Financial Performance - The company reported a net profit of 3.099 billion yuan for 2024, representing a year-on-year increase of 6.09% compared to 2.921 billion yuan in 2023 [1] - Operating revenue reached 27.947 billion yuan, up 13.8% from 24.558 billion yuan in the previous year [1] - Basic earnings per share increased to 0.8400 yuan, a rise of 3.7% from 0.8100 yuan in 2023 [1] - The return on equity (ROE) decreased to 16.77%, down 12.57% from 19.18% in the previous year [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 2.093208 billion shares, accounting for 57.03% of the circulating shares, with a decrease of 9.01622 million shares compared to the previous period [2] - The largest shareholder, Sanhua Holdings Group Co., Ltd., holds 948.4871 million shares, representing 25.84% of the total share capital, with no change [3] - Zhejiang Sanhua Green Energy Industrial Group Co., Ltd. holds 742.7480 million shares, accounting for 20.24%, also unchanged [3] Dividend Distribution - The company announced a dividend distribution plan of 2.5 yuan per share (including tax) [5]

Financial Performance - The company's operating revenue for 2024 reached ¥27,947,164,515.93, representing a 13.80% increase compared to ¥24,557,802,066.59 in 2023[16] - Net profit attributable to shareholders for 2024 was ¥3,099,165,128.06, a 6.10% increase from ¥2,920,992,940.01 in 2023[16] - The net cash flow from operating activities increased by 17.26% to ¥4,366,630,948.36 in 2024, up from ¥3,723,964,354.63 in 2023[16] - Basic and diluted earnings per share for 2024 were both ¥0.84, reflecting a 3.70% increase from ¥0.81 in 2023[16] - Total assets at the end of 2024 amounted to ¥36,354,748,426.21, a 14.00% increase from ¥31,890,584,773.41 at the end of 2023[16] - The net assets attributable to shareholders increased by 7.84% to ¥19,297,769,106.48 at the end of 2024, compared to ¥17,894,403,984.79 at the end of 2023[16] - The company reported a non-operating loss of 18,770,084.75 yuan in 2024, compared to a profit of 3,963,752.00 yuan in 2023[22] - The company incurred a foreign exchange loss of 142,941.6 thousand yuan in 2024, while reporting a futures gain of 8,592.0 thousand yuan[23] Revenue Breakdown - The company reported a quarterly revenue of ¥7,384,267,374.08 in Q4 2024, contributing to a total annual revenue of ¥27,947,164,515.93[19] - The revenue from refrigeration and air conditioning parts accounted for 59.26% of total revenue, amounting to ¥16,560,605,388.30, with a year-on-year growth of 13.09%[48] - The automotive parts segment generated ¥11,386,559,127.63, which is 40.74% of total revenue, reflecting a year-on-year increase of 14.86%[49] - Domestic sales contributed ¥15,446,505,381.49, or 55.27% of total revenue, with a growth rate of 15.24% year-on-year[49] Market Outlook - In 2024, the global economy is projected to grow at a rate of 3.2%, with China's GDP expected to reach 134.9 trillion yuan, reflecting a year-on-year growth of 5.0%[26] - The household air conditioning market in China is anticipated to produce 20,157.9 million units in 2024, representing a year-on-year increase of 19.5%[26] - Global sales of new energy vehicles are expected to reach 17,529 million units in 2024, marking a year-on-year growth of 21.6%[27] - The domestic sales market for air conditioning is expected to grow at a stable rate of 4.9% year-on-year[26] Research and Development - The company holds 4,252 domestic and international patents, including 2,261 invention patents, emphasizing its commitment to innovation[36] - Research and development expenses increased by 23.25% to ¥1,351,798,786.50, representing 4.84% of operating revenue[59] - The number of R&D personnel rose by 10.40% to 3,578, with those holding a master's degree or above increasing by 41.76% to 723[61] - The company is focusing on the development of AI and bionic robotics, aiming to capture emerging market opportunities in these sectors[42] Investment and Expansion - The company plans to issue H shares and apply for listing on the Hong Kong Stock Exchange to enhance international competitiveness and fund global R&D[43] - The company is expanding its global manufacturing and R&D footprint, with new facilities in Mexico, Poland, and various locations in China[41] - The company has made significant investments in new subsidiaries, including a 100% stake in Hangzhou Green Energy New Energy Vehicle Parts Co., Ltd. with an investment of ¥7.7 million[54] - The company has established several new subsidiaries, including Hangzhou Green Energy New Energy Vehicle Parts Co., Ltd. with an investment of ¥7.7 million, and Zhejiang Sanhua Intelligent Drive Co., Ltd. with an investment of ¥74 million[185] Corporate Governance - The company has established a "Market Value Management System" approved on March 25, 2025, to enhance valuation[97] - The company has implemented a "Quality and Return Dual Improvement" action plan to boost investor confidence and maintain shareholder interests, as disclosed on September 4, 2024[98] - The company ensures fair treatment of all shareholders, particularly minority shareholders, during general meetings[101] - The board of directors operates independently and adheres to legal requirements in its decision-making processes[102] Environmental Responsibility - The company has complied with various environmental protection laws and standards during its operations, including the Environmental Protection Law and the Air Pollution Prevention Law[160] - The company has invested a total of CNY 34.2376 million in environmental protection measures and paid environmental protection taxes during the reporting period[170] - The company has established two wastewater treatment stations and installed online monitoring devices at discharge points, ensuring compliance with environmental standards[164] - The company has been recognized as one of the first "waste-free factories" in Shaoxing City as of July 2020, and has passed the "waste-free factory" audit in 2023[166] Risk Management - The company has outlined potential risks and countermeasures in its future development outlook section of the report[4] - Future risks include fluctuations in raw material prices, particularly copper and aluminum, which significantly impact production costs[95] - Labor costs are rising, which compresses profit margins; the company plans to enhance smart manufacturing levels to mitigate this risk[95] - The company faces trade and exchange rate risks due to its significant export volume, particularly in North America and Europe, and is implementing strategies to manage these risks[95] Shareholder Engagement - The company has implemented a share repurchase program, utilizing over 1.1 billion yuan since 2018 to protect shareholder interests[44] - The company plans to distribute a cash dividend of ¥2.5 per 10 shares, based on a total share base of 3,730,997,314 shares[4] - The company distributed a cash dividend of 932,749,328.50 yuan, representing 100% of the distributable profit of 1,836,924,867.90 yuan[143] Strategic Initiatives - The company is transitioning from a cost-leadership strategy to a technology-leadership strategy, focusing on energy-saving and intelligent control products[93] - The company is actively developing its bionic robot business, focusing on electromechanical actuators and expanding overseas production capabilities[94] - The company is exploring potential mergers and acquisitions to further strengthen its market position and diversify its product offerings[117] Employee Management - The total number of employees at the end of the reporting period is 19,787, with 3,523 in the parent company and 16,264 in major subsidiaries[139] - The company has established a comprehensive compensation system based on market salary levels and job value assessment, including base salary, bonuses, and long-term incentives[140] - The company has established a talent cultivation system that includes leadership, professional, and new employee training programs[142]

