SANHUA(002050) 申万宏源证券·2025-03-30 14:15Investment Rating - The investment rating for the company is upgraded to "Outperform" [7] Core Insights - The company reported a significant acceleration in revenue in Q4, with total revenue for 2024 reaching 27.947 billion yuan, a year-on-year increase of 14%. The net profit attributable to the parent company was 3.099 billion yuan, up 6% year-on-year [7] - The company has maintained high-quality growth, with operating cash flow net amounting to 4.367 billion yuan, a 17% increase year-on-year [7] - The report highlights strong performance in the traditional refrigeration industry and the new energy vehicle sector, with respective revenue contributions of 16.561 billion yuan and 11.387 billion yuan [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 24.558 billion yuan - 2024: 27.947 billion yuan - 2025E: 31.642 billion yuan - 2026E: 35.199 billion yuan - 2027E: 39.163 billion yuan - The net profit attributable to the parent company is forecasted as: - 2023: 2.921 billion yuan - 2024: 3.099 billion yuan - 2025E: 3.454 billion yuan - 2026E: 3.922 billion yuan - 2027E: 4.510 billion yuan - The report indicates a projected growth rate for net profit of 11% to 15% from 2025 to 2027 [5][9]