研报掘金丨中金：维持三花智控AH股“跑赢大市”评级，静待机器人板块反弹

Core Viewpoint - The report from CICC highlights that Sanhua Intelligent Controls is expected to deliver strong performance in Q4 2025, with anticipation for a rebound in the robotics sector [1] Group 1: Company Performance - Sanhua Intelligent Controls' refrigeration segment shows steady growth, reinforcing its position as a global leader in thermal management [1] - The company has a comprehensive horizontal business layout and advanced global production capacity, which helps mitigate business fluctuations from single markets or segments [1] - The company is focused on enhancing organizational efficiency and attracting high-quality talent, which is expected to sustain its long-term competitiveness and maintain high profitability [1] Group 2: Market Outlook - According to industry data, the cumulative air conditioning production from January to November 2025 has decreased by approximately 2%, with a significant drop of 37% in November alone [1] - The robotics segment is awaiting catalysts, with the company's product focus on electromechanical actuators [1] Group 3: Valuation and Price Target - The current H-share price corresponds to a price-to-earnings ratio of 32.2x for 2025 and 27.9x for 2026 [1] - The A-share maintains an outperform rating with a target price of 59.50 yuan, reflecting a price-to-earnings ratio of 59.0x for 2025 and 52.0x for 2026, indicating a potential upside of 31.0% [1] - The H-share also holds an outperform rating with a target price of 50.00 HKD, corresponding to a price-to-earnings ratio of 45.4x for 2025 and 39.4x for 2026, suggesting a potential upside of 41.2% [1]