SANHUA(SZ:002050) Soochow Securities·2025-06-25 01:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see significant profit elasticity in the future, despite short-term disruptions in the humanoid robot production schedule due to changes in leadership at overseas giants [3] - The company has established a clear leading position in the market, with a projected contribution of 3.5 billion yuan in profit from a shipment estimate of 1 million units by 2028-2029 [3] - The Q2 performance exceeded market expectations, with revenue forecasted between 15.04 billion to 17.78 billion yuan, representing a year-on-year growth of 10% to 30% [9] Financial Forecasts - Total revenue is projected to grow from 24.558 billion yuan in 2023 to 56.366 billion yuan by 2027, with a compound annual growth rate (CAGR) of 45.17% [1] - Net profit attributable to shareholders is expected to increase from 2.921 billion yuan in 2023 to 6.470 billion yuan in 2027, with a CAGR of 39.98% [1] - The earnings per share (EPS) is forecasted to rise from 0.70 yuan in 2023 to 1.56 yuan in 2027 [1] Market Data - The closing price of the stock is 25.70 yuan, with a market capitalization of approximately 106.57 billion yuan [7] - The price-to-earnings (P/E) ratio is projected to decrease from 36.48 in 2023 to 16.47 in 2027 [1][10] Segment Performance - The traditional refrigeration segment is expected to see a revenue increase of 20% to 30% in Q2, driven by seasonal demand and recovery in overseas markets [9] - The automotive parts segment is projected to grow by 10% to 20% in Q2, with significant contributions from major domestic clients [9]