Investment Rating - The investment rating for the company is "Buy-A" with a target price of 35.16 CNY for the next six months [4]. Core Views - The company reported a revenue of 27.95 billion CNY for 2024, representing a year-over-year increase of 13.8%, and a net profit of 3.10 billion CNY, up 6.1% YoY. In Q4 alone, the revenue reached 7.38 billion CNY, marking a significant 32.3% increase YoY, with a net profit of 800 million CNY, up 4.7% YoY [1][2]. - The growth in revenue is attributed to the "old-for-new" policy stimulating demand in the domestic air conditioning and new energy vehicle markets, leading to rapid growth in the company's cooling and automotive parts businesses [1][2]. - The company is a leader in the global refrigeration control components and new energy vehicle thermal management systems, with expectations for rapid revenue growth in strategic emerging businesses such as robotics and energy storage [3]. Financial Performance Summary - The company achieved a revenue of 27.95 billion CNY in 2024, with a projected revenue of 31.77 billion CNY in 2025, 36.39 billion CNY in 2026, and 43.00 billion CNY in 2027 [3][12]. - The net profit for 2024 was 3.10 billion CNY, with forecasts of 3.75 billion CNY in 2025, 4.47 billion CNY in 2026, and 5.51 billion CNY in 2027 [3][12]. - The earnings per share (EPS) are projected to be 1.00 CNY in 2025, 1.20 CNY in 2026, and 1.48 CNY in 2027, with a price-to-earnings (PE) ratio of 35x for 2025 [3][12]. Business Segment Performance - The cooling parts segment saw a revenue increase of approximately 28% in Q4, driven by the "old-for-new" policy and increased demand from emerging markets [1]. - The automotive parts segment experienced a remarkable growth of about 38% in Q4, supported by purchase subsidies and the rapid expansion of the domestic market [2]. - The company is recognized as a leading player in the thermal management of new energy vehicles, with ongoing research and development aimed at enhancing customer value [2].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a revenue of 27.9 billion yuan in 2024, representing a year-on-year growth of 14%, with a net profit of 3.1 billion yuan, up 6% year-on-year. In Q4 2024, revenue reached 7.4 billion yuan, a 32% increase year-on-year, and net profit was 800 million yuan, up 5% year-on-year [1]. - The diversified customer base, particularly in the automotive and home appliance sectors, has significantly contributed to the company's revenue growth. The automotive sector generated 11.4 billion yuan in revenue, a 15% increase year-on-year, while the home appliance sector accounted for 16.6 billion yuan, up 13% year-on-year [1]. - The company is strategically positioning itself in the humanoid robot sector, which is expected to be a new growth avenue. It plans to invest at least 3.8 billion yuan in developing robotic electromechanical actuators and controllers [3]. Financial Summary - The company reported a sales gross margin of 27.5% in 2024, a slight decrease of 0.4 percentage points year-on-year, while the net profit margin was 11.1%, down 0.8 percentage points year-on-year. The automotive parts business saw a gross margin of 27.6%, an increase of 0.5 percentage points year-on-year, attributed to scale effects and refined management [2]. - Revenue projections for 2025-2027 are 31.8 billion yuan, 37.2 billion yuan, and 44.0 billion yuan, respectively, with corresponding net profits of 3.7 billion yuan, 4.4 billion yuan, and 5.3 billion yuan [4].

Group 1: Financial Performance - In 2024, the company achieved revenue of 27.9 billion, a year-on-year increase of 14%, and a net profit attributable to shareholders of 3.1 billion, up 6% year-on-year [1] - In Q4 2024, the company reported revenue of 7.4 billion, a year-on-year increase of 32% and a quarter-on-quarter increase of 7%, with a net profit of 0.8 billion, up 5% year-on-year and 1% quarter-on-quarter [1] - The diversified customer structure contributed to revenue growth, with automotive revenue reaching 11.4 billion, up 15% year-on-year, and home appliance revenue at 16.6 billion, up 13% year-on-year [1] Group 2: Margin Analysis - The company's overall sales gross margin for 2024 was 27.5%, a decrease of 0.4 percentage points year-on-year, while the net profit margin was 11.1%, down 0.8 percentage points year-on-year [2] - In Q4 2024, the sales gross margin was 26.8%, down 2.4 percentage points year-on-year and 1.3 percentage points quarter-on-quarter, with a net profit margin of 10.7%, down 2.5 percentage points year-on-year and 0.9 percentage points quarter-on-quarter [2] - The automotive parts business saw a gross margin of 27.6%, an increase of 0.5 percentage points year-on-year, attributed to economies of scale and refined management [2] Group 3: Strategic Initiatives - The company is strategically positioning itself in the humanoid robot sector, which has significant growth potential and application prospects [3] - Tesla plans to mass-produce humanoid robots by the end of 2025, with production targets of 50,000 to 100,000 units by 2027, indicating a growing market [3] - The company is investing at least 3.8 billion in a robotics actuator and domain controller R&D and production base, and is collaborating with partners to develop related products, positioning itself to benefit from industry growth [3] Group 4: Profit Forecast - The company forecasts net profits attributable to shareholders of 3.7 billion, 4.4 billion, and 5.3 billion for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 30, 25, and 21 times [3]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a revenue of 27.9 billion yuan in 2024, representing a year-on-year growth of 14%, with a net profit of 3.1 billion yuan, up 6% year-on-year [1]. - The diversified customer base, particularly in the automotive and home appliance sectors, has significantly contributed to the company's revenue growth [1]. - The company is strategically positioning itself in the humanoid robot sector, which is expected to open new growth avenues [3]. Revenue and Profitability - In Q4 2024, the company reported a revenue of 7.4 billion yuan, a year-on-year increase of 32%, and a net profit of 800 million yuan, up 5% year-on-year [1]. - The automotive sector generated 11.4 billion yuan in revenue, a 15% increase year-on-year, while the home appliance sector contributed 16.6 billion yuan, growing 13% year-on-year [1]. - The overall gross margin for 2024 was 27.5%, slightly down by 0.4 percentage points year-on-year, while the net profit margin was 11.1%, down by 0.8 percentage points year-on-year [2]. Future Outlook - The company forecasts net profits of 3.7 billion yuan, 4.4 billion yuan, and 5.3 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 30, 25, and 21 times [3]. - The company is investing at least 3.8 billion yuan in a new production base for robotic electromechanical actuators and domain controllers, indicating a strong commitment to expanding its capabilities in the robotics sector [3].

