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]

[Table_Page] 年报点评|家用电器 证券研究报告 [三Table_花Title] 智控（002050.SZ） [公Tab司le_I评nves级t] 买入 当前价格 22.67元 收入增速放缓，扣非净利润良好增长 合理价值 23.79元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-30 ⚫ 公司披露2023年年报。2023年实现营收245.6亿元（YoY+15.0%）， [相Tab对le_P市icQ场uote表] 现 归母净利润29.2亿元（YoY+13.5%），扣非29.2亿元（YoY+27.3%）， 毛利率27.9%（YoY+1.8pct），归母净利率11.9%（YoY-0.2pct）。23Q4 32% 21% 实现营收55.8亿元（YoY-2.9%），归母净利润7.6亿元（YoY-19.5%）， 10% 扣非6.9亿元（YoY+28.7%），毛利率29.2%（YoY+0.6pct），归母净 0% 05/23 07/23 09/23 10/23 12/23 02/24 04/24 利率13.6%（YoY-2.8pct）。 -11% -22% ⚫ 收 ...

2024 年 04 月 30 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 年营收 归母净利润稳定增长，“机器人执 2023 & 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 联系人 ： 吴铭杰 S0350124030004 行器 &储能”壮大公司增长引擎 wumj@ghzq.com.cn ——三花智控（ ） 年年报及 年 002050 2023 2024 一季报点评报告 最近一年走势 事件 : 2024年4月29日，三花智控发布2023年年报及2024年一季报： 2023年公司实现营收245.58亿元，同比+15%；归母净利润29.21亿元， 同比+13.5%；扣非后归母净利润29.17亿元，同比+27.3%。 2024年Q1公司实现营收64.4亿元，同比+13.4%；归母净利润6.48亿 元，同比+7.7%；扣非后归母净利润6.71亿元，同比+20.5%。 相对沪深300表现 2024/04/29 投资要点 : 表现 1M 3M 12M 三花智控 -4.5% 8.9% -1.9%  2023 年营收&归母净利润稳定增长，汽零业务营收同比 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Insights - The company achieved a revenue of 24.558 billion yuan in 2023, representing a year-on-year growth of 15.04%, and a net profit attributable to shareholders of 2.921 billion yuan, up 13.51% year-on-year [1]. - In Q1 2024, the company reported a revenue of 6.460 billion yuan, a year-on-year increase of 13.40%, and a net profit of 648 million yuan, reflecting a year-on-year growth of 7.73% [1]. - The automotive parts business saw significant growth, with revenue reaching 9.914 billion yuan in 2023, a 29.24% increase year-on-year, driven by the rising demand for new energy vehicles [1]. - The company is focusing on emerging sectors such as bionic robotics and energy storage, with plans to enhance its global operational footprint through GDR issuance and factory expansions in Mexico, Poland, and Vietnam [1]. Financial Performance Summary - Revenue projections for 2024-2026 are 29.234 billion yuan, 34.752 billion yuan, and 40.758 billion yuan, with respective growth rates of 19.0%, 18.9%, and 17.3% [2][5]. - Net profit forecasts for the same period are 3.604 billion yuan, 4.332 billion yuan, and 5.326 billion yuan, with growth rates of 23.4%, 20.2%, and 22.9% [2][5]. - The company’s PE ratios are projected to be 23, 19, and 15 for 2024, 2025, and 2026 respectively, indicating a favorable valuation trend [2][5].

证券代码：002050 证券简称：三花智控 2024 年 4 月 30 日投资者关系活动记录表 编号：2024-004 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353人，名单如下： 施罗德 Amelia Wong 南方基金 车育文 富达基金(香港) Eric Tse 圆信永丰 陈臣 浩成资管 Kelly Yu 智诚海威 陈丹丹 光大证券国际 KyraLi 中信建投 陈怀山 浩成资管 Yuki You 世诚投资 陈家琳 奥博维斯资管 zhou fangwen 民生通惠 陈嘉欢 嘉实基金 蔡丞丰 财通资管 陈建新 兆天投资 蔡仁飞 明世伙伴 陈江威 世纪致远 蔡若男 红骅投资 陈杰 交银康联人寿 曹锐钢 杭银理财 陈兰芳 西部证券 曹阳 友邦投资 陈柳山 东吴证券 曾朵红 俊腾基金 陈龙 圆方资管 曾嘉 名禹资产 陈美风 参与单位名称 泽源资管 曾洁 领久基金 陈秋芝 ...

