2025年一季度正式收官，在一场以AI、机器人领衔的结构性行情中，公募基金取得了不俗的战绩。 此外，值得一提的现象是，主动权益基金全面回暖，业绩排行榜重回主动权益的天下。一批主动权益基金凭借对行情的灵活把握以及对牛股的提前挖掘，业 绩大幅领先于被动产品。 机器人主题基金大赚60% 从业绩和重仓方向来看，公募基金2025年一季度的业绩排行榜由重仓机器人的基金霸屏。 其中，闫思倩管理的鹏华碳中和主题A以60.26%的收益率，成为2025年一季度业绩第一的基金。截至去年末，该基金重仓了北特科技、禾川科技、五洲新 春、步科股份、双林股份等多只机器人概念股，其中双林股份年内涨幅118.16%，股价翻倍，或为该基金贡献了丰厚的收益。 | 重要代码 | 基金简称 | | 2025年一季度 近一年收益 近三年收益 | | 直令经过 | | --- | --- | --- | --- | --- | --- | | | | 收益率 (%) | 率(%) | 率(%) | | | 016530.OF | 鹏华碳中和主题A | 60.26 | 80.98 | | 间患情 | | 019457.OF | 平安先进制造主题A | 53 ...

浙江三花智能控制股份有限公司 关于回购公司股份的进展公告 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《关于回购公司股份方案的 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。 证券代码：002050 证券简称：三花智控 公告编号：2025-029 1、公司未在下列期间内回购股份： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； （2）中国证监会和深圳证券交易所规定的其他情形。 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 ...

Summary of Zhejiang Sanhua Intelligent Controls - A Conference Call Company Overview - **Company**: Zhejiang Sanhua Intelligent Controls - **Ticker**: 002050.SZ - **Current Price**: Rmb29.48 - **Price Target**: Rmb46.00 by June 2026 Key Industry Insights - **Industry**: Refrigeration and Auto Parts - **Market Dynamics**: The company is positioned to benefit from China's policy stimulus, particularly in home appliances and passenger vehicles, which are significant for its refrigeration components and auto parts business Core Financial Highlights - **FY24 Results**: - Revenue increased by **14% Y/Y** to Rmb27.947 billion - Net profit rose by **6% Y/Y** to Rmb3.112 billion - Operating cash flow surged by **17% Y/Y**, exceeding estimates by **28%**, with a remarkable **75% Y/Y** increase in Q4 - **Q4 Performance**: - Revenue for Q4 was Rmb7.384 billion, a **32.3% Y/Y** increase - Net profit for Q4 was Rmb792 million, a **7.7% Y/Y** increase - Gross profit margin slightly declined by **0.2 percentage points** to **27.5%** due to rising material and labor costs Strategic Initiatives - **Humanoid Robot Development**: - Significant progress noted in the development of humanoid robots, with increased shipment targets for 2025 from key players like Tesla - Sanhua is focusing on collaboration with key customers for trials and expanding R&D capabilities to leverage this growing market Investment Thesis - **Positive Factors**: - Anticipated benefits from domestic sales, which account for approximately **50%** of refrigeration components and **60%** of auto parts - Potential upside from Tesla's sales recovery impacting the auto parts segment - Increased confidence in strategic positioning within the humanoid robot sector - **Risks**: - Lower-than-expected global EV demand could impact the auto parts business - Increased competition in the auto segment may lead to market share losses - A challenging macroeconomic environment could pressure the refrigeration components business - Slower-than-expected development in the humanoid robot sector Market Reaction and Outlook - **Stock Performance**: - Sanhua's stock has declined by **15%** prior to the results, compared to a **3%** decline in the CSI300 index - Despite the soft Q4 results, the overall FY24 performance aligns with expectations, suggesting potential for recovery in share price as market focus shifts to strategic initiatives Conclusion - **Recommendation**: Maintain an Overweight rating on Sanhua, with a price target of Rmb46.00, reflecting confidence in the company's growth prospects and strategic initiatives in the humanoid robot market and recovery in the auto parts sector [2][15][11][4][17]