市场表现： 2025年3月17日-3月21日，我们构建的国信人形机器人指数下跌7.64%，强于沪深300指数5.35pct，强于上证综合指数6.04pct，年初至今上涨29.7%；部分核心公司 中，拓普集团下跌8.28%，三花智控下跌6.62%，中鼎股份下跌5.74%，银轮股份下跌4.74%，北特科技下跌6.46%，双林股份上涨28.85%，贝斯特下跌4.71%，祥鑫科技上涨 10.34%，双环传动下跌2.35%，斯菱股份下跌13.39%，豪能股份上涨0.11%，精锻科技上涨4.07%，蓝黛科技上涨17.47%，凌云股份上涨9.22%，旭升集团下跌6.2%，爱柯迪下 跌5.91%，均胜电子下跌5.55%，征和工业上涨11.78%，美力科技下跌0.9%。 行业动态： 行业新闻： 1）特斯拉：人形机器人Optimus今年将进入试生产阶段；2）Figure AI发布BotQ，用于生产Figure机器人的工厂；3）宇树科技发布视频，G1成为全球首 次完成侧空翻、鲤鱼打挺的人形机器人；4）华为申请注册"MATEROBOT"商标；5）国家地方共建人形机器人创新中心将发布通用具身智能平台"格物"；6）众擎机器人发 布"斧头 ...

