SANHUA(SZ:002050) Soochow Securities·2025-04-30 05:23Investment Rating - The investment rating for the company is "Buy" (maintained) [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 elasticity anticipated from future production [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 maintains a profit forecast of 3.81 billion yuan for 2025, with a corresponding PE ratio of 26x [8] Financial Summary - Total revenue forecast for 2023 is 24.56 billion yuan, with a year-on-year growth of 15.04% [1] - Net profit attributable to shareholders for 2023 is projected at 2.92 billion yuan, reflecting a year-on-year increase of 13.51% [1] - The latest diluted EPS for 2023 is estimated at 0.78 yuan per share [1] - The company’s total assets are expected to reach 39.66 billion yuan by 2025, with total liabilities at 16.47 billion yuan [9] - The operating cash flow for 2024 is projected at 4.37 billion yuan [9]