Investment Rating - The report maintains a "Buy" rating for the company [1][5][8] Core Insights - The company achieved a revenue of 27.947 billion yuan in 2024, representing a year-on-year increase of 13.8%, and a net profit attributable to shareholders of 3.099 billion yuan, up 6.1% year-on-year [5][7] - The refrigeration business generated revenue of 16.6 billion yuan, growing 13.09% year-on-year, while the automotive parts business reached 11.4 billion yuan, increasing by 14.86% year-on-year [5] - The robotics actuator business is entering a rapid growth phase, expected to become the company's third growth curve, with ongoing product development and overseas production expansion [5][7] Revenue and Profit Forecast - Projected total revenue for 2025-2027 is 31.2 billion, 34.5 billion, and 38.1 billion yuan, with year-on-year growth rates of 12%, 11%, and 10% respectively [5][7] - Expected net profit attributable to shareholders for the same period is 3.539 billion, 3.913 billion, and 4.305 billion yuan, with growth rates of 14%, 11%, and 10% respectively [5][7] - Earnings per share (EPS) is forecasted to be 0.95, 1.05, and 1.15 yuan for 2025, 2026, and 2027, corresponding to price-to-earnings (P/E) ratios of 31, 28, and 26 times [5][7][8]

三花智控系列 车中旭霞 行业深度： 《汽车前瞻研究系列（八）：热管理：长赛道、大空间、临拐点 》——20200508 公司深度： 《三花智控（002050.SZ） -热管理龙头的长期成长性展望》——20231213 《三花智控-002050-深度报告：新能源热管理领域的高壁垒龙头》——20200811 财报点评： 《三花智控（002050.SZ）- 2024年净利润小幅提升，机器人零部件性能持续优化》-20250331 《三花智控（002050.SZ）- 三季度净利润同比提升，关注机器人业务进展 》-20241101 《 三花智控（002050.SZ）-中报点评-毛利率提升，关注机器人新增长点》-20240901 《 三花智控（002050.SZ）-年报及一季报点评-2023年毛利率提升，关注机器人新增长点 》-20240504 《三花智控（002050.SZ）-2023年三季报点评-盈利能力持续提升，关注储能、机器人新增长点 》-20231102 《三花智控（002050.SZ）-2023年中报点评-汽零业务持续放量，二季度整体盈利能力提升 》-20230117 《三花智控（002050.SZ）-汽零业务持 ...

Group 1 - Recent institutional research activities on A-share listed companies have been active, with 139 companies undergoing institutional research in the last five trading days from March 24 to March 28 [1] - Securities companies participated in the most research, with 123 companies, accounting for 88.49% of the total [1] - Among the companies researched, 52 received attention from more than 20 institutions, with Sanhua Intelligent Control being the most popular, attracting 369 institutions [1] Group 2 - In terms of capital flow, 18 out of the 20 companies with over 20 institutions conducting research experienced net capital inflows in the last five days [2] - Sanhua Intelligent Control led with a net inflow of 288 million yuan, followed by Hualing Steel and Satellite Chemical with 224 million yuan and 73 million yuan respectively [2] - The companies under institutional research mainly belong to the electronics, machinery equipment, and pharmaceutical biology sectors, indicating a positive outlook from institutions on these industries [2]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][28]. Core Views - The company is expected to achieve a slight increase in revenue and net profit in 2024, with projected revenue of 27.95 billion yuan, a year-on-year growth of 13.8%, and a net profit of 3.10 billion yuan, a year-on-year growth of 6.1% [1][7]. - The growth is attributed to the increasing orders in the new energy vehicle sector and the steady market share growth in the refrigeration and air conditioning business [1][7]. - The company is focusing on optimizing the performance of robotic components and expanding into new growth areas, particularly in bionic robotics [3][24]. Revenue and Profitability - The company achieved a sales gross margin of 27.47% in 2024, a slight decrease of 0.42 percentage points year-on-year, and a net profit margin of 11.13%, down 0.82 percentage points year-on-year [2][8]. - The refrigeration business gross margin was 27.35%, down 0.62 percentage points year-on-year, while the automotive parts business gross margin was 27.64%, up 0.53 percentage points year-on-year [2][8]. Business Segments - The refrigeration business generated revenue of 16.56 billion yuan in 2024, a year-on-year increase of 13.1%, while the automotive parts business revenue reached 11.39 billion yuan, a year-on-year increase of 14.9% [7][17]. - The company holds the global market share leader position in several thermal management products, including electronic expansion valves and heat management components for new energy vehicles [2][16]. Future Investments - The company plans to invest no less than 5 billion yuan in the "Future Industry Center Project," which includes projects for intelligent frequency controllers and robotic electromechanical actuators [26][27]. - This investment aims to enhance the company's capabilities in electronic control integration and system solutions, positioning it for potential growth [27][28]. Financial Forecasts - The company has slightly adjusted its profit forecasts, expecting net profits of 3.74 billion yuan, 4.37 billion yuan, and 5.34 billion yuan for 2025, 2026, and 2027 respectively [28]. - The expected earnings per share for the same years are projected to be 1.00 yuan, 1.17 yuan, and 1.43 yuan, with corresponding price-to-earnings ratios of 30, 25, and 21 times [28].

