智通财经网·2025-06-04 08:02Core Viewpoint - Zhejiang Sanhua Intelligent Control Co., Ltd. is preparing for a listing on the Hong Kong Stock Exchange, with CICC and Huatai International as joint sponsors [1] Company Overview - Sanhua Intelligent is the largest manufacturer of refrigeration and air conditioning control components globally and a leading manufacturer of automotive thermal management system components [3] - The company operates in two main segments: refrigeration and air conditioning components, and automotive components, with ongoing expansion into emerging fields such as bionic robot electromechanical actuators [3] Market Position - According to Frost & Sullivan, Sanhua holds approximately 45.5% market share in the global refrigeration and air conditioning control components market and ranks fifth in the global automotive thermal management system components market with a 4.1% share [3] - In the refrigeration and air conditioning components sector, Sanhua is a key supplier for various markets, including household and commercial air conditioning, commercial refrigeration, industrial refrigeration, and small appliances [3] Product Portfolio - The company’s key products include various types of valves (electronic expansion valves, four-way reversing valves, shut-off valves, solenoid valves, and ball valves), heat exchangers (especially microchannel heat exchangers), pumps (like Omega pumps), and controllers (including variable frequency controllers and pressure sensors) [3] - In the automotive parts sector, Sanhua provides essential thermal management control solutions for both new energy vehicles and traditional fuel vehicles [4] Financial Performance - Revenue figures for Sanhua are projected to be approximately 21.35 billion RMB in 2022, 24.56 billion RMB in 2023, and 27.95 billion RMB in 2024, with corresponding profits of about 2.61 billion RMB, 2.93 billion RMB, and 3.11 billion RMB respectively [5][6] - The company’s gross profit margin is expected to remain stable, with gross profits of 5.46 billion RMB (25.6%), 6.74 billion RMB (27.4%), and 7.62 billion RMB (27.3%) for the years 2022, 2023, and 2024 [6]