智通财经网·2025-12-30 01:28Core Viewpoint - The report from Shenwan Hongyuan indicates that Sanhua Intelligent Control (02050) is expected to achieve net profits attributable to shareholders of 4.253 billion, 4.650 billion, and 5.099 billion yuan from 2025 to 2027, representing year-on-year growth of 37.2%, 9.4%, and 9.6% respectively. The estimated reasonable market value of the company is 143.3 billion yuan, with a potential upside of 12.3% compared to its current H-share market value of 140.8 billion HKD [1][2]. Group 1: Business Performance - Sanhua Intelligent Control is a leader in the traditional refrigeration components and automotive thermal management sectors, having been listed on the Shenzhen Stock Exchange since 2005 and successfully issuing H-shares in June 2025, enhancing its global competitiveness [2]. - As of Q3 2025, the company reported total revenue of 24.03 billion yuan, a year-on-year increase of 17%, and a net profit attributable to shareholders of 3.24 billion yuan, with a growth rate exceeding 40% [2]. Group 2: Mature Business Segments - The company has maintained a leading position in traditional refrigeration components, with a revenue contribution of 64% from this segment in H1 2025, making it the largest revenue source [3]. - The growth in domestic air conditioning and appliance ownership, along with opportunities in overseas markets, is expected to stimulate demand for refrigeration components, allowing the company to sustain steady growth [3]. - In the automotive parts sector, the company leverages its long-standing expertise in refrigeration components to capture significant market share in the highly concentrated global thermal management market, gaining recognition from major domestic and international automotive manufacturers [3]. Group 3: Emerging Business Segments - The energy storage and robotics sectors present significant growth potential for the company, with energy storage thermal management sharing high similarities with traditional refrigeration and automotive thermal management [4]. - The company established an energy storage thermal management division in Q1 2022 and has since formed partnerships with industry leaders, marking 2023 as a pivotal year for sales in this new segment [4]. - In the robotics sector, the company has been actively investing since 2022, focusing on bionic robot electromechanical actuators, and aims to achieve mass production in collaboration with global core clients by establishing a dedicated robotics division in 2025 [4].