证券研究报告 三花智控 (002050 CH) H1 稳健增长，机器人前景可期 投资评级(维持): 增持 目标价(人民币): 24.51 研究员 宋亭亭 SAC No. S0570522110001 SFC No. BTK945 songtingting021619@htsc.com +(86) 21 2897 2228 联系人 王立献 SAC No. S0570123020047 wanglixian@htsc.com +(86) 755 8249 2388 华泰研究 中报点评 2024 年 9 月 01 日│中国内地 汽车零部件 H1 营收和净利稳健提升，看好公司中长期盈利增长 公司 24H1 营收 136.8 亿元（yoy+9%），归母净利 15.1 亿元（yoy+8.6%）， 扣非归母净利 15.3亿元（yoy+4.1%）。其中 24Q2营收 72.4亿元（yoy+5.6%， qoq+12.4%），归母净利 8.7 亿元（yoy+9.2%，qoq+33.8%）,业绩稳健增 长。我们预计公司 24-26 年收入分别为 302/349/387 亿元，归母净利为 35.2/41.1/46.9 亿元，EPS ...

三花智控（ [Table_StockNameRptType] 002050） 公司点评 Q2 业绩符合预期，毛利率稳中有升 | --- | --- | |-------------------------------------|-------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： | 2024-09-02 | | [Table_BaseData] 收盘价（元） | 17.34 | | 近 12 个月最高 / 最低（元） | 29.09/15.66 | | 总股本（百万股） | 3,733 | | 流通股本（百万股） | 3,670 | | 流通股比例（ % ） | 98.33 | | 总市值（亿元） | 647 | | 流通市值（亿元） | 636 | [公司价格与沪深 Table_Chart] 300 走势比较 -54% -37% -19% -2% 16% 9/23 12/23 3/24 6/24 三花智控 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@h ...

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。 证券代码：002050 证券简称：三花智控 公告编号：2024-078 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。 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。 （1）委托价格不得为公司股票当日交易涨幅限制的价格； （2）不得在深圳 ...

Zhejiang Sanhua Intelligent Controls Co., Ltd. 2024 Semi-Annual Report Zhejiang Sanhua Intelligent Controls Co., Ltd. 2024 Semi-Annual Report August 2024 1 Zhejiang Sanhua Intelligent Controls Co., Ltd. 2024 Semi-Annual Report Section I Important Notes, Contents and Definitions The Board of Directors, Board of Supervisors, Directors, Supervisors and Senior Management of Zhejiang Sanhua Intelligent Controls Co., Ltd. (hereinafter referred to as the "Company") hereby guarantee that the information presented i ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [1][4][16] Core Views - The company achieved steady revenue growth in H1 2024, with operating income of 13.68 billion yuan, a year-on-year increase of 9.2%, and a net profit attributable to shareholders of 1.51 billion yuan, up 8.6% year-on-year [1][5] - The growth is driven by the increasing orders in the new energy vehicle (NEV) sector and the steady rise in market share of its main products in the refrigeration and air conditioning business [1][5] - The company is focusing on expanding its global footprint and enhancing its product offerings, particularly in intelligent variable frequency controllers and robotic servo motor controllers [1][12][15] Summary by Sections Financial Performance - In H1 2024, the company reported a gross margin of 27.46%, an increase of 1.65 percentage points year-on-year, and a net profit margin of 11.13%, a slight decrease of 0.16 percentage points year-on-year [1][5] - The automotive parts business generated revenue of 5.4 billion yuan, up 11.9% year-on-year, while the refrigeration business revenue was 8.28 billion yuan, up 7.4% year-on-year [5][9] Market Position - The company holds the global leading market share in several thermal management products, including electronic expansion valves and heat exchangers [1][8] - The NEV thermal management products generated revenue of 8.93 billion yuan in 2023, a year-on-year increase of 33.9%, accounting for 90% of the automotive parts business revenue [9][10] Future Outlook - The company plans to invest at least 5 billion yuan in the "Future Industry Center Project," which includes projects for intelligent variable frequency controllers and robotic servo actuators [1][15] - The forecasted net profit for 2024-2026 is 3.54 billion, 4.30 billion, and 5.10 billion yuan, respectively, with corresponding earnings per share of 0.95, 1.15, and 1.37 yuan [1][16]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 25 yuan, compared to the current price of 17.34 yuan [2][3]. Core Insights - The company reported a revenue of 13.68 billion yuan for the first half of 2024, representing a year-on-year increase of 9.2%, and a net profit attributable to shareholders of 1.52 billion yuan, up 8.6% year-on-year [2][3]. - The gross profit margin improved, reflecting the company's ability to reduce costs and enhance efficiency, with a Q2 gross margin of 27.8%, an increase of 1.8 percentage points year-on-year [3]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 373 million yuan, indicating confidence in its financial health [3]. Revenue Breakdown - In H1 2024, the refrigeration and automotive parts segments generated revenues of 8.28 billion yuan and 5.40 billion yuan, respectively, with year-on-year growth rates of 7.4% and 11.9% [3]. - Domestic revenue reached 7.83 billion yuan, up 15.5% year-on-year, while overseas revenue was 5.85 billion yuan, a modest increase of 1.7% [3]. Profitability Analysis - The net profit margins for the refrigeration and automotive parts segments were 9.8% and 13.1%, respectively, with the automotive parts segment expected to contribute more to overall profitability in the future [3]. - The company’s Q2 net profit margin was 12.1%, reflecting a 0.3 percentage point increase year-on-year [3]. Future Outlook - The company is actively developing new business lines, particularly in the bionic robotics sector, which is expected to create a third growth curve [3]. - Adjustments to profit forecasts for 2024, 2025, and 2026 are made to 3.32 billion yuan, 3.92 billion yuan, and 4.68 billion yuan, respectively, with corresponding P/E ratios of 20, 17, and 14 [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][7] Core Views - The company achieved steady revenue growth in H1 2024, with total revenue of 13.676 billion yuan, a year-on-year increase of 9.2%. The net profit attributable to shareholders was 1.515 billion yuan, up 8.6% year-on-year [2][3] - Emerging strategic businesses are expected to create new growth points, focusing on bionic robots and energy storage systems, which align with industry trends [3][4] Revenue and Profit Analysis - In H1 2024, the refrigeration and air conditioning business generated revenue of 8.279 billion yuan, a year-on-year increase of 7.43%, while the automotive business achieved revenue of 5.397 billion yuan, up 11.91% year-on-year [2][3] - The company's gross profit margin improved to 27.46%, an increase of 1.66 percentage points year-on-year, with the refrigeration and air conditioning business gross margin at 27.56% and automotive business gross margin at 27.31% [4][5] Future Earnings Forecast - The company is projected to achieve total revenue of 28.6 billion, 32.5 billion, and 36.3 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 16%, 14%, and 12% [5][6] - The net profit attributable to shareholders is expected to reach 3.418 billion, 3.949 billion, and 4.503 billion yuan for the same years, with growth rates of 17%, 16%, and 14% respectively [5][6] Valuation Metrics - The estimated EPS for 2024, 2025, and 2026 are 0.92, 1.06, and 1.21 yuan, corresponding to P/E ratios of 19, 16, and 14 times [5][6][7] - The company's return on equity (ROE) is projected to be 17% in 2024, increasing to 18% in 2025 and 2026 [6][7]