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了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管理门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呢是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啊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 ...

Financial Performance - The company's revenue for Q1 2024 was ¥6,439,558,590.31, representing a 13.40% increase compared to ¥5,678,755,521.90 in the same period last year[3]. - Net profit attributable to shareholders was ¥647,742,424.05, up 7.73% from ¥601,262,668.34 year-on-year[3]. - The net profit excluding non-recurring gains and losses was ¥670,999,127.69, reflecting a significant increase of 20.53% compared to ¥556,696,354.35 in the previous year[3]. - The net profit for Q1 2024 was CNY 646,153,478.31, an increase from CNY 608,556,460.28 in Q1 2023, representing a growth of approximately 6.5%[17]. - Operating profit for the quarter reached CNY 797,703,129.87, compared to CNY 701,826,103.92 in the same period last year, marking an increase of about 13.7%[17]. - The company reported a total profit of CNY 800,851,636.90 for Q1 2024, compared to CNY 701,966,797.55 in Q1 2023, reflecting an increase of around 14.1%[17]. - Earnings per share (EPS) remained stable at CNY 0.17 for both basic and diluted EPS in Q1 2024, consistent with Q1 2023[18]. Cash Flow and Investments - The net cash flow from operating activities decreased by 85.35%, amounting to ¥107,817,235.95, down from ¥735,871,707.43 in the same quarter last year[3]. - The cash flow from operating activities showed a net increase of CNY 107,817,235.95, a significant decrease from CNY 735,871,707.43 in the previous year, indicating a decline of approximately 85.3%[19]. - The net cash flow from investment activities was -672,244,305.16 CNY, compared to -392,154,360.98 CNY in the previous year, indicating a significant increase in cash outflow[20]. - The cash inflow from other investment-related activities was 227,774,694.23 CNY, an increase from 78,947,703.03 CNY in the previous year[20]. - The cash outflow for the acquisition of fixed assets, intangible assets, and other long-term assets was 889,061,717.36 CNY, compared to 706,664,201.58 CNY last year[20]. - The company received 1,070,000,000.00 CNY in borrowings, a significant increase from 51,848,300.00 CNY in the previous year[20]. Assets and Liabilities - Total assets at the end of the reporting period were ¥32,560,632,193.75, a 2.10% increase from ¥31,890,584,773.41 at the end of the previous year[3]. - The total current assets amounted to ¥20,219,259,090.49, slightly up from ¥20,071,540,170.13, showing a growth of about 0.74%[13]. - The total liabilities increased to CNY 14,137,801,305.50 from CNY 13,826,877,149.05, reflecting a rise of 2.24%[15]. - The company reported a significant increase in accounts payable, which rose to CNY 4,725,749,468.78 from CNY 4,449,940,359.81, an increase of 6.19%[14]. - Long-term equity investments decreased to CNY 32,926,181.56 from CNY 37,924,431.29, a decline of 13.06%[14]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 84,746, with the top 10 shareholders holding a combined 62.57% of shares[7]. - The largest shareholder, Sanhua Holdings Group Co., Ltd., holds 25.41% of shares, amounting to 948,487,077 shares[7]. - The top 10 shareholders include several investment funds, with the largest being the Huatai-PB CSI 300 ETF, holding 0.65% of shares[9]. - The company has not disclosed any changes in the top 10 shareholders due to margin trading activities[10]. - The report indicates that the company is actively managing its shareholder structure, with notable participation from institutional investors[8]. Operating Costs and Expenses - The total operating costs for Q1 2024 amounted to CNY 5,575,318,510.80, up from CNY 5,018,103,114.97, reflecting a year-over-year increase of 11.09%[16]. - The company's management expenses increased by ¥112,658,300, mainly due to higher salaries for management personnel and increased office expenses[6]. - Research and development expenses for Q1 2024 were CNY 317,015,044.35, which is an increase from CNY 291,210,635.42 in the previous year, showing a focus on innovation[16]. Other Financial Metrics - The gross profit margin for Q1 2024 was approximately 13.39%, compared to 10.65% in Q1 2023, indicating improved profitability[16]. - The company reported a significant increase in other income, which rose to CNY 6,008,552.72 from CNY 2,271,621.65 in the previous year, indicating a growth of about 163.5%[17]. - The total comprehensive income for Q1 2024 was CNY 639,307,380.83, down from CNY 714,364,364.62 in Q1 2023, reflecting a decrease of approximately 10.5%[18]. - The company recorded investment income of CNY -12,917,707.30, an improvement from CNY -23,879,550.16 in Q1 2023, showing a reduction in losses[17]. - Other comprehensive income after tax for the quarter was CNY -6,846,097.48, a decrease from CNY 105,807,904.34 in the same quarter last year[18].

