智通财经网·2026-01-02 02:17Core Viewpoint - Northeast Securities has initiated coverage on Sanhua Intelligent Control (02050), projecting revenue growth from 2025 to 2027, with corresponding net profits and PE ratios, and has given a "Buy" rating [1] Group 1: Financial Projections - The company is expected to achieve revenue of 322.6 billion, 371.3 billion, and 441.2 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 42.4 billion, 51.2 billion, and 60.3 billion yuan [1] - For 2025, the company forecasts a net profit between 38.7 billion and 46.5 billion yuan, representing a year-on-year increase of 25% to 50%, and a non-recurring net profit between 36.8 billion and 46.1 billion yuan, reflecting an 18% to 48% increase [2] Group 2: Business Performance - The traditional refrigeration business has shown strong performance with a revenue of 103.9 billion yuan in the first half of 2025, marking a year-on-year growth of 25.5% and a gross margin of 28.2%, up by 0.65 percentage points [3] - The automotive parts business has seen a revenue of 58.7 billion yuan in the first half of 2025, with a modest year-on-year growth of 8.8%, influenced by Tesla's production and sales improvements [4] Group 3: Strategic Developments - The company has established a dedicated division for humanoid robots and set up a production base in Thailand to support Tesla's mass production needs, with expectations of significant revenue contributions starting in 2026 [5]