SANHUA(SZ:002050) 智通财经网·2025-09-02 08:59Core Viewpoint - The report from Jianyin International highlights the strong mid-term performance of Sanhua Intelligent Control, with significant increases in revenue and profit metrics [1] Financial Performance - Sanhua Intelligent Control's revenue increased by 18.9% year-on-year in the first half of the year [1] - Net profit rose by 39.3% year-on-year [1] - Core profit saw a year-on-year increase of 31.7% [1] - The gross margin for the two main business segments improved by 0.7 percentage points, reaching approximately 28% [1] - The expense ratio improved by 1.5 percentage points, now at 11.8% [1] Business Outlook - The HVAC (Heating, Ventilation, and Air Conditioning) business is expected to accelerate growth with a compound annual growth rate (CAGR) of about 20% from fiscal years 2025 to 2027 [1] - Earnings forecasts for Sanhua Intelligent Control for the years 2025 to 2027 have been raised by 8% to 12% [1] Target Price and Rating - The target price for Sanhua Intelligent Control's H-shares has been increased from HKD 26.8 to HKD 37.5 [1] - The rating for the company is set at "outperform" [1]