SANHUA(002050) 东吴证券·2025-02-24 10:51Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company is a global leader in thermal management with significant growth potential, particularly in the humanoid robotics sector, which is expected to provide substantial profit elasticity [4]. Summary by Sections 1. Company Overview - The company has a strong foundation in thermal management, having developed a comprehensive product range including electronic expansion valves and electromagnetic valves, and has expanded into automotive components [18][24]. - The company has established a global production footprint with facilities in the US, Mexico, Vietnam, and Thailand, enhancing its ability to serve international clients [32]. 2. Financial Performance - The company reported total revenue of 21,348 million yuan in 2022, with a projected increase to 38,828 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 22.28% [1]. - The net profit attributable to shareholders is expected to grow from 2,573 million yuan in 2022 to 4,623 million yuan in 2026, indicating a strong growth trajectory [1]. 3. Automotive Sector - The automotive segment is expected to recover with a growth rate of around 20% in 2025, driven by new model launches and strong sales from domestic electric vehicle manufacturers [3]. - The company holds a significant market share in key automotive components, with over 50% in electronic expansion valves and over 60% in integrated systems [3]. 4. Home Appliance Sector - The home appliance business is projected to grow steadily at 5-10% annually, benefiting from government incentives and consumer replacement programs [3]. - The company maintains a leading position in the global market for air conditioning components, with a market share of approximately 43% [26]. 5. Robotics Business - The humanoid robotics sector is anticipated to experience rapid growth, with the company positioned to capture a significant share due to its expertise in electromechanical actuators [39]. - The report estimates that the company could generate substantial profits from its robotics business, potentially matching its traditional business in scale within the next few years [36]. 6. Valuation - The target price for the company's stock is set at 51.0 yuan, based on a price-to-earnings (P/E) ratio of 50x for 2025, reflecting confidence in its growth prospects [4].