SANHUA(SZ:002050) Orient Securities·2025-05-09 02:40Investment Rating - The report maintains a "Buy" rating for the company with a target price of 38.22 CNY, indicating a potential upside from the current price of 27.05 CNY [2][5]. Core Views - The company's performance exceeded market expectations, with Q1 revenue reaching 7.669 billion CNY, a year-on-year increase of 19.1%, and net profit attributable to the parent company at 903 million CNY, up 39.5% year-on-year [9]. - The company is experiencing growth driven by increased domestic and international demand for air conditioning, as well as diversification of its customer base, which has helped mitigate risks associated with reliance on single customers [9]. - The company is strategically expanding its robotics business, which is expected to become a significant growth driver, particularly with the anticipated deployment of thousands of Optimus robots by Tesla by the end of 2025 [9]. Financial Summary - Revenue projections for 2025-2027 are 34.64 billion CNY, 39.40 billion CNY, and 43.97 billion CNY, respectively, with a compound annual growth rate (CAGR) of 23.9% for 2025 [4]. - Net profit forecasts for the same period are 3.67 billion CNY, 4.25 billion CNY, and 4.75 billion CNY, reflecting a year-on-year growth of 18.3% in 2025 [4]. - The company's gross margin is projected to remain stable around 27.6% through 2027, while net profit margin is expected to stabilize around 10.6% to 10.8% [4].