SANHUA(SZ:002050) Sou Hu Cai Jing·2025-04-27 08:52Core Insights - The automotive electronic expansion valve is becoming increasingly critical in automotive air conditioning and thermal management systems, leveraging advanced electronic control technology for precise refrigerant flow regulation [3][5][7] - In 2023, the market size for automotive electronic expansion valves in China reached approximately 1.4 billion yuan, with sales of about 25.6 million units [7][8] - The global market for automotive electronic expansion valves was valued at around 2 billion yuan, with sales of approximately 34.4 million units in 2023 [7] Industry Overview - The automotive electronic expansion valve consists of three main components: controller, actuator, and sensor, which work together to ensure efficient and stable system operation [5][6] - The automotive thermal management system market in 2023 reached approximately 265.5 billion yuan globally and 109.9 billion yuan in China, indicating significant market potential [5][6] Market Dynamics - The industry chain for automotive electronic expansion valves includes upstream raw materials and components supply, midstream manufacturing, and downstream application in vehicle manufacturing and aftermarket [5][6] - The demand for automotive electronic expansion valves is expected to grow significantly due to the increasing production and sales of new energy vehicles in China, which reached 11.3 million units in 2024, a year-on-year increase of 34.6% [6][8] Competitive Landscape - Zhejiang Sanhua Intelligent Control Co., Ltd. is a leading player in the automotive electronic expansion valve market, with a revenue of 13.676 billion yuan in the first half of 2024, showcasing strong market competitiveness [8] - Domestic brands are expected to rise and compete vigorously with international brands, focusing on product performance, quality, pricing, service, brand, and innovation capabilities [9] Future Trends - The automotive electronic expansion valve industry is anticipated to move towards miniaturization and lightweight designs, utilizing new materials and processes to meet the automotive industry's evolving demands [8] - Continuous investment in R&D by domestic companies will enhance the precision of flow control and response speed of electronic expansion valves, contributing to energy efficiency in automotive thermal management systems [8]