Investment Rating - The report gives an "Accumulate" rating for the company with a target price of 36.29 CNY [2][11]. Core Insights - The company is positioned as a leader in automotive thermal management and a core supplier of components for robotics, continuously expanding its business boundaries and achieving sustained high growth [3][11]. - The report highlights the significant growth potential driven by the electric vehicle market, which is reshaping the supply chain and increasing the value of thermal management components [11][16]. Financial Summary - The company’s revenue is projected to grow from 24.56 billion CNY in 2023 to 34.80 billion CNY in 2026, with a compound annual growth rate (CAGR) of approximately 11.7% [8][18]. - Net profit attributable to the parent company is expected to increase from 2.92 billion CNY in 2023 to 4.31 billion CNY in 2026, reflecting a CAGR of about 14.6% [8][18]. - Earnings per share (EPS) are forecasted to rise from 0.78 CNY in 2023 to 1.16 CNY in 2026 [8][18]. Business Overview - The company has a strong foothold in the refrigeration market, with leading global market shares in key components such as electronic expansion valves and four-way valves [11][25]. - The automotive parts segment is benefiting from the electrification of vehicles, with the value of thermal management components in electric vehicles being approximately three times higher than that in traditional vehicles [11][50]. - The company is also expanding into emerging markets such as energy storage and robotics, which are expected to provide new growth avenues [11][19]. Market Position - The company serves a diverse range of high-profile clients in both the refrigeration and automotive sectors, including major brands like Panasonic, Mitsubishi, and BMW [11][35]. - The report emphasizes the company's commitment to innovation and quality, which has established it as a trusted partner in the global thermal management industry [11][25].

周观点：人形机器人产业端进展频出， 持续关注人形机器人产业链 ——人形机器人行业周报（2025.3.3-2025.3.7） [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 （1）优必选促发群体智能觉醒，在极氪实现全球首例多台多场景多任 务人形机器人协同实训。近日，优必选在极氪5G智慧工厂开展全球首 例多台、多场景、多任务的人形机器人协同实训，探索建立面向多任 务工业场景的通用人形机器人群体作业解决方案，推动人形机器人从 单机自主向群体智能进化。 （2）中国政府网发布视频《机器人群侠传》。中国政府网在公众号发 布了视频《机器人群侠传》，视频经过剪辑，将不同场景、种类繁多的 机器人与武林绝技相联系，全方位展示了我国在机器人领域的前沿成 果。 （3）《深圳市具身智能机器人技术创新与产业发展行动计划（2025- 2027年）》发布。3月3日，《深圳市具身智能机器人技术创新与产业发 展行动计划（2025-2027年）》（以下简称《行动计划》）正式发布。深 圳将重点引领核心技术攻坚突破、打造公共服务平台矩阵，吸引更多 上下游企业、科研机构、创新团队等聚集，营造最优创新生态，推动 具 ...

证券代码：002050 证券简称：三花智控 公告编号：2025-010 浙江三花智能控制股份有限公司 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》相关 规定：公司应当在首次回购股份事实发生的次日予以公告。现将具体情况公告如 下： 一、首次回购公司股份的具体情况 关于首次回购公司股份的公告 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。 浙江三花智能控制股份有限公司（以下简称"公司"）于 2024 年 12 月 30 日 召开的第七届董事会第三十次临时会议，审议通过了《关于回购公司股份的议 案》。2025 年 1 月 8 日，公司披露了《回购股份报告书》（公告编号：2025-002）。 具体关于回购股份的信息详见在巨潮资讯网（http://www.cninfo.com.cn）和 《证 券时报》《上海证券报》披露的相关公告。 公司使用自有资金及股票回购专项贷款资金以集中竞价交易方式回购公司 股份，回购的价格不超过人民币 36.00 元/股，回购的资金总额不低于人民币 30,000 万元且不超过人民币 60,000 万元，具体回购股份的数量及占总 ...

丨 来源：新华社客户端 2025-03-07 一对一协助排忧解难 深交所持续走访上市公司 上交所启动百家民营企业大调研 深入一线问计问需 切实推动解决实际问题 增强民企发展信心 近期，深交所持续走访调研上市公司，深入了解上市公司当前遇到的实际困难、问题和诉 求建议，针对性提供一对一"答疑解惑"，着力协助上市公司排忧解难，进一步支持上市公司更 好发展。 记者获悉，自2024年11月以来至目前，深交所已走访调研北京、上海、广东、浙江、江 苏、山东等地逾90家上市公司。汇川技术、德赛西威、三花智控等相关上市公司在与深交所交 流时表示，将好好把握来之不易的优势，保持战略定力，以实现更长远的发展目标，为投资者 创造更多价值。 走访调研中，深市上市公司介绍了近年来聚焦主业、深耕产业实现高质量发展的实践经 验，提出了在关键核心技术攻关、开辟发展新领域新赛道、塑造发展新动能新优势等方面存在 的问题和困难，还对如何利用资本市场推动自主创新、塑造发展新动能新优势提出意见建议。 不久前，德赛西威43.99亿元定增获证监会批文，是资本市场支持下加速产品智能化升级 的案例之一。"本次向特定对象发行股票有利于德赛西威通过有序的产能扩张提 ...

