Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Insights - The company achieved total revenue of 27.947 billion yuan in 2024, representing a year-on-year growth of 13.80%, with a net profit attributable to shareholders of 3.099 billion yuan, up 6.10% year-on-year [4][10] - In Q4 2024, the company reported revenue of 7.384 billion yuan, a significant increase of 32.29% year-on-year, and a net profit of 797 million yuan, reflecting a growth of 4.71% [5][6] - The domestic revenue growth outpaced international revenue, with domestic sales increasing by 15.24% to 15.447 billion yuan, while overseas sales grew by 12.07% to 12.501 billion yuan [5] Financial Performance - The company's gross margin for Q4 2024 was 26.84%, a decrease of 2.40 percentage points year-on-year, attributed to a high base in 2023 and changes in revenue structure [6] - The net profit margin for Q4 2024 was 10.73%, down 2.45 percentage points year-on-year, indicating short-term pressure on profitability [6] - The company expects net profits for 2025, 2026, and 2027 to be 3.776 billion yuan, 4.550 billion yuan, and 5.531 billion yuan respectively, with corresponding EPS of 1.01 yuan, 1.22 yuan, and 1.48 yuan [7][10] Business Segments - The revenue from the refrigeration and air conditioning parts business was 16.561 billion yuan, growing by 13.09%, while the automotive parts business revenue reached 11.387 billion yuan, up 14.86% [5] - The company is positioned to benefit from global clean energy initiatives and China's dual carbon goals, with expectations for continued growth in both the refrigeration and automotive sectors [7]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 279.47 million, representing a year-on-year increase of 13.80% [7] - The net profit attributable to shareholders was 30.99 million, up by 6.10% year-on-year [7] - The gross profit margin was 27.47%, showing a slight decline of 0.15% compared to the previous year [7] - Revenue from the refrigeration air conditioning parts business was 165.61 million, increasing by 13.09% year-on-year [7] - Revenue from the automotive parts business reached 113.86 million, reflecting a year-on-year growth of 14.86% [7] Group 2: Market Demand and Strategy - The growth in air conditioning market demand is driven by climate change and increasing temperature control needs, particularly in regions with low penetration rates like Europe and Africa [7] - Domestic policies, such as the appliance replacement program, have significantly boosted demand for air conditioning products [7] - The company has established overseas production bases in the US, Mexico, Poland, and Vietnam to mitigate tariff risks [7] - Strategic partnerships with leading global manufacturers in the refrigeration and automotive sectors enhance the company's ability to counter tariff risks [7] Group 3: Business Segments and Innovations - The company is focusing on the bionic robotics sector, particularly in electromechanical actuators, to support product development and mass production [8] - In the energy storage sector, the company is shifting its focus from complete systems to core components for energy storage thermal management [8] - The company leverages over 30 years of experience in the refrigeration and air conditioning industry to enhance its technology and supply chain efficiency in energy storage [8]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 35.16 CNY for the next six months [4]. Core Views - The company reported a revenue of 27.95 billion CNY for 2024, representing a year-over-year increase of 13.8%, and a net profit of 3.10 billion CNY, up 6.1% YoY. In Q4 alone, the revenue reached 7.38 billion CNY, marking a significant 32.3% increase YoY, with a net profit of 800 million CNY, up 4.7% YoY [1][2]. - The growth in revenue is attributed to the "old-for-new" policy stimulating demand in the domestic air conditioning and new energy vehicle markets, leading to rapid growth in the company's cooling and automotive parts businesses [1][2]. - The company is a leader in the global refrigeration control components and new energy vehicle thermal management systems, with expectations for rapid revenue growth in strategic emerging businesses such as robotics and energy storage [3]. Financial Performance Summary - The company achieved a revenue of 27.95 billion CNY in 2024, with a projected revenue of 31.77 billion CNY in 2025, 36.39 billion CNY in 2026, and 43.00 billion CNY in 2027 [3][12]. - The net profit for 2024 was 3.10 billion CNY, with forecasts of 3.75 billion CNY in 2025, 4.47 billion CNY in 2026, and 5.51 billion CNY in 2027 [3][12]. - The earnings per share (EPS) are projected to be 1.00 CNY in 2025, 1.20 CNY in 2026, and 1.48 CNY in 2027, with a price-to-earnings (PE) ratio of 35x for 2025 [3][12]. Business Segment Performance - The cooling parts segment saw a revenue increase of approximately 28% in Q4, driven by the "old-for-new" policy and increased demand from emerging markets [1]. - The automotive parts segment experienced a remarkable growth of about 38% in Q4, supported by purchase subsidies and the rapid expansion of the domestic market [2]. - The company is recognized as a leading player in the thermal management of new energy vehicles, with ongoing research and development aimed at enhancing customer value [2].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a revenue of 27.9 billion yuan in 2024, representing a year-on-year growth of 14%, with a net profit of 3.1 billion yuan, up 6% year-on-year. In Q4 2024, revenue reached 7.4 billion yuan, a 32% increase year-on-year, and net profit was 800 million yuan, up 5% year-on-year [1]. - The diversified customer base, particularly in the automotive and home appliance sectors, has significantly contributed to the company's revenue growth. The automotive sector generated 11.4 billion yuan in revenue, a 15% increase year-on-year, while the home appliance sector accounted for 16.6 billion yuan, up 13% year-on-year [1]. - The company is strategically positioning itself in the humanoid robot sector, which is expected to be a new growth avenue. It plans to invest at least 3.8 billion yuan in developing robotic electromechanical actuators and controllers [3]. Financial Summary - The company reported a sales gross margin of 27.5% in 2024, a slight decrease of 0.4 percentage points year-on-year, while the net profit margin was 11.1%, down 0.8 percentage points year-on-year. The automotive parts business saw a gross margin of 27.6%, an increase of 0.5 percentage points year-on-year, attributed to scale effects and refined management [2]. - Revenue projections for 2025-2027 are 31.8 billion yuan, 37.2 billion yuan, and 44.0 billion yuan, respectively, with corresponding net profits of 3.7 billion yuan, 4.4 billion yuan, and 5.3 billion yuan [4].

