SANHUA(002050) 长江证券·2024-11-18 07:23Investment Rating - The report maintains a "Buy" rating for Sanhua Intelligent Controls (002050 SZ) [8] Core Views - Sanhua Intelligent Controls achieved stable growth in Q3 2024 with strong profitability [1] - Revenue for the first three quarters reached 20 56 billion yuan, up 8 36% YoY [2] - Net profit attributable to shareholders was 2 3 billion yuan, a 6 59% YoY increase [6] - Q3 revenue grew 6 82% YoY to 6 887 billion yuan, with net profit up 2 95% to 788 million yuan [6] - Gross margin for the first three quarters reached 27 7%, up 0 21pct YoY [7] - The company is expected to accelerate growth in 2025 due to stricter European carbon emission regulations and rapid development in the robotics industry [7] Financial Performance Revenue and Profit - Q3 2024 revenue: 6 887 billion yuan (+6 82% YoY) [6] - Q3 2024 net profit: 788 million yuan (+2 95% YoY) [6] - Q3 2024 non-GAAP net profit: 721 million yuan (-4 53% YoY) [6] Profitability - Gross margin: 27 7% (first three quarters), 28 16% (Q3) [7] - Operating expense ratio: 13 86% (first three quarters), 15 75% (Q3) [7] Balance Sheet - Asset-liability ratio: 45 8% at end of Q3, up 0 96pct QoQ and 3 22pct YoY [7] Industry and Market Position - The company is a leader in thermal management with a clear market position [7] - Traditional refrigeration business is expected to achieve double-digit growth in Q3 [6] - Automotive thermal management revenue growth slowed slightly in the first three quarters [6] - Robotics industry development is progressing rapidly, offering significant future growth potential [7] Valuation and Projections - Estimated net profit for 2024: 3 2 billion yuan (25x PE) [7] - Estimated net profit for 2025: 3 8 billion yuan (21x PE) [7]