SANHUA(SZ:002050) Zheng Quan Zhi Xing·2025-08-29 22:41Core Insights - The company Sanhua Intelligent Control (002050) reported a total revenue of 16.263 billion yuan for the first half of 2025, representing an 18.91% year-on-year increase, and a net profit attributable to shareholders of 2.11 billion yuan, up 39.31% year-on-year [1] - The second quarter alone saw a revenue of 8.593 billion yuan, also an 18.75% increase year-on-year, with a net profit of 1.207 billion yuan, reflecting a 39.2% increase [1] - The company's profitability improved, with a gross margin of 28.12%, up 2.38% year-on-year, and a net margin of 13.15%, up 18.16% year-on-year [1] Financial Performance - Total revenue for 2024 was 13.676 billion yuan, while for 2025 it reached 16.263 billion yuan, marking an 18.91% increase [1] - Net profit attributable to shareholders increased from 1.515 billion yuan in 2024 to 2.11 billion yuan in 2025, a rise of 39.31% [1] - The company's gross margin improved from 27.46% in 2024 to 28.12% in 2025, and net margin increased from 11.13% to 13.15% [1] Cost Management - Total selling, administrative, and financial expenses amounted to 1.248 billion yuan, accounting for 7.68% of revenue, which is a decrease of 7.35% year-on-year [1] - The company's cash flow per share remained stable at 0.31 yuan, while earnings per share increased from 0.40 yuan to 0.57 yuan, a growth of 42.5% [1] Investment Metrics - The company's return on invested capital (ROIC) was 13.69% last year, indicating strong capital returns [3] - The historical median ROIC over the past decade was 12.97%, suggesting a generally average investment return [3] - Analysts expect the company's performance for 2025 to reach 3.812 billion yuan, with an average earnings per share forecast of 0.92 yuan [4] Fund Holdings - The largest fund holding Sanhua Intelligent Control is the New Energy Vehicle LOF, with 14.2778 million shares, which has seen a reduction in holdings [5] - Other funds, such as the China Europe Times Pioneer Stock A and the Oriental New Energy Vehicle Mixed Fund, have increased their holdings [5] - The New Energy Vehicle LOF fund has a current scale of 4.57 billion yuan and has appreciated by 56.11% over the past year [5]