SANHUA(002050) 浙商证券·2024-11-24 02:23Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has terminated its plan to issue Global Depositary Receipts (GDR) and is now focusing on listing H shares to enhance its financing capabilities and international brand image [2] - The original GDR fundraising plan aimed to raise up to 5 billion RMB for projects including automotive thermal management and the development of humanoid robots [2][3] - The company is progressively advancing in the fields of humanoid robots and energy storage, which opens up future growth potential [3] Summary by Sections Termination of GDR and H Share Listing - The company announced the termination of its GDR issuance plan due to changes in internal and external environments, and is now considering H share issuance with a potential scale not exceeding 10% of the total share capital post-issuance [2] - The Hong Kong market is viewed as more favorable for financing compared to the Swiss market, as it attracts investors familiar with domestic enterprises [2] Globalization and Investment Projects - The original GDR fundraising was intended for projects including the production of automotive thermal management components in China, Mexico, and Thailand, with the Mexican project targeting an annual output of 8 million intelligent thermal management components [2] - The company plans to establish a research and production base for robotic electromechanical actuators in Qiantang District, with a total investment of no less than 3.8 billion RMB [3] Financial Forecast and Valuation - Revenue projections for 2024-2026 are 28.26 billion, 32.77 billion, and 38.23 billion RMB, with year-on-year growth rates of 15.09%, 15.94%, and 16.67% respectively, resulting in a CAGR of 15.9% [4] - Net profit forecasts for the same period are 3.50 billion, 4.19 billion, and 4.89 billion RMB, with growth rates of 19.73%, 19.65%, and 16.81% respectively, leading to a CAGR of 18.7% [4] - The corresponding price-to-earnings (P/E) ratios are projected to be 25, 21, and 18 times [4]