Key Points Company Overview * **Revenue and Profit Growth**: The company achieved revenue of 205.6 billion yuan in the first nine months of 2024, a year-on-year increase of 8.36%. Net profit reached 23 billion yuan, a year-on-year increase of 6.6%. Third quarter revenue was 68.9 billion yuan, with a net profit of 7.9 billion yuan. [1] * **Segment Performance**: The intelligent segment achieved revenue of 124.5 billion yuan, a year-on-year increase of 8.93%, with a net profit of 12.3 billion yuan, a year-on-year increase of 7.95%. The automotive segment achieved revenue of 81.1 billion yuan, a year-on-year increase of 7.5%, with a net profit of 10.7 billion yuan, a year-on-year increase of 5.06%. [2] Automotive Management Business * **Domestic and International Market Share**: Domestic sales accounted for about 60% of the automotive management business, with international sales accounting for about 40%. [3] * **Global Expansion**: The company plans to invest in automotive production capacity in Mexico, Poland, China (Zhongshan and Xianyang), and potentially Thailand. [4] Robotics Business * **Progress and Commercialization**: The company is making significant progress in the robotics business, with a focus on humanoid robots. The company has showcased its robots in various scenarios, demonstrating their capabilities and potential for commercialization. [5] * **Production Schedule**: The company is unable to provide specific information on the production schedule due to strict confidentiality agreements with customers. [5] Electric Vehicle Market * **Order Outlook**: The company is optimistic about the electric vehicle market, with expectations for growth in orders from leading manufacturers like Tesla and European automakers. [8] * **Competitive Landscape**: The company does not see significant competition in the automotive thermal management industry and believes that prices remain stable. [11] Other Key Points * **Growth Targets**: The company aims for double-digit growth in the next few years, driven by the global trend towards energy conservation and emission reduction. [13] * **Profit Margins**: The company expects to maintain high profit margins in the next few years, driven by cost management and capacity expansion. [15] * **H Share Listing**: The company is considering listing its shares on the Hong Kong Stock Exchange to further its internationalization efforts. [16] * **Robotics Project**: The company has established a new company in Hangzhou to focus on robotics, including robot actuators. [19] * **Factory Production**: The company's factories are operating at full capacity, with production expected to increase by double digits compared to the third quarter. [20] * **Tariffs**: The company is monitoring the potential impact of tariffs and has contingency plans in place. [22] * **Cost Management**: The company is actively managing costs, including optimizing the supply chain and improving production efficiency. [23] * **Storage Business**: The company has decided to focus on the storage component business rather than the complete storage solution business. [31] * **Mexico Factory**: The company is facing challenges due to the cancellation of preferential tariffs for steel and aluminum in Mexico. [33]

Investment Rating - Strong Buy (Maintained) with a target price of 25 CNY [5] Core Views - The company's revenue growth in Q3 2024 was steady, with total operating revenue reaching 6.89 billion CNY, up 6.8% YoY, and net profit attributable to shareholders at 790 million CNY, up 3.0% YoY [1] - The refrigeration segment saw a 12% YoY growth, driven by strong air conditioner production in September and recovering overseas demand, while the automotive parts segment remained flat due to declining demand from overseas automotive customers [2] - The company is making steady progress in its incremental business, particularly in the humanoid robot sector, where it focuses on electromechanical actuators and has received high praise from customers [2] - The company plans to pursue an H-share IPO to deepen its global layout, aiming to issue no more than 10% of its total shares post-IPO [3] Financial Performance - In Q3 2024, the company's gross margin was 28.2%, down 2.6 percentage points YoY, primarily due to price reductions from intense competition, exchange rate fluctuations, and a decrease in the proportion of high-margin automotive parts business [2] - The net profit margin in Q3 2024 was 11.4%, down 0.4 percentage points YoY, reflecting a slight decline in profitability [2] - The company's operating income for 2024E is projected to be 27.687 billion CNY, with a YoY growth rate of 12.7%, and net profit attributable to shareholders is expected to reach 3.209 billion CNY, up 9.9% YoY [4] Business Segments - The