小摩：升三花智控(02050)目标价至42港元 维持“增持”评级

Core Viewpoint - Morgan Stanley has raised the financial forecasts for Sanhua Intelligent Control (02050) for 2025 to 2027 by an average of 20%, reflecting better-than-expected Q3 performance and management's upgraded guidance [1] Company Summary - The target price for Sanhua Intelligent Control's H-shares has been increased from HKD 41 to HKD 42, while the target price for its A-shares has been raised from RMB 43 to RMB 49, maintaining a "Buy" rating [1] - The company demonstrates strong fundamentals and strategic positioning across key areas, presenting a buying opportunity at current levels [1] - Insights from industry conferences have reinforced confidence in Sanhua Intelligent Control's long-term growth, with key trends including robust momentum in humanoid robots and AIDC liquid cooling, resilient automotive parts business, and a well-structured global supply chain [1] Industry Outlook - The earnings outlook for Q4 this year and next year indicates that the company will continue to experience profit growth and margin expansion, even in the face of high comparatives [1] - Despite a pullback in H and A shares since October due to profit-taking by investors, the overall market sentiment remains positive regarding the company's growth trajectory [1]