法律意见书 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于 浙江三花智能控制股份有限公司 浙江天册律师事务所 关于 浙江三花智能控制股份有限公司 2024 年第三次临时股东大会的 2024 年第三次临时股东大会的 法律意见书 编号：TCYJS2024H1440 号 致：浙江三花智能控制股份有限公司 浙江天册律师事务所（以下简称"本所"）接受浙江三花智能控制股份有限公 司（以下简称"三花智控"或"公司"）的委托，指派本所律师参加公司 2024 年 第三次临时股东大会，并根据《中华人民共和国证券法》（以下简称"《证券法》"）、 《中华人民共和国公司法》（以下简称"《公司法》"）和《上市公司股东大会规 则（2022 年修订）》（以下简称"《股东大会规则》"）等法律、法规和其他有关 规范性文件的要求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人员的 资格、召集人的资格、表决程序及表决结果的合法有效性发表意见，不对会议所审 议的议案内容和该等 ...

丨证券研究报告丨 联合研究丨公司点评丨三花智控（002050.SZ） [Table_Title] 三花智控：收入利润同比增长，存货高企奠定交 付景气基础 报告要点 [Table_Summary] 公司发布 2024 年半年报，2024 年上半年公司实现营业收入约 137 亿元，同比增长 9%；归属 净利润约 15 亿元，同比增长 9%。其中，2024Q2 公司实现营业收入约 72 亿元，同比增长 6%； 归属净利润约 9 亿元，同比增长 9%。 分析师及联系人 [Table_Author] SFC：BQK482 SFC：BRP550 SFC：BUW408 SFC：BUD284 邬博华 赵智勇 陈亮 司鸿历 倪蕤 SAC：S0490514040001 SAC：S0490517110001 SAC：S0490517070017 SAC：S0490520080002 SAC：S0490520030003 请阅读最后评级说明和重要声明 三花智控（002050.SZ） 相关研究 [Table_Title 三花智控：收入利润同比增长，存货高企奠定交 2] 付景气基础 [Table_Summary2] 事件描述 公司发布 ...

证券代码：002050 证券简称：三花智控 公告编号：2024-079 浙江三花智能控制股份有限公司 公司坚持"专注领先、创新超越"的经营战略，以热泵技术和热管理系统产品 的研究与应用为核心，专注于冷热转换、温度智能控制的环境热管理解决方案开 发，致力于建筑暖通、电器设备和新能源汽车热管理领域的专业化经营。根据战 略性业务和成熟性业务发展所处的不同阶段和特点，公司业务主要分为制冷空调 电器零部件业务和汽车零部件业务。制冷空调电器零部件业务致力于建筑暖通、 电器设备专业化经营，主要产品包括四通换向阀、电子膨胀阀、电磁阀、微通道 换热器、Omega 泵等，广泛应用于空调、冰箱、冷链物流、洗碗机等领域；汽车 零部件业务专注于汽车热管理领域的深入研究，主要产品包括热力膨胀阀、电子 膨胀阀、电子水泵、新能源车热管理集成组件等，广泛应用于新能源汽车和传统 燃油车。 公司作为全球最大的制冷控制元器件和全球领先的汽车热管理系统控制部 件制造商，"三花"牌制冷智控元器件已成为世界知名品牌，是全球众多车企和空 调制冷电器厂家的战略合作伙伴，凭借其在制冷空调电器零部件业务和汽车零部 件业务两大领域的深厚积累，持续推动公司业绩稳步增 ...

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]