Group 1: Financial Performance - In 2024, the company achieved revenue of 27.9 billion, a year-on-year increase of 14%, and a net profit attributable to shareholders of 3.1 billion, up 6% year-on-year [1] - In Q4 2024, the company reported revenue of 7.4 billion, a year-on-year increase of 32% and a quarter-on-quarter increase of 7%, with a net profit of 0.8 billion, up 5% year-on-year and 1% quarter-on-quarter [1] - The diversified customer structure contributed to revenue growth, with automotive revenue reaching 11.4 billion, up 15% year-on-year, and home appliance revenue at 16.6 billion, up 13% year-on-year [1] Group 2: Margin Analysis - The company's overall sales gross margin for 2024 was 27.5%, a decrease of 0.4 percentage points year-on-year, while the net profit margin was 11.1%, down 0.8 percentage points year-on-year [2] - In Q4 2024, the sales gross margin was 26.8%, down 2.4 percentage points year-on-year and 1.3 percentage points quarter-on-quarter, with a net profit margin of 10.7%, down 2.5 percentage points year-on-year and 0.9 percentage points quarter-on-quarter [2] - The automotive parts business saw a gross margin of 27.6%, an increase of 0.5 percentage points year-on-year, attributed to economies of scale and refined management [2] Group 3: Strategic Initiatives - The company is strategically positioning itself in the humanoid robot sector, which has significant growth potential and application prospects [3] - Tesla plans to mass-produce humanoid robots by the end of 2025, with production targets of 50,000 to 100,000 units by 2027, indicating a growing market [3] - The company is investing at least 3.8 billion in a robotics actuator and domain controller R&D and production base, and is collaborating with partners to develop related products, positioning itself to benefit from industry growth [3] Group 4: Profit Forecast - The company forecasts net profits attributable to shareholders of 3.7 billion, 4.4 billion, and 5.3 billion for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 30, 25, and 21 times [3]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a revenue of 27.9 billion yuan in 2024, representing a year-on-year growth of 14%, with a net profit of 3.1 billion yuan, up 6% year-on-year [1]. - The diversified customer base, particularly in the automotive and home appliance sectors, has significantly contributed to the company's revenue growth [1]. - The company is strategically positioning itself in the humanoid robot sector, which is expected to open new growth avenues [3]. Revenue and Profitability - In Q4 2024, the company reported a revenue of 7.4 billion yuan, a year-on-year increase of 32%, and a net profit of 800 million yuan, up 5% year-on-year [1]. - The automotive sector generated 11.4 billion yuan in revenue, a 15% increase year-on-year, while the home appliance sector contributed 16.6 billion yuan, growing 13% year-on-year [1]. - The overall gross margin for 2024 was 27.5%, slightly down by 0.4 percentage points year-on-year, while the net profit margin was 11.1%, down by 0.8 percentage points year-on-year [2]. Future Outlook - The company forecasts net profits of 3.7 billion yuan, 4.4 billion yuan, and 5.3 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 30, 25, and 21 times [3]. - The company is investing at least 3.8 billion yuan in a new production base for robotic electromechanical actuators and domain controllers, indicating a strong commitment to expanding its capabilities in the robotics sector [3].