证券研究报告·公司点评报告·家电零部件Ⅱ 三花智控（002050） 2025 年 03 月 27 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 证券分析师 谢哲栋 2024 年年报点评：24Q4 营收超预期，人形机 器人量产可期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 24558 | 27947 | 31755 | 38828 | 56366 | | 同比（%） | 15.04 | 13.80 | 13.62 | 22.28 | 45.17 | | 归母净利润（百万元） | 2921 | 3099 | 3809 | 4622 | 6470 | | 同比（%） | 13.51 | 6.10 | 22.89 ...

三花智控: 年度关联方资金占用专项审计报告 | 非经营性资金占用及其他关联资金往来情况的 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 专项审计说明 | | | | | | | | | | 天健审〔2025〕886 号 | | | | | | | | | | 浙江三花智能控制股份有限公司全体股东： | | | | | | | | | | 我们接受委托，审计了浙江三花智能控制股份有限公司（以下简称"三花智 | | | | | | | | | | 控"）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表， | | | | | | | | | | 有者权益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审 | | | | | | | | | | 计了后附的三花智控管理层编制的 2024 年度《非经营性资金占用及其他关联资 | | | | | | | | | | 金往来情况汇总表》（以下简称汇总表）。 | | | | | | | | | | 一、对报告使用者和使用目 ...

三花智控: 2024年年度审计报告 审 计 报 告 天健审〔2025〕888 号 浙江三花智能控制股份有限公司全体股东： 一、审计意见 我们审计了浙江三花智能控制股份有限公司（以下简称三花智控）财务报表， 包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司 利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表，以及相关 财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了三花智控 2024 年 12 月 31 日的合并及母公司财务状况，以及 2024 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 (3) 实施分析程序，识别报告期收入是否存在重大或异常变动，询问管理层 了解该等变动的原因并评估合理性； (4) 实施细节测试，以抽样方式检查与收入确认相关的支持性凭据，包括销 售合同、销售发票、销售回款、物流与物权凭据、对账结算凭据等，以及获取电 子口岸信息，与外销收入账载记录进行比对； 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注 册会计师对财务报表审计的责任"部分进一步阐述了我们在 ...

我们鉴证了后附的浙江三花智能控制股份有限公司（以下简称"三花智控"） 管理层编制的 2024 年度《关于募集资金年度存放与使用情况的专项报告》。 一、对报告使用者和使用目的的限定 三花智控: 年度募集资金使用鉴证报告 募集资金年度存放与使用情况鉴证报告 天健审〔2025〕884 号 浙江三花智能控制股份有限公司全体股东： 本鉴证报告仅供三花智控年度报告披露时使用，不得用作任何其他目的。我 们同意将本鉴证报告作为三花智控年度报告的必备文件，随同其他文件一起报送 并对外披露。 二、管理层的责任 三花智控管理层的责任是提供真实、合法、完整的相关资料，按照《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（2022 年修订）》 （证监会公告〔2022〕15 号）和《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（2023 年 12 月修订）》（深证上〔2023〕1145 号） 的规定编制《关于募集资金年度存放与使用情况的专项报告》，并保证其内容真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 三、注册会计师的责任 我们的责任是在实施鉴证工作的基础上对三花智控管理层编 ...

三花智控: 内部控制审计报告 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 天健审〔2025〕885 号 浙江三花智能控制股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了浙江三花智能控制股份有限公司（以下简称三花智控）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是三花 智控董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 我们认为，三花智控于 2024 年 12 月 31 日按照《企业内部控制基本规范》 第 1 页 共 2 页 和相关规定在所有重大方面保持了有效 ...

三花智控: 关于全资孙公司之间吸收合并的公告 证券代码：002050 证券简称：三花智控 公告编号：2025-024 浙江三花智能控制股份有限公司 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。 一、概述 为进一步优化公司管理架构、充分发挥资源协同效益、降低管理成本，同时 提高运营效率、有效降低经营风险，浙江三花智能控制股份有限公司（以下简称 "公司"）全资孙公司绍兴三花汽车热管理科技有限公司（以下简称"绍兴热管理"） 拟吸收合并公司全资孙公司绍兴三花新能源汽车部件有限公司（以下简称"绍兴 新能源"）。本次吸收合并完成后，绍兴热管理继续存续，注册资本增加至人民币 他一切权利与义务由绍兴热管理依法承继。 本次吸收合并事项已经公司第七届董事会第三十一次会议审议通过。本次吸 收合并事项不构成《深圳证券交易所股票上市规则》规定的关联交易，也不构成 《上市公司重大资产重组管理办法》规定的重大资产重组，无需提交公司股东大 会审议。 二、吸收合并双方基本情况 （一）吸收合并方基本情况 公司名称：绍兴三花汽车热管理科技有限公司 统一社会信用代码：91330602MA2JR20 ...