一、主要会计数据和财务指标 前十大流通股东累计持有： 209320.8万股，累计占流通股比： 57.03%，较上期变化： -9016.22万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 三花控股集团有限公司 | 94848.71 | 25.84 | 不变 | | 浙江三花绿能实业集团有限公司 | 74274.80 | 20.24 | 不变 | | 香港中央结算有限公司 | 23898.66 | 6.51 | -97.90 | | 中国工商银行股份有限公司-华泰柏瑞沪深300交易型开放 式指数证券投资基金 | 3864.85 | 1.05 | 新进 | | 中国建设银行股份有限公司-易方达沪深300交易型开放式 指数发起式证券投资基金 | 2666.72 | 0.73 | 新进 | | 科威特政府投资局 | 2352.08 | 0.64 | 不变 | | 全国社保基金一零二组合 | 1943.27 | 0.53 | 不变 | | 中国人寿（601628）保险股份有限公司-传统-普通保险产 品 ...

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]

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 ...

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 ...

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].

公司本次发行尚需取得中国证监会、香港证券及期货事务监察委员会和香港 联交所等相关政府机关、监管机构、证券交易所的批准、核准或备案，该事项仍 存在不确定性。公司将根据该事项的进展情况依法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 关于发行境外上市股份（H 股）备案申请材料 获中国证监会接收的公告 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"）已于 2025 年 1 月 15 日 向香港联合交易所有限公司（以下简称"香港联交所"）递交了首次公开发行 H 股股票并在香港联交所主板上市（以下简称"本次发行"）的申请，并于同日在 香港联交所网站刊登了本次发行的申请材料。具体内容详见公司于 2025 年 1 月 16 日在巨潮资讯网（http://www.cninfo.com.cn）及指定媒体披露的《浙江三花智 能控制股份有限公司关于向香港联交所递交 H 股发行并上市申请并刊发申请资 料的公告》（公告编号：2025-005）。 公司根据相关规定已向中国证券监督管理委员会（ ...

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 production footprint with facilities in the US, Mexico, Vietnam, and Thailand, enhancing its ability to serve international clients [32]. 2. Financial Performance - The company reported total revenue of 21,348 million yuan in 2022, with a projected increase to 38,828 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 22.28% [1]. - The net profit attributable to shareholders is expected to grow from 2,573 million yuan in 2022 to 4,623 million yuan in 2026, indicating a strong growth trajectory [1]. 3. Automotive Sector - The automotive segment is expected 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]. 4. Home Appliance Sector - The home appliance business is projected to grow steadily at 5-10% annually, benefiting from government incentives and consumer replacement programs [3]. - The company maintains a leading position in the global market for air conditioning components, with a market share of approximately 43% [26]. 5. Robotics Business - The humanoid robotics sector is anticipated to experience rapid growth, with the company positioned to capture a significant share due to its expertise in electromechanical actuators [39]. - The report estimates that the company could generate substantial profits from its robotics business, potentially matching its traditional business in scale within the next few years [36]. 6. Valuation - The target price for the company's stock is set at 51.0 yuan, based on a price-to-earnings (P/E) ratio of 50x for 2025, reflecting confidence in its growth prospects [4].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company is positioned as a global leader in thermal management, with significant growth potential driven by its traditional business and emerging robotics sector [7][8]. - The company is expected to achieve substantial revenue and profit growth, with a projected net profit of 31.6 billion, 38.1 billion, and 46.2 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 8%, 21%, and 21% [1][7]. Summary by Sections 1. Company Overview - The company has a strong foundation in thermal management, having expanded its product offerings from valves to include electronic expansion valves, electromagnetic valves, and more [15][21]. - The company has established a global presence with production bases in the US, Mexico, Vietnam, and Thailand, enhancing its competitive edge [15][29]. 2. Robotics Sector - The company is deeply integrated with Tesla, focusing on electromechanical actuators, which are expected to significantly contribute to profits as Tesla ramps up production of humanoid robots [7][35]. - The humanoid robot market is anticipated to grow rapidly, with projections indicating substantial sales increases from 2025 to 2035 [39]. 3. Automotive Components - The automotive sector is expected to recover with a growth rate of around 20% in 2025, driven by Tesla's sales recovery and new model launches in Europe [7][35]. - The company holds a strong market share in various automotive thermal management components, with a projected revenue growth of 20% in this segment [7][35]. 4. Home Appliance Components - The home appliance business is expected to maintain stable growth, with revenue growth projected at 5-10% in 2024 and 2025, supported by government incentives and market demand [7][35]. - The company has a leading position in the global market for various appliance components, with significant market shares in key product categories [23][24]. 5. Financial Projections and Valuation - The company is projected to achieve a net profit of 31.6 billion yuan in 2024, with corresponding P/E ratios of 39, 32, and 26 for the years 2024, 2025, and 2026 respectively [1][7]. - The target price for the company's stock is set at 51.0 yuan, based on a 50x P/E ratio for 2025 [1][7].