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].

三花智控（002050.SZ） 优于大市 三季度净利润同比提升，关注机器人业务进展 2024Q1-Q3 营业收入小幅增长。公司 2024Q1-Q3 实现营业收入 205.6 亿元， 同比增长 8.4%，实现归母净利润 23.0 亿元，同比增长 6.6%。2024Q3 公 司实现营业收入 68.9 亿元，同比增长 6.8%，环比下降 4.8%，实现归母 净利润 7.9 亿元，同比增长 3.0%，环比下降 9.2%。公司业绩增长得益 于：1）公司新能源汽车业务订单持续放量，公司汽零业务中新能源车 相关占比较高，订单持续放量。2）制冷空调电器业务公司主导产品市 场份额稳步提升。 2024Q3 利润率同比小幅下滑，降本增效有望促进盈利提升。公司 2024Q3 实现销售毛利率 28.16%，同比-2.61pct（按会计准则调整为可比口径后 同比-2.54pct），环比+0.34pct，销售净利率 11.59%，同比-0.57pct， 环比-0.51pct。公司 2024 年将继续通过技改及流程改进、优化产品设 计、推动关键设备自制、规模化采购等举措降低综合成本，预计随着相 关改进持续落地，公司盈利能力将得到进一步提升。 ...

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+ ...

证券代码：002050 证券简称：三花智控 2024 年 10 月 31 日投资者关系活动记录表 编号：2024-008 | --- | --- | --- | --- | --- | |--------------|----------------|--------------------------------|----------|--------| | 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 343 | 人，名单如下： | | | | | 安本香港 | 程憬伊 | 农银汇理 | 杨伟 | | | 安联环球 | 朱劲吉 | 农银保险 | 郝赜川 | | | 安域资本 | 刘风华 | 诺安基金 | 王晴 | | | 霸菱資管 | 榮白丁 | 鹏华基金 | 郭盈 | | | 百嘉基金 | 黄艺明 | 鹏华基金 | 罗政 | | | 百毅资本 | 闫小龙 ...

Investment Rating - Investment rating: Buy (maintained) [2] Core Views - The company reported Q3 2024 performance with revenue of 6.89 billion (up 6.8% YoY, down 4.8% QoQ) and net profit attributable to shareholders of 790 million (up 3.0% YoY, down 9.2% QoQ) [2] - The company is expected to benefit from the "old-for-new" policy, with both cooling and automotive parts businesses showing strong performance [2] - The company is in the process of preliminary discussions for issuing H shares, indicating confidence in its globalization strategy [2] Revenue Analysis - Cooling segment is expected to see double-digit growth YoY in Q3, with a seasonal decline QoQ but significant recovery in growth rate [2] - Automotive parts segment is expected to remain flat YoY, with some slowdown in orders from traditional car manufacturers in Europe [2] - Reference to Tesla's Q3 global production and delivery growth of 9.1% and 6.4% respectively, indicating recovery compared to Q2 [2] Profit Analysis - Q3 gross margin decreased by 2.6% YoY and increased by 0.3 percentage points QoQ; net profit margin decreased by 0.4% YoY and 0.5% QoQ [2] - The overall profitability remains stable despite challenges from raw material costs, shipping fees, and increased competition [2] Financial Forecast - Revenue projections for 2024, 2025, and 2026 are 27.4 billion, 31.5 billion, and 36.1 billion respectively, with YoY growth rates of 11%, 15%, and 15% [3] - Net profit attributable to shareholders is projected to be 3.2 billion, 3.7 billion, and 4.4 billion for the same years, with corresponding YoY growth rates of 10%, 15%, and 19% [3] - The company maintains a PE ratio of 26, 23, and 19 for the years 2024, 2025, and 2026 respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company reported a revenue of 20.6 billion yuan for the first three quarters of 2024, representing an 8% year-on-year increase, and a net profit attributable to shareholders of 2.3 billion yuan, up 7% year-on-year [1]. - The third quarter revenue was 6.9 billion yuan, a 7% year-on-year increase but a 5% decrease quarter-on-quarter, with a net profit of 790 million yuan, reflecting a 3% year-on-year increase and a 9% decrease quarter-on-quarter [1]. - The company is advancing its globalization strategy by considering the issuance of H-shares, with a proposed issuance scale not exceeding 10% of the total share capital post-issuance [1]. Financial Performance - The gross profit margin for the first three quarters of 2024 was 27.7%, a year-on-year increase of 0.2 percentage points, while the net profit margin was 11.3%, a year-on-year decrease of 0.3 percentage points [2]. - In Q3 2024, the gross profit margin was 28.2%, a quarter-on-quarter increase of 0.3 percentage points but a year-on-year decrease of 2.6 percentage points, and the net profit margin was 11.6%, a quarter-on-quarter decrease of 0.5 percentage points and a year-on-year decrease of 0.6 percentage points [2]. Business Segments - The automotive parts and refrigeration sectors are showing stable fundamentals, with the company holding the global market share leader position in several products, including electronic expansion valves and thermal management components for new energy vehicles [3]. - The company is investing in the robotics sector, focusing on electromechanical actuators and establishing a research and production base for robotic components with a total investment of no less than 3.8 billion yuan [3]. Earnings Forecast and Valuation - The company is projected to achieve net profits attributable to shareholders of 3.3 billion yuan, 3.9 billion yuan, and 4.6 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 26, 22, and 18 times [3].

