SANHUA(002050) 国盛证券·2025-02-04 10:00Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The establishment of a joint venture between the company and Fengcai Technology aims to enhance the company's influence in the supply chain of humanoid robots, particularly in the development of hollow cup motors, which are essential for Tesla's humanoid robot [1]. - The company is strategically positioned in the growing robotics industry, with plans to invest at least 3.8 billion yuan in a new production base for electromechanical actuators and domain controllers [2]. - The automotive electronics and refrigeration segments are performing well, with the company holding the global market share leader position in several products, which is expected to drive future growth [2]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are 3.25 billion yuan, 3.87 billion yuan, and 4.62 billion yuan, respectively, with corresponding P/E ratios of 35, 30, and 25 [3]. - Revenue is expected to grow from 28.18 billion yuan in 2024 to 39.57 billion yuan in 2026, reflecting a compound annual growth rate of approximately 18.8% [5][10]. - The company's earnings per share (EPS) are projected to increase from 0.87 yuan in 2024 to 1.24 yuan in 2026 [5][10].