - Wuzhou Xinchun (603667) is focusing on reverse planetary roller screws and has secured small batch orders from several clients [7] - Fuliwang (688678) has developed multiple specifications of micro planetary roller screws and is actively supplying components to leading industry clients [7]

Company Performance - In the first half of the year, the company achieved operating revenue of 16.263 billion yuan, a year-on-year increase of 19% [1] - The net profit attributable to shareholders reached 2.110 billion yuan, up 39% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 2.010 billion yuan, reflecting a 32% year-on-year growth [1] - For Q2, the company reported operating revenue of 8.593 billion yuan, a 19% increase year-on-year [1] - The net profit attributable to shareholders for Q2 was 1.207 billion yuan, also up 39% year-on-year [1] - The net profit after deducting non-recurring gains and losses for Q2 was 1.157 billion yuan, showing a 35% year-on-year increase [1] Dividend Announcement - The company proposed a semi-annual dividend plan, distributing 1.2 yuan for every 10 shares, totaling over 500 million yuan, with a dividend payout ratio of 24% [2] Industry Overview - According to industry data, the domestic household air conditioning industry achieved total sales of 123 million units in the first half of 2025, a year-on-year increase of 8% [3] - Domestic sales reached 66.54 million units, up 9% year-on-year, while exports were 56.56 million units, also reflecting an 8% increase [3] - The domestic market is expected to maintain stability in the second half of the year, supported by policies such as the old-for-new replacement program [3] - The company's revenue from refrigeration components was 10.389 billion yuan, a year-on-year increase of 25.49%, significantly outperforming the industry [3] - The net profit from refrigeration components was 1.29 billion yuan, up 59.15% year-on-year, with a net profit margin increase of 2.62 percentage points to 12.38% [3] - In the new energy vehicle sector, the company reported revenue of 5.874 billion yuan, an 8.83% year-on-year increase, which is lower than the industry growth rate [3] Profit Forecast - Based on strong growth in traditional cold chain business, the profit forecast for the company has been raised, expecting net profits of 3.75 billion, 4.16 billion, and 4.60 billion yuan for 2025-2027, representing year-on-year growth of 21%, 11%, and 11% respectively [4] - The corresponding current price-to-earnings ratios are projected to be 36, 32, and 29 times [4]

Core Insights - The company Sanhua Intelligent Control (002050) reported a total revenue of 16.263 billion yuan for the first half of 2025, representing an 18.91% year-on-year increase, and a net profit attributable to shareholders of 2.11 billion yuan, up 39.31% year-on-year [1] - The second quarter alone saw a revenue of 8.593 billion yuan, also an 18.75% increase year-on-year, with a net profit of 1.207 billion yuan, reflecting a 39.2% increase [1] - The company's profitability improved, with a gross margin of 28.12%, up 2.38% year-on-year, and a net margin of 13.15%, up 18.16% year-on-year [1] Financial Performance - Total revenue for 2024 was 13.676 billion yuan, while for 2025 it reached 16.263 billion yuan, marking an 18.91% increase [1] - Net profit attributable to shareholders increased from 1.515 billion yuan in 2024 to 2.11 billion yuan in 2025, a rise of 39.31% [1] - The company's gross margin improved from 27.46% in 2024 to 28.12% in 2025, and net margin increased from 11.13% to 13.15% [1] Cost Management - Total selling, administrative, and financial expenses amounted to 1.248 billion yuan, accounting for 7.68% of revenue, which is a decrease of 7.35% year-on-year [1] - The company's cash flow per share remained stable at 0.31 yuan, while earnings per share increased from 0.40 yuan to 0.57 yuan, a growth of 42.5% [1] Investment Metrics - The company's return on invested capital (ROIC) was 13.69% last year, indicating strong capital returns [3] - The historical median ROIC over the past decade was 12.97%, suggesting a generally average investment return [3] - Analysts expect the company's performance for 2025 to reach 3.812 billion yuan, with an average earnings per share forecast of 0.92 yuan [4] Fund Holdings - The largest fund holding Sanhua Intelligent Control is the New Energy Vehicle LOF, with 14.2778 million shares, which has seen a reduction in holdings [5] - Other funds, such as the China Europe Times Pioneer Stock A and the Oriental New Energy Vehicle Mixed Fund, have increased their holdings [5] - The New Energy Vehicle LOF fund has a current scale of 4.57 billion yuan and has appreciated by 56.11% over the past year [5]

