SANHUA(002050) 华创证券·2024-11-03 12:23Investment Rating - Strong Buy (Maintained) with a target price of 25 CNY [5] Core Views - The company's revenue growth in Q3 2024 was steady, with total operating revenue reaching 6.89 billion CNY, up 6.8% YoY, and net profit attributable to shareholders at 790 million CNY, up 3.0% YoY [1] - The refrigeration segment saw a 12% YoY growth, driven by strong air conditioner production in September and recovering overseas demand, while the automotive parts segment remained flat due to declining demand from overseas automotive customers [2] - The company is making steady progress in its incremental business, particularly in the humanoid robot sector, where it focuses on electromechanical actuators and has received high praise from customers [2] - The company plans to pursue an H-share IPO to deepen its global layout, aiming to issue no more than 10% of its total shares post-IPO [3] Financial Performance - In Q3 2024, the company's gross margin was 28.2%, down 2.6 percentage points YoY, primarily due to price reductions from intense competition, exchange rate fluctuations, and a decrease in the proportion of high-margin automotive parts business [2] - The net profit margin in Q3 2024 was 11.4%, down 0.4 percentage points YoY, reflecting a slight decline in profitability [2] - The company's operating income for 2024E is projected to be 27.687 billion CNY, with a YoY growth rate of 12.7%, and net profit attributable to shareholders is expected to reach 3.209 billion CNY, up 9.9% YoY [4] Business Segments - The refrigeration segment benefited from strong air conditioner production in September, with air conditioner sales in Q3 2024 increasing by 6.7% YoY, and a 21.4% YoY growth in September alone [2] - The automotive parts segment faced challenges due to declining demand from overseas automotive customers, leading to flat growth in Q3 2024 [2] Future Outlook - The company is expected to see accelerated growth in the refrigeration segment in Q4 2024, driven by subsidies for replacing old appliances [2] - The humanoid robot industry is seen as a promising growth area, potentially forming a third growth curve for the company [2] - The company's global market position and product leadership in refrigeration control components and automotive thermal management systems are expected to support its long-term growth, despite short-term challenges from the complex international macro environment [3]