refrigeration segment benefited from strong air conditioner production in September, with air conditioner sales in Q3 2024 increasing by 6.7% YoY, and a 21.4% YoY growth in September alone [2] - The automotive parts segment faced challenges due to declining demand from overseas automotive customers, leading to flat growth in Q3 2024 [2] Future Outlook - The company is expected to see accelerated growth in the refrigeration segment in Q4 2024, driven by subsidies for replacing old appliances [2] - The humanoid robot industry is seen as a promising growth area, potentially forming a third growth curve for the company [2] - The company's global market position and product leadership in refrigeration control components and automotive thermal management systems are expected to support its long-term growth, despite short-term challenges from the complex international macro environment [3]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company's Q3 performance met expectations, with revenue of 20.563 billion yuan, up 8% YoY, and net profit attributable to the parent company of 2.302 billion yuan, up 7% YoY [6] - The traditional refrigeration industry showed steady domestic sales but a declining trend quarter by quarter, while exports grew rapidly due to high demand in emerging markets [7] - The automotive sector saw slower growth in the company's auto parts business, with revenue of 8.11 billion yuan, up 7.5% YoY, and net profit of 1.07 billion yuan, up 5% YoY, lagging behind the industry growth [8] - The company is expected to achieve net profit attributable to the parent company of 3.284 billion yuan, 3.933 billion yuan, and 4.522 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 12.4%, 19.8%, and 15.0% [8] Financial Summary - The company's total revenue for 2024E is projected to be 28.224 billion yuan, with a YoY growth rate of 14.9% [9] - Net profit attributable to the parent company for 2024E is expected to be 3.284 billion yuan, with a YoY growth rate of 12.4% [9] - The company's gross margin is forecasted to remain stable at around 27.8% to 28.3% from 2024E to 2026E [9] - The ROE is expected to be 15.5%, 15.7%, and 15.3% for 2024E, 2025E, and 2026E, respectively [9] Industry Analysis - The domestic refrigeration market showed a high-to-low trend in 2024, with domestic sales of air conditioners and refrigerators increasing by 0.7% and 1.5%, respectively, while exports surged by 32.1% and 20.3% [7] - The production schedule for air conditioners and refrigerators in Q4 2024 indicates optimistic domestic and export prospects, with domestic production for air conditioners expected to increase by 5%, 19%, and 21% in October, November, and December, respectively, and export production to surge by 51%, 66%, and 49% [7] - The Chinese new energy vehicle market saw production and sales of 8.316 million and 8.32 million units, respectively, in the first nine months of 2024, with YoY growth rates of 31.7% and 32.5% [8]

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 25.86 CNY for the next six months [4]. Core Views - The company reported a revenue of 20.56 billion CNY for the first three quarters of 2024, representing a year-over-year increase of 8.4%, and a net profit of 2.30 billion CNY, up 6.6% year-over-year [1][2]. - The cooling component business showed rapid growth in Q3, with a revenue increase of approximately 12% year-over-year, driven by government subsidies for appliance upgrades [1][2]. - The automotive parts business remained stable, with expectations for future growth as the company enhances its global presence in the new energy vehicle sector [2][3]. - The company's net profit margin in Q3 was 11.4%, a decrease of 0.4 percentage points year-over-year, primarily due to rising raw material costs and increased management expenses [2][3]. - Operating cash flow improved significantly, with a net cash flow of 830 million CNY in Q3, up 29.0% year-over-year, indicating enhanced cash collection capabilities [2][3]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 6.89 billion CNY, reflecting a year-over-year growth of 6.8%, and a net profit of 790 million CNY, up 3.0% year-over-year [1][2]. - The company expects its earnings per share (EPS) to be 0.86 CNY in 2024, 1.03 CNY in 2025, and 1.18 CNY in 2026, indicating a positive growth trajectory [3][4]. - The projected revenue for 2024 is 27.0 billion CNY, with a compound annual growth rate (CAGR) of 12.4% expected through 2026 [3][4]. Strategic Developments - The company plans to issue H-shares to advance its globalization strategy, aiming to enhance its international brand image and competitiveness [3][4]. - The company is actively expanding into high-potential areas such as robotics and energy storage, which are expected to contribute to revenue growth [3][4].

