SANHUA(SZ:002050) Soochow Securities·2025-04-30 04:48Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 revenue reached 7.7 billion yuan, a year-on-year increase of 19.1%, and net profit attributable to shareholders was 900 million yuan, up 39% year-on-year, exceeding market expectations [8] - Domestic and international demand for traditional refrigeration products is stronger than expected, with a projected 30% year-on-year revenue growth for Q1 2025 [8] - The company is well-positioned in the humanoid robot market, with significant profit potential as it focuses on electromechanical actuators and expands its global production layout [8] - The fair value changes positively contributed to earnings, with a net cash flow from operating activities of 470 million yuan in Q1 2025 [8] - The company forecasts net profits of 3.81 billion yuan, 4.62 billion yuan, and 6.47 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 26x, 21x, and 15x [8] Financial Summary - Total revenue is projected to grow from 24.56 billion yuan in 2023 to 56.37 billion yuan in 2027, with a compound annual growth rate (CAGR) of 45.17% [1] - Net profit attributable to shareholders is expected to increase from 2.92 billion yuan in 2023 to 6.47 billion yuan in 2027, reflecting a CAGR of 39.98% [1] - The latest diluted EPS is forecasted to rise from 0.78 yuan in 2023 to 1.73 yuan in 2027 [1]