Investment Rating - The investment rating for the company is upgraded to "Outperform" [7] Core Insights - The company reported a significant acceleration in revenue in Q4, with total revenue for 2024 reaching 27.947 billion yuan, a year-on-year increase of 14%. The net profit attributable to the parent company was 3.099 billion yuan, up 6% year-on-year [7] - The company has maintained high-quality growth, with operating cash flow net amounting to 4.367 billion yuan, a 17% increase year-on-year [7] - The report highlights strong performance in the traditional refrigeration industry and the new energy vehicle sector, with respective revenue contributions of 16.561 billion yuan and 11.387 billion yuan [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 24.558 billion yuan - 2024: 27.947 billion yuan - 2025E: 31.642 billion yuan - 2026E: 35.199 billion yuan - 2027E: 39.163 billion yuan - The net profit attributable to the parent company is forecasted as: - 2023: 2.921 billion yuan - 2024: 3.099 billion yuan - 2025E: 3.454 billion yuan - 2026E: 3.922 billion yuan - 2027E: 4.510 billion yuan - The report indicates a projected growth rate for net profit of 11% to 15% from 2025 to 2027 [5][9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 38.22 CNY [5]. Core Views - The company is expected to see improvements in its automotive parts business margins and is focusing on advancements in its robotics business [1]. - The revenue, gross margin, and expense ratios have been adjusted, with new profit forecasts for 2025-2027 indicating net profits of 3.666 billion, 4.246 billion, and 4.748 billion CNY respectively [2]. Financial Summary - **Revenue Forecasts**: - 2023: 24,558 million CNY - 2024: 27,947 million CNY (up 13.8% YoY) - 2025: 34,640 million CNY (up 23.9% YoY) - 2026: 39,396 million CNY (up 13.7% YoY) - 2027: 43,972 million CNY (up 11.6% YoY) [4][10] - **Profitability Metrics**: - Gross Margin: 27.6% in 2023, expected to remain stable through 2027 - Net Profit Margin: 11.9% in 2023, projected to decline slightly to 10.6% by 2025 [4][10] - **Earnings Per Share (EPS)**: - 2023: 0.78 CNY - 2024: 0.83 CNY - 2025: 0.98 CNY - 2026: 1.14 CNY - 2027: 1.27 CNY [4][10] - **Valuation Ratios**: - Price-to-Earnings (PE) Ratio: Expected to decrease from 37.9 in 2023 to 23.3 in 2027 - Price-to-Book (PB) Ratio: Expected to decrease from 6.2 in 2023 to 4.1 in 2027 [4][10] Business Segments - **Automotive Parts Business**: - Revenue of 113.87 billion CNY in 2024, up 14.9% YoY, with a gross margin of 27.64% [10]. - **Refrigeration and Air Conditioning Business**: - Revenue of 165.61 billion CNY in 2024, up 13.1% YoY, with a gross margin of 27.35% [10]. - **Robotics Business**: - The company is nearing mass production of humanoid robots, which is expected to open new growth opportunities [10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 38.22 CNY [5][2] Core Views - The company's revenue and profit forecasts have been adjusted, with net profits projected to be 3.66 billion CNY, 4.25 billion CNY, and 4.75 billion CNY for 2025, 2026, and 2027 respectively [2] - The automotive parts business is expected to see marginal improvements, while the robot business is anticipated to accelerate [10] - The company has achieved a revenue of 27.95 billion CNY in 2024, representing a year-on-year growth of 13.8% [10] Financial Information - Revenue projections for 2025, 2026, and 2027 are 34.64 billion CNY, 39.40 billion CNY, and 43.97 billion CNY respectively, with corresponding growth rates of 23.9%, 13.7%, and 11.6% [4] - The gross margin for the automotive parts business improved to 27.64% in 2024, up 0.5 percentage points year-on-year [10] - The net profit margin is projected to be 10.6% in 2025, with a return on equity (ROE) of 17.6% [4][10] Business Segments - The automotive parts segment generated revenue of 113.87 billion CNY in 2024, with a growth of 14.9% [10] - The refrigeration and air conditioning business maintained steady growth, achieving revenue of 165.61 billion CNY in 2024, a 13.1% increase [10] - The robot production is nearing mass production, with Tesla aiming to produce 5,000 units of the Optimus robot in 2025 [10]