三花智控(002050)：业绩符合预期 静待仿生机器人机电执行器业务放量

Company Performance - In the first half of the year, the company achieved operating revenue of 16.263 billion yuan, a year-on-year increase of 19% [1] - The net profit attributable to shareholders reached 2.110 billion yuan, up 39% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 2.010 billion yuan, reflecting a 32% year-on-year growth [1] - For Q2, the company reported operating revenue of 8.593 billion yuan, a 19% increase year-on-year [1] - The net profit attributable to shareholders for Q2 was 1.207 billion yuan, also up 39% year-on-year [1] - The net profit after deducting non-recurring gains and losses for Q2 was 1.157 billion yuan, showing a 35% year-on-year increase [1] Dividend Announcement - The company proposed a semi-annual dividend plan, distributing 1.2 yuan for every 10 shares, totaling over 500 million yuan, with a dividend payout ratio of 24% [2] Industry Overview - According to industry data, the domestic household air conditioning industry achieved total sales of 123 million units in the first half of 2025, a year-on-year increase of 8% [3] - Domestic sales reached 66.54 million units, up 9% year-on-year, while exports were 56.56 million units, also reflecting an 8% increase [3] - The domestic market is expected to maintain stability in the second half of the year, supported by policies such as the old-for-new replacement program [3] - The company's revenue from refrigeration components was 10.389 billion yuan, a year-on-year increase of 25.49%, significantly outperforming the industry [3] - The net profit from refrigeration components was 1.29 billion yuan, up 59.15% year-on-year, with a net profit margin increase of 2.62 percentage points to 12.38% [3] - In the new energy vehicle sector, the company reported revenue of 5.874 billion yuan, an 8.83% year-on-year increase, which is lower than the industry growth rate [3] Profit Forecast - Based on strong growth in traditional cold chain business, the profit forecast for the company has been raised, expecting net profits of 3.75 billion, 4.16 billion, and 4.60 billion yuan for 2025-2027, representing year-on-year growth of 21%, 11%, and 11% respectively [4] - The corresponding current price-to-earnings ratios are projected to be 36, 32, and 29 times [4]