Zhi Tong Cai Jing·2025-06-04 08:46Core Viewpoint - Zhejiang Sanhua Intelligent Control Co., Ltd. is preparing for its 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 supplier of automotive thermal management system components [3] - The company operates in two main segments: refrigeration and air conditioning components, and automotive components, while also expanding into emerging fields such as bionic robotics and 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 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 applications, including HVAC systems and household appliances, with a product range that includes valves, heat exchangers, pumps, and controllers [3] Product Rankings - For 2024, Sanhua ranks first in the global refrigeration and air conditioning valves, heat exchangers, and pumps market, and second in the control components market [4] - Specific product rankings include: - Four-way reversing valve: 55.4% market share - Electronic expansion valve: 51.4% market share - Microchannel heat exchanger: 43.4% market share - Other valves and pumps also hold significant market shares [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] - The company has maintained a gross profit margin of around 25.6% in 2022, increasing to 27.4% in 2023, and slightly decreasing to 27.3% in 2024 [6]