Core Insights - The humanoid robot industry is emerging as a new competitive frontier in technology, attracting significant interest from listed companies [1] - Companies are showcasing their latest advancements in humanoid robotics through their recent semi-annual reports [1] Company Developments - Top Group (拓普集团) is expanding its robotics product line by establishing an electric drive division, focusing on key components like linear and rotary actuators, and is actively developing products such as dexterous hand motors [2] - Sanhua Intelligent Control (三花智控) is enhancing its product capabilities in the bionic robotics sector, receiving high praise from clients for its innovative developments and overall product improvements [2] - Junpu Intelligent (均普智能) has successfully developed a humanoid robot arm prototype with a load capacity of 10 kg and is constructing a production line with an annual capacity of 1,000 units [3] - Efort (埃夫特) is investing over 90 million yuan in R&D for industrial robots and humanoid robotics, emphasizing its commitment to the long-term value of the robotics industry [3] - Longsheng Technology (隆盛科技) is advancing its dual-path strategy in core component and complete machine development, achieving breakthroughs in key components [4] Industry Growth - The demand for high-end screws and bearings is expected to rise rapidly alongside the development and commercialization of humanoid robots and smart vehicles [5] - Beite Technology (北特科技) is investing 1.85 billion yuan to establish a planetary roller screw R&D and production base, with ongoing construction of the main project [5] - Zhenyu Technology (震裕科技) has delivered various micro screw components and is engaged in integrating hardware solutions for dexterous hands, with successful small-batch orders from domestic and international clients [5] - Wuzhou Xinchun (五洲新春) is focusing on reverse planetary roller screws and automotive ball screws, securing small-batch orders from several clients due to its technological advantages [6] - Fuliwang (福立旺) has developed multiple specifications of micro planetary roller screws and is in the process of sample delivery to leading industry clients [6]

证券代码：002050 证券简称：三花智控 公告编号：2025-084 浙江三花智能控制股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 截至本公告披露日，公司总股本为 4,208,925,935 股，公司回购专户中的股 份数量为 2,707,721 股。根据《公司法》的规定，上市公司通过回购专户持有的 本公司股份，不享有参与利润分配和资本公积金转增股本的权利。故本公告中 计算相关比例时，总股本均为剔除公司回购专户中的股份后剩余股份数，即 二、2025 年半年度利润分配预案的基本情况 审计）。 未分配利润 1,836,924,867.90 元，减去公司向全体股东支付的 2024 年度现金股利 金红利 1.20 元（含税），不送红股，不以资本公积金转增股本。合计派发 若在分配方案实施前公司总股本由于股份回购、股权激励行权、再融资新增 股份上市等原因而发生变化时，按照分配比例不变的原则对分配总额进行相应调 整。本次现金分红以人民币计值和宣布，其中 A 股股息以人民币支付，H 股股 息以港币支付。H 股股息以港元分派的实际金额按照公司 202 ...

上 市 公 司 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 | 市场数据： | 2025 年 08 月 29 日 | | --- | --- | | 收盘价（元） | 31.88 | | 一年内最高/最低（元） | 36.96/16.65 | | 市净率 | 4.6 | | 股息率%（分红/股价） | 1.10 | | 流通 A 股市值（百万元） | 117,456 | | 上证指数/深证成指 | 3,857.93/12,696.15 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 7.01 | | 资产负债率% | 36.80 | | 总股本/流通 A 股（百万） | 4,209/3,684 | | 流通 B 股/H 股（百万） | -/477 | 一年内股价与大盘对比走势： 08-29 09-29 10-29 11-29 12-29 01-29 02-28 03-31 04-30 05-31 06-30 07-31 -50% 0% 50% 100% 150% 三花智控 沪 ...

Group 1: Financial Performance - The company achieved a revenue of 16.263 billion yuan in the first half of 2025, representing an 18.91% year-on-year increase [6] - Net profit attributable to shareholders reached 2.11 billion yuan, up 39.31% year-on-year [7] - Gross profit margin was 28.12%, an increase of 0.65% compared to the previous year [7] - Net profit margin attributable to shareholders was 12.97%, reflecting a 1.90% year-on-year increase [7] Group 2: Business Segments Performance - Revenue from the refrigeration and air conditioning components business was 10.389 billion yuan, a 25.49% increase year-on-year [7] - Revenue from the automotive components business was 5.874 billion yuan, showing an 8.83% year-on-year growth [7] Group 3: Market Trends and Drivers - The growth in the refrigeration and air conditioning market is driven by increasing demand for temperature regulation due to climate variability [7] - The penetration rate of air conditioning in regions like Europe and Africa remains low, indicating significant market potential [7] - The expansion of heat pump technology into new applications such as data centers and energy storage is expected to exceed traditional household appliance markets [7] Group 4: Strategic Initiatives - The company is actively expanding its data center liquid cooling segment, leveraging over 40 years of experience in refrigeration technology [8] - A dedicated robotics division has been established to focus on electromechanical actuators and AI, facilitating product development and mass production [10] - The company has implemented targeted measures to enhance operational quality, contributing to the significant increase in net profit [10] Group 5: Globalization and Tariff Impact - The company has established overseas production bases in Poland, Mexico, Thailand, and Vietnam to ensure localized production [10] - Global production base layout and flexible capacity allocation have strengthened supply chain stability amid tariff policies [10] - The company has successfully negotiated favorable terms regarding tariff cost sharing with clients, ensuring long-term competitiveness [10]