SANHUA(SZ:002050) Ge Long Hui·2026-01-10 08:30Group 1 - The company forecasts a significant increase in net profit for 2025, estimating a range of 3.87 to 4.65 billion yuan, representing a year-on-year growth of 25% to 50% [1] - The traditional refrigeration business shows strong performance with a revenue increase of 25.5% in the first half of 2025, driven by global low-carbon policies and growing demand for cooling components [1] - The automotive parts business is recovering, with revenue of 5.87 billion yuan in the first half of 2025, reflecting an 8.8% year-on-year growth, supported by improved production and sales from major client Tesla [1] Group 2 - The company has established a dedicated humanoid robot division and built a production base in Thailand to meet Tesla's mass production needs, expecting significant revenue contributions starting in 2026 [2] - Revenue projections for the company from 2025 to 2027 are estimated at 32.26 billion, 37.13 billion, and 44.12 billion yuan, with net profits of 4.24 billion, 5.12 billion, and 6.03 billion yuan respectively [2] - The company is rated as "buy" with corresponding price-to-earnings ratios of 54, 45, and 38 for the years 2025 to 2027 [2]