股票代码：002050 股票简称：三花智控 公告编号：2024-029 浙江三花智能控制股份有限公司 关于 2024 年股权激励计划内幕信息知情人及激励对象 买卖公司股票情况的自查报告 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。 浙江三花智能控制股份有限公司（以下简称"公司"）于 2024 年 4 月 19 日召开第七届董事会第二十次临时会议，审议通过了《关于<浙江三花智能控制 股份有限公司 2024 年限制性股票激励计划（草案）>及其摘要的议案》《关于< 浙江三花智能控制股份有限公司 2024 年股票增值权激励计划（草案）>及其摘要 的议案》等与 2024 年限制性股票激励计划、2024 年股票增值权激励计划（以下 合称"本次激励计划"）相关议案，具体内容详见公司于 2024 年 4 月 20 日在巨 潮资讯网披露的相关公告。 根据《上市公司股权激励管理办法》《上市公司信息披露管理办法》《深圳 证券交易所上市公司自律监管指南第 1 号——业务办理》等法律、法规、规范性 文件的相关规定，通过向中国证券登记结算有限责任公司深圳分公司（以下简称 "中国结算深圳 ...

三[Ta花ble智_Sto控ckN（am0eR0p2tT0yp5e0] ） 公司研究/公司点评 Q1 业绩短暂承压，机器人业务前景广阔 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-05-06 ⚫[ T公ab司le _2Su0m23m年ar业y] 绩高增，2024Q1盈利略超预期 2023年公司实现营收245.58亿元，同比+15.04%；归母净利润为29.21 [收Ta盘bl价e_（Ba元se）D ata] 22.67 亿元，同比+13.51%；销售毛利率为27.89%，同比+1.82PCT；销售净 近12个月最高/最低（元） 33.00/19.77 利率为11.95%，同比-0.27PCT。 2024年Q1，实现营收64.4亿元，同 总股本（百万股） 3,733 流通股本（百万股） 3,690 比+13.4%；归母净利润为6.48亿元，同比+7.73%；销售毛利率为 流通股比例（%） 98.86 27.05%，同比+1.48PCT，环比-2.19PCT；销售净利率为10.03%，同比 总市值（亿元） 846 -0.69PCT，环比-3.15PCT。公司汽零业务收入低于 ...

2024年05月01日 公 司点评 公 买入 / 维持 司 三花智控(002050) 研 究 目标价: 昨收盘:21.91 三花智控：2024Q1 扣非净利双位数增长，2023 年汽零业务高增 事件：2024年4月29日，三花智控发布2023年年报及2024年一季 ◼ 走势比较 报。2023 年公司实现总营收 245.58 亿元（同比+15.04%），归母净利润 29.21亿元（同比+13.51%），扣非归母净利润29.17亿元（同比+27.30%）。 40% 2024Q1 公司总营收 64.40 亿元（同比+13.40%），归母净利润 6.48 亿元 太 26% （同比+7.73%），扣非归母净利润6.71亿元（同比+20.53%）。 平 12% 2023年汽车零部件业务迅速拓展，内销取得更快增速。1）分业务： 洋 (2%) 证 (16%)4/5/32 51/7/32 52/9/32 6/21/32 61/2/42 82/4/42 2 10 42 63 .44年 /9公 9.1司 4制 亿元冷 ，空 分调 别电 同器 比+零 5.部 86/件 +3/ 1汽 .94车 %，零 其部 中件 汽业 零业务 务收 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][23] Core Views - The company achieved a revenue of 24.558 billion yuan in 2023, representing a year-on-year growth of 15%, and a net profit of 2.921 billion yuan, up 13.5% year-on-year [3][6] - In Q1 2024, the company reported a revenue of 6.440 billion yuan, a year-on-year increase of 13.4%, and a net profit of 648 million yuan, up 7.7% year-on-year [3][6] - The growth in performance is attributed to the continuous increase in orders for the new energy vehicle (NEV) business, which saw a revenue of 9.914 billion yuan in 2023, up 31.9% year-on-year [3][6] - The company is focusing on global expansion and maintaining its leading position in the market, with significant market shares in various automotive and refrigeration components [3][6] Financial Forecasts and Indicators - Revenue projections for 2024-2026 are 35.197 billion yuan, 41.112 billion yuan, and net profits of 4.302 billion yuan, 5.095 billion yuan respectively [3][23] - The company’s gross margin for 2023 was 27.89%, an increase of 1.81 percentage points year-on-year, while the net profit margin was 11.95% [3][6] - The projected earnings per share (EPS) for 2024-2026 are 0.95 yuan, 1.15 yuan, and 1.37 yuan, with corresponding price-to-earnings (PE) ratios of 23, 19, and 16 [3][23] Business Segments - The automotive parts segment generated a revenue of 9.914 billion yuan in 2023, accounting for 90% of the automotive parts business revenue, benefiting from the rapid growth of the NEV industry [3][15] - The refrigeration and air conditioning components segment saw a revenue of 14.644 billion yuan, a year-on-year increase of 5.86% [3][6] - The company is investing in new projects, including smart variable frequency controllers and robotic servo motor controllers, to explore new growth points [3][22]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 29 yuan, compared to the current price of 21.91 yuan [1]. Core Insights - The company achieved a revenue of 24.56 billion yuan in 2023, representing a year-on-year increase of 15.0%, and a net profit attributable to shareholders of 2.92 billion yuan, up 13.5% year-on-year [2][3]. - The revenue growth is driven by the automotive parts business, which has seen a significant increase due to the global electrification of vehicles, with automotive parts revenue growing by 31.9% year-on-year [3]. - The company is expanding its new business lines, particularly in the field of electric vehicle components, with a reported 63.0% increase in sales volume of new energy vehicle parts in 2023 [3]. Financial Performance Summary - In Q4 2023, the company reported a revenue of 5.58 billion yuan, down 2.9% year-on-year, and a net profit of 760 million yuan, down 19.5% year-on-year. However, the non-recurring net profit increased by 28.7% year-on-year [2]. - For Q1 2024, the company achieved a revenue of 6.44 billion yuan, up 13.4% year-on-year, and a net profit of 650 million yuan, up 7.7% year-on-year [2]. - The gross profit margin for Q4 2023 and Q1 2024 was 29.2% and 27.1%, respectively, showing a year-on-year increase of 0.6 and 1.5 percentage points [3]. Business Segment Analysis - The company’s revenue from refrigeration and automotive parts reached 14.64 billion yuan and 9.91 billion yuan in 2023, with year-on-year growth of 5.9% and 31.9%, respectively [3]. - The automotive parts segment now accounts for 40.4% of total revenue, with over 90% of this coming from new energy vehicle components [3]. - Domestic and overseas revenues for 2023 were 13.40 billion yuan and 11.15 billion yuan, respectively, with year-on-year growth of 17.4% and 12.3% [3]. Future Outlook - The company is expected to maintain steady revenue growth, benefiting from increased domestic air conditioning production and ongoing development in the automotive parts sector [3]. - The company plans to issue GDRs to expand its global production base and invest in robotics and thermal management components, which could significantly enhance growth potential [3]. - The profit forecast for 2024 and 2025 has been adjusted to 3.56 billion yuan and 4.16 billion yuan, respectively, with a new forecast for 2026 set at 4.88 billion yuan [3].