Financial Performance - Revenue for Q3 2024 reached ¥6,886,824,980.77, an increase of 6.82% compared to the same period last year[3] - Net profit attributable to shareholders was ¥787,455,250.81, up 2.95% year-on-year[3] - Net profit excluding non-recurring items was ¥721,197,112.53, a decrease of 4.53% compared to the previous year[3] - Total operating revenue for Q3 2024 reached ¥20,562,897,141.85, an increase of 8.36% compared to ¥18,975,778,199.50 in Q3 2023[17] - Operating profit for the period was ¥2,755,593,778.04, up from ¥2,619,457,777.62 in the same period last year, reflecting a growth of 5.19%[17] - Net profit attributable to shareholders was ¥2,301,970,695.56, compared to ¥2,159,631,223.77 in Q3 2023, marking an increase of 6.57%[18] - The company reported a total comprehensive income of ¥2,042,317,845.09, a decrease from ¥2,391,057,783.01 in Q3 2023, indicating a decline of 14.59%[18] - Basic earnings per share increased to ¥0.61 from ¥0.59 year-over-year, reflecting a growth of 3.39%[18] Assets and Liabilities - Total assets at the end of the period amounted to ¥34,466,685,788.88, reflecting an increase of 8.08% from the end of the previous year[3] - Current liabilities rose to CNY 12.76 billion, compared to CNY 11.82 billion in the previous year, reflecting an increase of about 8.0%[15] - Total liabilities reached CNY 15.79 billion, an increase from CNY 13.83 billion, reflecting a growth of about 14.1%[15] - Total assets increased to CNY 34.47 billion, up from CNY 31.89 billion year-over-year, representing a growth of approximately 7.9%[14] Shareholder Information - The total number of common shareholders at the end of the reporting period is 109,572[8] - The largest shareholder, Sanhua Holdings Group, holds 25.41% of shares, totaling 948,487,077 shares[8] - Zhejiang Sanhua Green Energy Industrial Group holds 19.90% of shares, totaling 742,747,954 shares[8] - The total number of preferred shareholders with restored voting rights is 0[8] - The company has not reported any changes in the top 10 shareholders participating in margin financing and securities lending[11] - The company has not disclosed any significant changes in shareholder relationships or actions among the top shareholders[10] - The total number of shares held by the top 10 shareholders represents a significant portion of the company's equity[9] Cash Flow and Expenses - Cash flow from operating activities for the year-to-date was ¥1,993,484,855.83, down 15.66% year-on-year[3] - The cash inflow from operating activities totaled CNY 20,873,488,433.17, an increase of 9.3% compared to CNY 19,099,015,271.21 in the previous year[20] - The net cash flow from operating activities was CNY 1,993,484,855.83, down 15.6% from CNY 2,363,640,073.77 in the same period last year[20] - The cash outflow from investing activities amounted to CNY 4,977,328,558.94, significantly higher than CNY 2,408,961,050.59 in the previous year[20] - The net cash flow from investing activities was -CNY 2,669,558,694.33, worsening from -CNY 1,237,517,697.05 year-over-year[20] - The total cash inflow from financing activities was CNY 3,200,152,830.80, compared to CNY 1,823,732,353.01 in the previous year, marking a substantial increase[21] - The net cash flow from financing activities was -CNY 403,303,517.70, an improvement from -CNY 768,409,291.37 in the same period last year[21] - The cash and cash equivalents at the end of the period were CNY 2,442,805,457.89, a decrease from CNY 2,601,030,365.97 at the end of the previous year[21] Operating Costs and Expenses - Total operating costs for the period were ¥17,836,885,184.27, up from ¥16,224,929,588.54, representing an increase of 9.93%[17] - Management expenses rose by 38.73% year-on-year, mainly due to increased compensation for management personnel[6] - The company recorded a tax expense of ¥432,344,301.96, slightly higher than ¥423,158,114.38 in the same quarter last year[17] - The company experienced a 31.09% increase in taxes and surcharges for the first three quarters, primarily due to higher additional taxes and land use taxes[6] - The cash paid to employees was CNY 3,079,850,349.33, an increase of 26.5% compared to CNY 2,433,430,170.78 in the previous year[20] - The cash paid for taxes was CNY 1,012,372,228.14, up from CNY 655,595,530.28, indicating a 54.4% increase year-over-year[20] Other Financial Metrics - The company reported a decrease in foreign exchange gains for the first three quarters, with a gain of ¥1,080.26 million compared to ¥12,737.56 million in the same period last year[5] - The company experienced a decrease in investment income, reporting a loss of ¥19,514,498.74 compared to a loss of ¥101,801,866.70 in the previous year[17] - Other income increased significantly to ¥173,065,953.68 from ¥95,442,578.89, showing an increase of 81.36%[17] - Research and development expenses amounted to ¥992,453,861.28, slightly down from ¥996,040,732.52 in the previous year[17] - The adjustment in accounting policy will increase operating costs to ¥13,776,181,393.54 and decrease selling expenses to ¥410,035,173.83 for the first nine months of 2023[12]

证券代码：002050 证券简称：三花智控 公告编号：2024-091 浙江三花智能控制股份有限公司 关于调整公司 2024 年度日常关联交易预计的公告 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"）2024 年 10 月 30 日召 开的第七届董事会第二十八次临时会议审议通过了《关于调整公司 2024 年度日 常关联交易预计的议案》，关联董事张亚波先生、王大勇先生、任金土先生、倪 晓明先生、陈雨忠先生、张少波先生回避表决。根据《深圳证券交易所股票上市 规则》《公司章程》等的有关规定和审批权限，本次关联交易调整由公司董事会 审议批准，无需提交股东大会审议。现将相关事项公告如下： 一、 调整日常关联交易的基本情况 根据《深圳证券交易所股票上市规则》（以下简称"股票上市规则"）和《上 市公司自律监管指引第 1 号——主板上市公司规范运作》的有关规定，现就本公 司及控股子公司 2024 年全年将发生的关联交易预计调整如下： 1、2024 年度日常关联交易预计调整如下： 单位：万元 | 关联交易 | | 交易具体 | ...