证券研究报告 998345887 其他家电 升幅% 1M 3M 12M 相对收益 0.5 -11.6 -29.8 绝对收益 -2.8 -20.9 -43.3 李奕臻 分析师 相关报告 Q2 经营表现稳健 2024-07-02 4 月销量同比快速增长 2024-06-03 公司快报 2024 年 08 月 30 日 三花智控(002050.SZ) Q2 两大业务平稳增长，盈利能力提升 事件：三花智控公布 2024 年半年度报告。公司 2024H1 实现收 入 136.8 亿元，YoY+9.2%；实现归母净利润 15.1 亿元，YoY+8.6%； 经折算，Q2 单季度实现收入 72.4 亿元，YoY+5.6%；实现归母净 利润 8.7 亿元，YoY+9.2%。我们认为，Q2 三花制冷配件和汽零业 务稳健增长，单季经营表现良好。 Q2 制冷零部件收入持续增长：H1 三花制冷空调电器零部件收入 YoY+7.4%，我们推断 Q2 制冷配件收入同比平稳增长。可资参考的 是，据产业在线数据，Q2 三花截止阀、四通阀、电子膨胀阀销量 YoY+4.4%/+7.9%/+18.6%。下游空调生产较为积极，带动制冷配件 需求提升，Q ...

证券代码：002050 证券简称：三花智控 2024 年 8 月 30 日投资者关系活动记录表 编号：2024-007 | --- | --- | --- | --- | --- | |--------------|----------------|--------------------------------|-------------|--------------| | 投资者关系活 | √ 特定对象调研 | □ 分析师会议 | | | | 动类别 | □ 媒体采访 | √ 业绩说明会 | | | | | □ 新闻发布会 | □ 路演活动 | | | | | □ 现场参观 | | | | | | □ | 其他（请文字说明其他活动内容） | | | | | 参会人员 278 | 人，名单如下： | | | | | 王凯 | 鸿道投资 | 吴钊华 | 兴全基金 | | | 陈瑶 | 东吴证券 | 张婧 | 建信理财 | | | 韩冬伟 | 国华兴益保险 | 孙思维 | 沣沛投资 | | | 张裕肖 | 幸福人寿 | 陈良栋 | 长城基金 | | | 尹国欣 | 火神投资 | 卢盈文 | 拉扎德资产 | | ...

证券代码：002050 证券简称：三花智控 公告编号：2024-072 浙江三花智能控制股份有限公司 关于 2024 年半年度募集资金存放与使用情况的专项报告 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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》（证监会公告〔2022〕15 号）和深圳证券交易所印 发的《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 （深证上〔2023〕1145 号）的规定，将本公司募集资金 2024 年半年度存放与使 用情况专项说明如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 根据中国证券监督管理委员会以证监许可〔2021〕168 号文核准，本公司于 2021 年 6 月公开发行 3,000 万张可转换公司债券（简称三花转债），每张面值 100 元，发行总额 300,000 万元，共募集资金 300,000 万元，扣除发行费用 12,468,991.59 元后的募集资金净额为 2,987,531,008.41 元。前述募集资金到账情况业 ...