好的各位投资者大家上午好我是长江证券的吴波华非常欢迎大家参加3号指控2023年年报及2020年一级报的业绩交流会我们看到公司昨晚披露了我们的年报和今年的一级报然后整个的收入利润均实现了一个持续的增长也凸显出我们全球热盘里萌口的一个非常强劲的成长力那今天的上午我们非常荣幸的邀请到公司的总理胡总以及公司的财务总监于总 以及公司总办和财务部的各位领导来就公司近期经营的情况以及财报的情况跟大家做一个交流和分享那么接下来的时间我们先有请胡总分享一下公司整个经营的一个情况我们再进入到投资者问答的环节好有请胡总好的各位投资者大家好非常感谢长江证券在给我们提供这样一个交流的机会 首先我就把我们2023年的年度的一个财务数据和一季度的情况大致跟大家介绍一下我们2023年总共实现营收是245.6亿元那么跟去年同比是增长15.04%那么规模净利润实现是29.2亿元 跟去年同期实现同比增长13.51%那么扣非的那个规模净利润是29.17亿元跟去年同比增长是27.3%那么应该说那个营收也好无论营收也好还是规模净利润扣规模净利润也好都是正的增长 尤其是扣费以后这个数据还是比较跟我们的营收增长还是比较吻合的那么同时我们的毛利率也实现了27 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [2][5]. Core Views - The company achieved a revenue of 24.558 billion RMB in 2023, representing a year-on-year growth of 15.04%. The net profit attributable to shareholders was 2.921 billion RMB, up 13.51% year-on-year [1][3]. - The revenue for Q4 2023 was 5.582 billion RMB, showing a decline of 2.9% year-on-year, while the net profit for the same period was 761 million RMB, down 19.49% year-on-year. The sales gross margin was 29.24%, a slight increase of 0.61 percentage points year-on-year [1][2]. - For Q1 2024, the company reported a revenue of 6.44 billion RMB, a year-on-year increase of 13.4%, and a net profit of 648 million RMB, up 7.73% year-on-year [1][2]. Revenue Breakdown - In 2023, the refrigeration segment generated 14.6 billion RMB in revenue, while the automotive parts segment contributed 9.9 billion RMB. The refrigeration and automotive parts segments grew by 5.86% and 31.94% year-on-year, respectively [2]. - The sales gross margin for 2023 was 27.89%, with refrigeration and automotive parts margins at 28.2% and 27.43%, respectively [2]. Financial Projections - The company is expected to achieve revenues of 28.703 billion RMB, 35.005 billion RMB, and 43.217 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16.9%, 22.0%, and 23.5% [2][3]. - Net profit projections for the same years are 3.530 billion RMB, 4.294 billion RMB, and 5.193 billion RMB, with growth rates of 20.9%, 21.6%, and 21.0% [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue increase of 15% year-on-year for 2023 and 13% for Q1 2024, with net profit growth of 14% and 8% respectively [3] - The automotive parts business continues to grow significantly, with a projected revenue increase of 20-30% for 2024, driven by improvements in average selling price (ASP) [3] - Traditional refrigeration shows stable growth, with domestic demand outperforming overseas markets, and a projected revenue growth of 0-10% for 2024 [3] - New growth areas in robotics and energy storage are progressing as planned, focusing on bionic robots and energy storage components [3] Financial Performance and Forecast - Total revenue for 2023 is projected at 24,558 million yuan, with a year-on-year growth of 15.04% [2] - Net profit for 2023 is expected to be 2,921 million yuan, reflecting a year-on-year increase of 13.51% [2] - The company anticipates a net profit of 3,526 million yuan in 2024, with a growth rate of 20.71% [2] - The earnings per share (EPS) is projected to be 0.94 yuan for 2024, with a price-to-earnings (P/E) ratio of 23.19 [2] Business Segment Insights - The automotive parts segment generated revenue of 9,900 million yuan in 2023, with a year-on-year increase of 32% and a gross margin of 27.4% [3] - The refrigeration segment achieved revenue of 14,600 million yuan in 2023, with a year-on-year growth of 6% and a gross margin of 28.2% [3] - The company is focusing on high-margin products in the domestic market, with expectations for continued growth in the traditional refrigeration sector [3] Future Outlook - The company has adjusted its net profit forecasts for 2024 and 2025 to 3,530 million yuan and 4,240 million yuan respectively, reflecting a cautious outlook on core customer sales in the new energy vehicle sector [4] - The projected net profit for 2026 is 5,160 million yuan, indicating a growth rate of 21% [4]

