SANHUA(SZ:002050) Soochow Securities·2024-07-01 23:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's H1 2024 revenue is expected to increase by 5% to 15% year-on-year, with net profit also projected to grow by 5% to 15%, aligning with market expectations [3] - The automotive parts business continues to grow, although there is a divergence among key customers, with Tesla's sales down by 7% and BYD's up by 27% [3] - The refrigeration segment shows sustained recovery, with a projected revenue increase of nearly 10% for 2024, despite a potential decline in export ratios affecting gross margins [3] - The humanoid robot sector is nearing supplier qualification, with expectations for mass production by Q4 2024, particularly in collaboration with Tesla [3] Financial Forecasts and Valuation - The company is projected to achieve net profits of 35.3 billion, 42.4 billion, and 51.6 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 21%, 20%, and 22% [4] - Corresponding P/E ratios are expected to be 20x, 16x, and 13x for the same years [4] - Total revenue for 2024 is forecasted at 27.71 billion yuan, with a year-on-year growth of 12.85% [2]