SANHUA(SZ:002050) Chang Jiang Shang Bao·2025-12-23 23:52Core Viewpoint - Sanhua Intelligent Control is expected to return to double-digit growth in 2025, with projected net profit ranging from 3.874 billion to 4.649 billion yuan, representing a year-on-year increase of 25% to 50% [1][2]. Financial Performance - The company's net profit has consistently grown over the past decade, increasing from 605 million yuan in 2015 to 3.099 billion yuan in 2024. Revenue has also seen continuous growth, reaching 27.947 billion yuan in 2024 [1]. - However, the growth rate of both revenue and net profit has significantly slowed in recent years, with 2022 showing growth rates of 33.25% and 52.81%, respectively, while 2023 and 2024 saw declines to 15.04% and 13.8% for revenue, and 13.51% and 6.1% for net profit [1][2]. Business Segments - The cooling and air conditioning components business, which accounts for 60% of revenue, is facing a ceiling due to the home appliance industry's shift to a stock competition phase [2]. - The automotive components business, previously a strong growth driver, has also slowed, particularly due to Tesla's declining sales in China affecting performance [2]. - The emerging robotics segment has not yet contributed significant revenue, as it remains in the technical validation and prototype testing stages [2]. Strategic Initiatives - Sanhua Intelligent Control has maintained its leading position in the cooling and air conditioning components sector by leveraging market demand and its technological advantages [3]. - The company is expanding its automotive components business through strategic partnerships and a strong market presence in the global electric vehicle thermal management sector [3]. Globalization Strategy - Sanhua Intelligent Control is recognized as the largest manufacturer of refrigeration control components and a leading supplier of automotive thermal management systems globally [4]. - The company has established a global marketing network and production bases, with products available in over 80 countries and regions, collaborating with renowned international companies [5]. - The company has set up four overseas production bases in Mexico, Poland, Vietnam, and Thailand, and three R&D bases in the United States and Germany [5]. - In 2025, the company successfully completed its "A+H" dual-platform listing with its debut on the Hong Kong Stock Exchange, marking a significant step in its globalization efforts [5].