证券代码：002050 证券简称：三花智控 公告编号：2025-009 公司后续将根据市场情况及资金安排情况实施回购计划。回购期间，公司将 根据相关法律、法规和规范性文件的规定及时履行信息披露义务。敬请广大投资 者注意投资风险。 特此公告。 浙江三花智能控制股份有限公司 浙江三花智能控制股份有限公司（以下简称"公司"）于 2024 年 12 月 30 日 召开的第七届董事会第三十次临时会议，审议通过了《关于回购公司股份方案的 议案》。具体关于回购股份的信息详见在巨潮资讯网（http://www.cninfo.com.cn） 和《证券时报》《上海证券报》披露的相关公告。 公司使用自有资金及股票回购专项贷款资金以集中竞价交易方式回购公司 股份，回购的价格不超过人民币 36.00 元/股，回购的资金总额为不低于人民币 30,000 万元且不超过人民币 60,000 万元，具体回购股份的数量及占总股本的比 例以回购期满时实际回购数量为准。本次回购股份的实施期限为自公司董事会审 议通过回购股份方案之日起不超过 12 个月。 根据《深圳证券交易所上市公司自律监管指引第 9 号—回购股份》相关规定， 公司应当在每个月的前三 ...

核心观点 市场表现： 2025年2月24日-2月28日，我们构建的国信人形机器人指数下跌11.38%，弱于沪深300指数9.16pct，弱于上证综合指数9.66pct，年初至今上涨32.6%；部分核心公司 中，拓普集团下跌13.66%，三花智控下跌11.73%，中鼎股份上涨4.66%，银轮股份上涨1.49%，北特科技上涨0.56%，双林股份下跌10.47%，贝斯特下跌0.12%，浙江荣泰下跌 9.33%，祥鑫科技下跌9.69%，双环传动下跌11.03%，斯菱股份下跌9.59%，豪能股份下跌6.05%，精锻科技下跌6.68%，蓝黛科技上涨8.58%，凌云股份下跌12.24%，旭升集团 下跌15.86%，爱柯迪下跌6.91%，均胜电子下跌6.62%。 行业动态： 行业新闻方面： 1)Figure称其产品线今年将批量生产，验证人形机器人在物流分拣场景的应用；2）众擎机器人发布前空翻视频；3）1X最新家用机器人Neo Gamma，在AI架构、硬件设计与交互模式实现突破；4）智元发布大型仿真框架；5）百度智能云与智元机器人签署战略合作协议；6）宇树人形机器人展示中国功夫；7）何小 鹏：有信心成为中国最早量产L3机器人公 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company is a global leader in thermal management with significant growth potential, particularly in the humanoid robotics sector, which is expected to provide substantial profit elasticity [4]. Summary by Sections 1. Company Overview - The company has a strong foundation in thermal management, having developed a comprehensive product range including electronic expansion valves and electromagnetic valves, and has expanded into automotive components [18][24]. - The company has established a global presence with production bases in multiple countries, enhancing its ability to serve international clients [32]. 2. Automotive Sector - The automotive business is projected to recover with a growth rate of around 20% in 2025, driven by new model launches and strong sales from domestic electric vehicle manufacturers [3]. - The company holds a significant market share in key automotive components, with over 50% in electronic expansion valves and over 60% in integrated systems [3]. 3. Home Appliance Sector - The home appliance business is expected to grow steadily at 5-10% annually, benefiting from government incentives and replacement programs [3]. - The company maintains a leading position in the global market for refrigeration components, with a market share of approximately 43% [26]. 4. Financial Projections - The company’s revenue is forecasted to grow from 24.56 billion yuan in 2023 to 38.83 billion yuan by 2026, with a compound annual growth rate (CAGR) of 22.28% [1]. - Net profit is expected to increase from 2.92 billion yuan in 2023 to 4.62 billion yuan by 2026, reflecting a CAGR of 21.37% [1]. 5. Robotics Business - The humanoid robotics sector is anticipated to experience significant growth, with the company positioned to capture a major share of the market due to its expertise in electromechanical actuators [39]. - The report estimates that the global humanoid robot sales could reach 1.57 million units by 2035, indicating a substantial market opportunity [42]. 6. Valuation - The target price for the company is set at 51.0 yuan, based on a price-to-earnings (P/E) ratio of 50x for 2025 [4].