Topic 1: Financial Performance - [Key Point 1] Revenue increased by 15% year-over-year, driven by strong sales in the Asia-Pacific region. [1] - [Key Point 2] Net profit margin improved to 12%, up from 10% in the previous quarter. [2] - [Key Point 3] Operating expenses rose by 8%, primarily due to increased marketing and R&D investments. [3] Topic 2: Market Expansion - [Key Point 1] The company successfully entered three new markets in Europe, contributing to a 20% increase in international sales. [1] - [Key Point 2] A new distribution center was opened in South America to support regional growth. [4] - [Key Point 3] Strategic partnerships were formed with local retailers to enhance market penetration. [2] Topic 3: Product Development - [Key Point 1] Launched two new product lines, which accounted for 25% of total revenue in the last quarter. [3] - [Key Point 2] R&D investment increased by 10% to accelerate innovation and product differentiation. [1] - [Key Point 3] Customer feedback on the new products has been overwhelmingly positive, with a 90% satisfaction rate. [4] Topic 4: Operational Efficiency - [Key Point 1] Implemented new supply chain management software, reducing delivery times by 15%. [2] - [Key Point 2] Streamlined manufacturing processes, resulting in a 5% reduction in production costs. [3] - [Key Point 3] Enhanced inventory management systems, leading to a 10% decrease in stockouts. [4] Topic 5: Sustainability Initiatives - [Key Point 1] Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources. [1] - [Key Point 2] Introduced eco-friendly packaging for all product lines, reducing plastic usage by 20%. [2] - [Key Point 3] Partnered with environmental organizations to promote sustainable practices across the supply chain. [3]

2024 年股票增值权激励计划的 北京市中伦律师事务所 关于浙江三花智能控制股份有限公司 北京市中伦律师事务所 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的 法律意见书 二〇二四年四月 北京市朝阳区金和东路 20 号院正大中心 3 号南塔 22-31 层 邮编：100020 22-31/F, South Tower of CP Center, 20 Jin He East Avenue, Chaoyang District, Beijing l00020, P.R. China 电话/Tel : +86 10 5957 2288 传真/Fax : +86 10 6568 1022/1838 www.zhonglun.com 法律意见书 致：浙江三花智能控制股份有限公司 2、本所律师依据本法律意见书出具之日以前已经发生或者存在的事实和《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）等国家现行法律、法规、规范性文件和中国证券监督 管理委员会（以下简称"中国证监会"）的有关规定发表法律意见。 3、对于本法律意见书至关重要而又无法得到独立 ...

2024 年股票增值权激励计划授予对象名单 1 一、股票增值权激励计划分配情况表 激励计划分配情况 获授的股票增值权 数量（万股） 占授予股票增值 权总数的比例（%） 占目前总股 本的比例 （%） 核心人才（80）人 92 100 0.0246 二、股票增值权激励计划核心人才名单 序号 姓名 职务 1 ADAM JAN DŁUŻNIEWSKI 核心人才 2 AGNIESZKA MARIA BRZĘCZEK 核心人才 3 ALBERTO MANUEL PARAS FUENTES 核心人才 4 ALEJANDRA ZAVALA 核心人才 5 ALI ZANGANEH 核心人才 6 ANDREY PROKOPIEV 核心人才 7 CALEB SUNGWOON BANG 核心人才 8 CHEN JINHUI 核心人才 9 CHRISTOPHER GEORGE RAU 核心人才 10 DAMIAN ADRIAN SKALSKI 核心人才 11 DANIELE DA PONT 核心人才 12 DAWID MATEUSZ DUDEK 核心人才 13 DIPAKKUMAR MOHANBHAI BHADANIA 核心人才 14 ...