三花智控(00205050) /家电零部件Ⅱ / 公司点评 /2024.05.04 持续拓展业务布局，加快全球化步伐 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 事件：公司发布2023年年度报告及2024年第一季度报告，公司2023年全年 基本数据 2024-04-30 实现营业收入245.58亿元，同比增加15.04%；实现归母净利润29.21亿元， 收盘价(元) 21.91 流通股本(亿股) 36.90 同比增加13.51%。2024年Q1实现营业收入64.40亿元，同比增加13.40%， 每股净资产(元) 4.89 实现归母净利润6.48亿元，同比增加7.73%。 总股本(亿股) 37.33 ❖ 全年毛利率同比有所提升，期间费用率有所增长：2023年公司毛利率为 最近12月市场表现 27.89%，同比+1.81pct。其中，制冷空调电器零部件业务的毛利率为28.20%， 同比+2.04pct，汽车零部件业务的毛利率为27.43%，同比+1.51pct。2023年公 三花智控 沪深300 上证指数 司的销售费用率、管理费用率、研发费用率分别为2.70%、6.01%、4.47%，同 33% 比分别+ ...

Investment Rating - The report maintains a "Buy" rating for the company, with a 6-month target price of 21.91 RMB [5] Core Views - The company's automotive parts business continues to grow rapidly, driven by the global new energy vehicle trend, with a 31.9% YoY increase in revenue in 2023 [2] - The company's gross margin improved to 27.9% in 2023, up 1.8 percentage points YoY, benefiting from economies of scale and product upgrades in the automotive business [2] - The company is actively expanding into strategic emerging businesses such as robotics and energy storage, which are expected to drive long-term growth [2] Financial Performance - In 2023, the company achieved revenue of 24.56 billion RMB, a 15.0% YoY increase, and net profit attributable to the parent company of 2.92 billion RMB, a 13.5% YoY increase [1] - In Q1 2024, the company achieved revenue of 6.44 billion RMB, a 13.4% YoY increase, and net profit attributable to the parent company of 650 million RMB, a 7.7% YoY increase [1] - The company's EPS is expected to grow from 0.78 RMB in 2023 to 1.23 RMB in 2026, with a projected PE ratio of 23.9x, 20.4x, and 17.8x for 2024-2026 respectively [3] Business Segments - The refrigeration and air conditioning business achieved revenue of 14.64 billion RMB in 2023, a 5.9% YoY increase, maintaining steady growth [2] - The automotive parts business achieved revenue of 9.91 billion RMB in 2023, a 31.9% YoY increase, driven by the rapid expansion of the new energy vehicle market [2] Strategic Initiatives - The company is closely tracking developments in energy storage system technology and has begun supplying components to leading customers in this field [2] - In the robotics sector, the company is focusing on electromechanical actuators and is collaborating with leading partners to establish overseas production facilities [2]