Investment Rating - Buy (maintained) [1] Core Views - 24Q3 revenue increased by 7% YoY, net profit attributable to parent company increased by 3% YoY, and non-GAAP net profit decreased by 5% YoY, meeting market expectations [2] - Automotive parts growth remains under pressure, expected to be flat YoY in Q3 [3] - Refrigeration business saw a significant recovery in YoY growth, expected to grow by over 10% in Q3 [3] - Humanoid robot business is expected to secure supplier contracts in Q4, with industrialization accelerating [4] - Adjusted net profit forecasts for 2024-2026 to 32.4/38.0/45.4 billion yuan, representing YoY growth of +11%/+17%/+19% [4] Financial Performance - 24Q1-3 revenue reached 205.6 billion yuan, up 8% YoY, with net profit attributable to parent company at 15.1 billion yuan, up 9% YoY [2] - Q3 gross margin was 28.2%, down 2.6 pct YoY but up 0.3 pct QoQ [2] - Q3 net profit margin was 11.6%, down 0.6 pct YoY and 0.5 pct QoQ [2] - Sales/management/R&D/financial expense ratios in Q3 were 2.2%/7.6%/5.2%/0.7%, with YoY changes of -0.1/+1.4/-1.2/-0.6 pct [2] Business Segments - Automotive parts revenue expected to reach 110-115 billion yuan for the full year, with YoY growth of 10-15% [3] - Refrigeration business revenue expected to grow by 5-10% YoY for the full year [3] - Humanoid robot business expected to contribute to performance starting in 2025, with potential market share exceeding 50% [4] Valuation and Forecasts - 2024-2026 revenue forecasts are 272.12/310.44/361.47 billion yuan, with YoY growth of 10.81%/14.08%/16.44% [1] - 2024-2026 net profit attributable to parent company forecasts are 32.38/38.04/45.43 billion yuan, with YoY growth of 10.86%/17.47%/19.44% [1] - 2024-2026 EPS forecasts are 0.87/1.02/1.22 yuan per share [1] - 2024-2026 P/E ratios are 25.22x/21.47x/17.97x [1] Market Data - Current stock price: 21.88 yuan [6] - 52-week low/high: 15.66/30.74 yuan [6] - P/B ratio: 4.43x [6] - Market cap: 81,664.68 million yuan [6] Financial Ratios - ROIC: 14.12% in 2023, expected to increase to 15.40% by 2026 [11] - ROE: 16.32% in 2023, expected to remain stable around 16% through 2026 [11] - Debt-to-asset ratio: 43.36% in 2023, expected to decrease to 37.83% by 2026 [11]

证券代码：002050 证券简称：三花智控 公告编号：2024-094 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 2023 年 11 月 6 日召 开的第七届董事会第十八次临时会议，审议通过了《关于回购公司股份的议案》。 2023 年 11 月 14 日，公司披露了《回购股份报告书》（公告编号：2023-127）。 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 20,000 万元且不超过人民币 40,000 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。 证券交易所上市公司自律监管指引第 9 号——回购股份》等相关法律法规的 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set above the current price of 21.88 CNY [5]. Core Insights - The company achieved a revenue of 20.56 billion CNY in the first three quarters of 2024, representing a year-on-year growth of 8.36%. The net profit attributable to the parent company was 2.3 billion CNY, up 6.59% year-on-year [1][2]. - The growth in revenue for Q3 2024 was primarily driven by the home appliance sector, supported by domestic policies encouraging appliance upgrades. The automotive parts business also showed strong order fulfillment, with ongoing construction of factories in Mexico and Poland to enhance global supply capabilities [1][3]. - The company is focusing on emerging businesses such as robotics and energy storage, which are expected to contribute to long-term growth. The energy storage sector is gaining traction, and the company aims to replicate its success in automotive parts within this field [3]. Financial Summary - For Q3 2024, the company reported a gross margin of 28.2%, a decrease of 2.6 percentage points year-on-year, attributed to a high base from the previous year. The net profit margin for the same period was 11.4%, down 0.4 percentage points year-on-year [2][4]. - The company forecasts net profits of 3.1656 billion CNY, 3.7441 billion CNY, and 4.3867 billion CNY for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 25.8X, 21.8X, and 18.6X [3][4]. - The total revenue is projected to grow from 24.56 billion CNY in 2023 to 35.25 billion CNY by 2026, with a compound annual growth rate of approximately 12.93% [4][9].