SANHUA(002050) 国投证券·2024-11-02 08:23Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 25.86 CNY for the next six months [4]. Core Views - The company reported a revenue of 20.56 billion CNY for the first three quarters of 2024, representing a year-over-year increase of 8.4%, and a net profit of 2.30 billion CNY, up 6.6% year-over-year [1][2]. - The cooling component business showed rapid growth in Q3, with a revenue increase of approximately 12% year-over-year, driven by government subsidies for appliance upgrades [1][2]. - The automotive parts business remained stable, with expectations for future growth as the company enhances its global presence in the new energy vehicle sector [2][3]. - The company's net profit margin in Q3 was 11.4%, a decrease of 0.4 percentage points year-over-year, primarily due to rising raw material costs and increased management expenses [2][3]. - Operating cash flow improved significantly, with a net cash flow of 830 million CNY in Q3, up 29.0% year-over-year, indicating enhanced cash collection capabilities [2][3]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 6.89 billion CNY, reflecting a year-over-year growth of 6.8%, and a net profit of 790 million CNY, up 3.0% year-over-year [1][2]. - The company expects its earnings per share (EPS) to be 0.86 CNY in 2024, 1.03 CNY in 2025, and 1.18 CNY in 2026, indicating a positive growth trajectory [3][4]. - The projected revenue for 2024 is 27.0 billion CNY, with a compound annual growth rate (CAGR) of 12.4% expected through 2026 [3][4]. Strategic Developments - The company plans to issue H-shares to advance its globalization strategy, aiming to enhance its international brand image and competitiveness [3][4]. - The company is actively expanding into high-potential areas such as robotics and energy storage, which are expected to contribute to revenue growth [3][4].