SANHUA(002050) 东吴证券·2025-02-24 12:23Investment 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 presence with production bases in multiple countries, enhancing its ability to serve international clients [32]. 2. Automotive Sector - The automotive business is projected 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]. 3. Home Appliance Sector - The home appliance business is expected to grow steadily at 5-10% annually, benefiting from government incentives and replacement programs [3]. - The company maintains a leading position in the global market for refrigeration components, with a market share of approximately 43% [26]. 4. Financial Projections - The company’s revenue is forecasted to grow from 24.56 billion yuan in 2023 to 38.83 billion yuan by 2026, with a compound annual growth rate (CAGR) of 22.28% [1]. - Net profit is expected to increase from 2.92 billion yuan in 2023 to 4.62 billion yuan by 2026, reflecting a CAGR of 21.37% [1]. 5. Robotics Business - The humanoid robotics sector is anticipated to experience significant growth, with the company positioned to capture a major share of the market due to its expertise in electromechanical actuators [39]. - The report estimates that the global humanoid robot sales could reach 1.57 million units by 2035, indicating a substantial market opportunity [42]. 6. Valuation - The target price for the company is set at 51.0 yuan, based on a price-to-earnings (P/E) ratio of 50x for 2025 [4].