SANHUA(002050) 国盛证券·2024-07-02 14:01Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company's H1 2024 performance is in line with expectations, with revenue expected to be between 13.16-14.41 billion yuan, a year-on-year increase of 5%-15%, and net profit attributable to shareholders expected to be between 1.46-1.60 billion yuan, a year-on-year increase of 5%-15% [1] - The home appliance business is performing well, with profitability improving quarter-over-quarter In Q2 2024, the company's revenue is expected to be between 6.72-7.97 billion yuan, a year-on-year change of -2% to +16%, and net profit attributable to shareholders is expected to be between 810-950 million yuan, a year-on-year increase of 2%-20% [1] - The automotive and refrigeration businesses remain stable, with the company holding a leading global market share in key products such as electronic expansion valves and new energy vehicle thermal management integrated components The company is also expanding its global presence and improving product structure to enhance profitability [1] - The company is strategically positioning itself in the humanoid robotics industry, which is seen as a new growth driver The company has started production line construction and plans to invest at least 3.8 billion yuan in a robotics R&D and production base [1] Financial Forecasts and Valuation - The company's net profit attributable to shareholders is forecasted to be 3.6 billion yuan in 2024, 4.3 billion yuan in 2025, and 4.9 billion yuan in 2026, with corresponding P/E ratios of 20x, 16x, and 14x respectively [2] - Revenue is expected to grow at a compound annual growth rate (CAGR) of 17.2% from 2024 to 2026, reaching 39.57 billion yuan by 2026 [2] - The company's net profit margin is expected to remain stable at around 12.4%-12.6% from 2024 to 2026 [2] Industry and Market Position - The home appliance industry is entering its peak season, with domestic air conditioner production increasing by 127% quarter-over-quarter in Q2 2024 [1] - The new energy vehicle industry continues to grow rapidly, with sales expected to reach 2.34 million units in Q2 2024, a 32% increase quarter-over-quarter [1] - The company holds a leading global market share in key automotive components, with a strong position in the new energy vehicle thermal management market [1] Strategic Initiatives - The company is focusing on high-margin products and internal cost reduction to improve profitability [1] - The company is expanding its presence in the humanoid robotics industry, with plans to invest in R&D and production facilities [1] - The company is also developing a complete product series for the energy storage market, targeting leading customers [1]