证券研究报告·公司点评报告·家电零部件Ⅱ 三花智控（002050） 2025 年 03 月 27 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 证券分析师 谢哲栋 2024 年年报点评：24Q4 营收超预期，人形机 器人量产可期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 24558 | 27947 | 31755 | 38828 | 56366 | | 同比（%） | 15.04 | 13.80 | 13.62 | 22.28 | 45.17 | | 归母净利润（百万元） | 2921 | 3099 | 3809 | 4622 | 6470 | | 同比（%） | 13.51 | 6.10 | 22.89 ...

三花智控: 年度关联方资金占用专项审计报告 | 非经营性资金占用及其他关联资金往来情况的 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 专项审计说明 | | | | | | | | | | 天健审〔2025〕886 号 | | | | | | | | | | 浙江三花智能控制股份有限公司全体股东： | | | | | | | | | | 我们接受委托，审计了浙江三花智能控制股份有限公司（以下简称"三花智 | | | | | | | | | | 控"）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表， | | | | | | | | | | 有者权益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审 | | | | | | | | | | 计了后附的三花智控管理层编制的 2024 年度《非经营性资金占用及其他关联资 | | | | | | | | | | 金往来情况汇总表》（以下简称汇总表）。 | | | | | | | | | | 一、对报告使用者和使用目 ...

三花智控: 2024年年度审计报告 审 计 报 告 天健审〔2025〕888 号 浙江三花智能控制股份有限公司全体股东： 一、审计意见 我们审计了浙江三花智能控制股份有限公司（以下简称三花智控）财务报表， 包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司 利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表，以及相关 财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了三花智控 2024 年 12 月 31 日的合并及母公司财务状况，以及 2024 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 (3) 实施分析程序，识别报告期收入是否存在重大或异常变动，询问管理层 了解该等变动的原因并评估合理性； (4) 实施细节测试，以抽样方式检查与收入确认相关的支持性凭据，包括销 售合同、销售发票、销售回款、物流与物权凭据、对账结算凭据等，以及获取电 子口岸信息，与外销收入账载记录进行比对； 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注 册会计师对财务报表审计的责任"部分进一步阐述了我们在 ...

三花智控: 内部控制审计报告 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 天健审〔2025〕885 号 浙江三花智能控制股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了浙江三花智能控制股份有限公司（以下简称三花智控）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是三花 智控董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 我们认为，三花智控于 2024 年 12 月 31 日按照《企业内部控制基本规范》 第 1 页 共 2 页 和相关规定在所有重大方面保持了有效 ...