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][24]. Core Views - The company has shown a slight increase in revenue and net profit for Q1-Q3 2024, with revenue reaching 20.56 billion yuan, up 8.4% year-on-year, and net profit at 2.3 billion yuan, up 6.6% year-on-year [1][5]. - 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][5]. - The company aims to enhance profitability through cost reduction and efficiency improvement measures, despite a slight decline in profit margins [1][6]. - The company holds the global leading market share in several thermal management products and is actively pursuing globalization strategies [1][20]. - A significant investment of at least 5 billion yuan is planned for future industry center projects, focusing on smart variable frequency controllers and robotic servo actuators [1][23][24]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 20.56 billion yuan, a year-on-year increase of 8.4%, and a net profit of 2.3 billion yuan, up 6.6% year-on-year [1][5]. - In Q3 2024, revenue was 6.89 billion yuan, a 6.8% increase year-on-year but a 4.8% decrease quarter-on-quarter, with a net profit of 0.79 billion yuan, up 3.0% year-on-year but down 9.2% quarter-on-quarter [1][5]. Profitability Metrics - The gross profit margin for Q3 2024 was 28.16%, down 2.61 percentage points year-on-year, while the net profit margin was 11.59%, down 0.57 percentage points year-on-year [1][6]. - The company plans to implement various measures to reduce costs and improve efficiency, which are expected to enhance profitability in the future [1][6]. Market Position and Strategy - The company has the highest global market share in several thermal management products, including electronic expansion valves and heat exchangers [1][20]. - The company is expanding its global footprint, with ongoing projects in Europe, Mexico, and Vietnam, and is focusing on enhancing its production capabilities [1][20][17]. - The company has established partnerships with major automotive manufacturers, positioning itself to benefit from the growth in the new energy vehicle market [1][15]. Future Outlook - The company has slightly adjusted its profit forecasts for 2024, 2025, and 2026, expecting revenues of 28.42 billion yuan, 33.26 billion yuan, and 38.70 billion yuan respectively, with net profits of 3.37 billion yuan, 4.07 billion yuan, and 4.80 billion yuan [1][24]. - The projected earnings per share for 2024, 2025, and 2026 are 0.90 yuan, 1.09 yuan, and 1.29 yuan respectively [1][24].

2024 年 10 月 31 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 证券分析师： 吴铭杰 S0350524090003 wumj@ghzq.com.cn [Table_Title] 2024 年 Q3 归母净利润同比稳中有升，机器人 执行器有望打造第三成长曲线 ——三花智控（002050）2024 年 Q3 季报点评 最近一年走势 事件: 2024 年 10 月 30 日，三花智控发布 2024 年 Q3 季报：2024 年 Q1-Q3 公司实现营收 205.63 亿元，同比+8.4%；归母净利润 23.02 亿元，同比 +6.6%；扣非后归母净利润 22.48 亿元，同比+1.1%，其中 2024Q3 实现 营收 68.87 亿元，同比+6.8%；归母净利润 7.87 亿元，同比+3%；扣非 后归母净利润 7.21 亿元，同比-4.5%。 投资要点: 相对沪深 300 表现 2024/10/30 2024 年 Q3 归母净利润同比稳中有升，毛利率环比提升。 2024 年 Q3 公司实现归母净利润 7.87 亿元，同比+ ...

Financial Performance - In the first three quarters of 2024, the company achieved a profit of 2.302 billion CNY, a year-on-year increase of 8.36% [6] - The net profit attributable to shareholders reached 6.887 billion CNY, up 6.82% year-on-year [6] - Revenue for the same period was 20.563 billion CNY, reflecting a year-on-year growth of 7.9% [6] Market Position and Strategy - The company is a leading manufacturer of thermal management systems for new energy vehicles, benefiting from the growing penetration rate of electric vehicles [6] - It has established partnerships with numerous well-known global automakers, indicating a stable market position [6] - The company plans to focus on integrated components and electronic expansion valves to enhance its core competitiveness and profitability [6] Production Capacity and Planning - Future production capacity for automotive parts is planned in regions such as Mexico, Poland, and various locations in China [7] - The company aims to better serve customers through a global strategic layout [7] Business Segments - The energy storage business consists of two parts: energy storage components and large customers, with steady growth in demand [7] - The company aspires to become a global leader in energy storage thermal management components [7] Future Outlook - The company maintains an optimistic outlook despite global environmental changes, focusing on energy-saving and intelligent control products [7] - The transition to new refrigerants in the U.S. starting in 2025 is expected to positively impact the company's refrigeration segment [8] Gross Margin Expectations - The gross margin is influenced by market conditions, exchange rates, freight, and commodity prices, with stability observed in 2024 compared to 2023 [8] - An increase in production capacity in the automotive parts segment is anticipated to positively affect fixed cost allocation and overall gross margin [8] Robotics Development - The company is actively investing in the robotics industry, particularly in bionic robot electromechanical actuators, which are expected to replace human labor [8]