研报掘金丨国盛证券：维持三花智控“买入”评级，人形机器人有望开启第三成长曲线

Core Viewpoint - The report from Guosheng Securities indicates that Sanhua Intelligent Controls is expected to achieve a net profit attributable to shareholders of 2.11 billion yuan in the first half of 2025, representing a year-on-year increase of 39% [1] Financial Performance - In Q1 2025, the net profit attributable to shareholders is projected to be 1.21 billion yuan, also reflecting a year-on-year growth of 39% and a quarter-on-quarter increase of 34% [1] - The company's revenue for H1 2025 is forecasted to be 10.39 billion yuan, accounting for 64% of total revenue, with a year-on-year increase of 25% [1] Business Segments - The gross margin for the refrigeration and air conditioning components segment in H1 2025 is expected to be 28%, showing a year-on-year increase of 0.7 percentage points [1] - The gross margin for the automotive components segment is also projected to be 28%, with a similar year-on-year increase of 0.7 percentage points [1] Expense Management - The company's expense ratio for H1 2025 is anticipated to be 12.0%, which is a decrease of 0.9 percentage points year-on-year [1] - Specific expense ratios for sales, management, finance, and R&D are expected to change year-on-year as follows: sales -0.3 percentage points, management -0.9 percentage points, finance +0.6 percentage points, and R&D -0.3 percentage points [1] Strategic Positioning - The company is strategically positioning itself in the humanoid robot sector, which is expected to open a new growth curve [1] - Sanhua Intelligent Controls has achieved a series of innovative results related to its existing products, leading to an overall enhancement of product capabilities [1]