三花智控涨超3% 三季度归母净利同比增长43.81%

Core Viewpoint - Sanhua Intelligent Control (02050) reported strong financial results for the first three quarters of 2025, with significant year-on-year growth in both revenue and net profit, indicating robust performance driven by increased demand in the automotive sector [1] Financial Performance - The company achieved a revenue of 24.03 billion yuan, representing a year-on-year increase of 16.86% [1] - Net profit attributable to shareholders reached 3.24 billion yuan, up 40.85% year-on-year [1] - In Q3 alone, revenue was 7.77 billion yuan, showing a year-on-year growth of 12.77% [1] - Q3 net profit was 1.13 billion yuan, reflecting a year-on-year increase of 43.81% [1] Market Demand - The automotive sector showed a recovery in demand, with domestic new energy vehicle sales reaching 3.4 million units in Q3 2025, a 12% increase quarter-on-quarter [1] - Tesla's global production was 447,000 units, marking a 9% quarter-on-quarter increase [1] - The demand for thermal management in vehicles is expected to benefit the company due to the growth in automotive sales [1] Industry Insights - In the home appliance sector, China's air conditioning production totaled 39.56 million units in Q3, a 36% decrease quarter-on-quarter, attributed to the seasonal downturn in the industry [1] - Overall, Q3 showed a growth in automotive demand while the core customer demand began to recover, leading to a 13% year-on-year revenue increase despite a 10% quarter-on-quarter decline [1] - The company is strategically positioning itself in the humanoid robot market, which may open up a new growth trajectory [1]