SANHUA(002050) 天风证券·2025-03-28 03:15Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company achieved a revenue of 27.95 billion yuan in 2024, representing a year-on-year growth of 13.80%, and a net profit attributable to shareholders of 3.10 billion yuan, up 6.10% year-on-year [1]. - In Q4 2024, the company reported a revenue of 7.38 billion yuan, a significant increase of 32.29% year-on-year, driven by policy support for the home appliance and automotive sectors [1]. - The company is positioned as the largest manufacturer of refrigeration control components globally and a leading manufacturer of automotive thermal management system components, which is expected to drive steady revenue growth [1][3]. Financial Performance - The gross margin for 2024 was 27.5%, a slight decrease of 0.2 percentage points year-on-year, with the automotive parts business showing a gross margin increase of 0.5 percentage points to 27.6% [2]. - The company’s net profit margin for 2024 was 11.1%, down 0.8 percentage points year-on-year, with Q4 2024 net profit margin at 10.8%, down 2.8 percentage points year-on-year [2]. - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, totaling 930 million yuan, which corresponds to a dividend payout ratio of 30% [1]. Business Outlook - The company is expanding into new business areas such as energy storage and robotics, which are expected to contribute to long-term growth [2][3]. - Revenue projections for 2025 to 2027 are 36 billion yuan, 41 billion yuan, and 46 billion yuan respectively, with corresponding P/E ratios of 31X, 27X, and 24X [3][4]. - The company is expected to benefit from continued domestic subsidies and a growing global order book, particularly in the refrigeration and automotive sectors [1][3].