SANHUA(002050) 国盛证券·2025-03-27 10:23Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a revenue of 27.9 billion yuan in 2024, representing a year-on-year growth of 14%, with a net profit of 3.1 billion yuan, up 6% year-on-year. In Q4 2024, revenue reached 7.4 billion yuan, a 32% increase year-on-year, and net profit was 800 million yuan, up 5% year-on-year [1]. - The diversified customer base, particularly in the automotive and home appliance sectors, has significantly contributed to the company's revenue growth. The automotive sector generated 11.4 billion yuan in revenue, a 15% increase year-on-year, while the home appliance sector accounted for 16.6 billion yuan, up 13% year-on-year [1]. - The company is strategically positioning itself in the humanoid robot sector, which is expected to be a new growth avenue. It plans to invest at least 3.8 billion yuan in developing robotic electromechanical actuators and controllers [3]. Financial Summary - The company reported a sales gross margin of 27.5% in 2024, a slight decrease of 0.4 percentage points year-on-year, while the net profit margin was 11.1%, down 0.8 percentage points year-on-year. The automotive parts business saw a gross margin of 27.6%, an increase of 0.5 percentage points year-on-year, attributed to scale effects and refined management [2]. - Revenue projections for 2025-2027 are 31.8 billion yuan, 37.2 billion yuan, and 44.0 billion yuan, respectively, with corresponding net profits of 3.7 billion yuan, 4.4 billion yuan, and 5.3 billion yuan [4].