SANHUA(002050) 民生证券·2025-03-29 14:37Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its solid industry position and growth potential in energy storage and robotics [4]. Core Viewpoints - The company reported a revenue of 27.947 billion yuan for 2024, representing a year-on-year increase of 13.80%, and a net profit attributable to shareholders of 3.099 billion yuan, up 6.10% year-on-year [1]. - The fourth quarter of 2024 saw a revenue of 7.384 billion yuan, a significant increase of 32.28% year-on-year, with a net profit of 797 million yuan, reflecting a 4.73% year-on-year growth [2]. - The refrigeration business remains robust, with revenue of 16.561 billion yuan, a 13.09% increase year-on-year, while the automotive parts business generated 11.386 billion yuan, up 14.86% year-on-year [3]. - The strategic focus on "bionic robots and energy storage" is expected to unlock new growth opportunities for the company [4]. Financial Performance Summary - The company forecasts revenues of 32.616 billion yuan, 37.301 billion yuan, and 42.397 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 16.7%, 14.4%, and 13.7% [5]. - The net profit attributable to shareholders is projected to reach 3.705 billion yuan, 4.306 billion yuan, and 4.965 billion yuan for the same years, with growth rates of 19.5%, 16.2%, and 15.3% [5]. - The current price-to-earnings (PE) ratios are estimated at 30, 26, and 22 for the years 2025, 2026, and 2027, respectively [5].