SANHUA(SZ:002050) Xin Lang Cai Jing·2025-11-12 12:33Core Viewpoint - The company reported a steady revenue growth driven by increased sales in refrigeration components and new energy vehicles, with total revenue reaching 7.77 billion yuan in Q3 2025, a year-on-year increase of 12.8% [1][2]. Revenue Growth - The revenue growth in Q3 2025 was primarily attributed to the sales increase in refrigeration components and new energy vehicles. Sales of electronic expansion valves, shut-off valves, and four-way valves increased by 15.2%, 11.6%, and 7.4% year-on-year, respectively [2]. - New energy vehicle retail sales reached 3.398 million units in Q3 2025, reflecting a year-on-year growth of 12.2%, which in turn boosted the company's automotive component revenue [2]. Profitability Improvement - The company's gross profit margin in Q3 2025 was 28.0%, showing a slight year-on-year decrease of 0.1 percentage points, indicating stable margins [2]. - The net profit margin increased to 14.6%, a year-on-year increase of 3.1 percentage points, primarily due to improved expense ratios [3]. Operational Efficiency - The company achieved a reduction in expense ratios across sales, management, R&D, and financial costs, with total expense ratio decreasing by 3.7 percentage points year-on-year [2][3]. - Enhanced management efficiency in production and sales contributed to the optimized expense ratios [3]. New Growth Opportunities - The company is positioned to explore new growth areas in liquid cooling and robotics components, leveraging its technological expertise and existing partnerships with liquid cooling system providers [3]. - The company has successfully entered the actuator business in the robotics sector, with production facilities under construction, indicating potential for new revenue streams [3]. Investment Outlook - The core business is expected to maintain steady growth, with profitability improvements driven by efficiency enhancements. Future growth is anticipated from liquid cooling and robotics components [3]. - Projected net profits for 2025-2027 are estimated at 4.22 billion, 4.90 billion, and 5.86 billion yuan, corresponding to price-to-earnings ratios of 47, 40, and 34 times, respectively [3].