SANHUA(SZ:002050) Shanxi Securities·2025-06-27 05:11Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance in the next 6-12 months [4]. Core Insights - The company is expected to achieve a revenue of 150.4 to 177.8 billion yuan for the first half of 2025, representing a year-on-year growth of 10% to 30%. The net profit attributable to the listed company is projected to be between 18.9 to 22.7 billion yuan, reflecting a growth of 25% to 50% [1][2]. - The strong performance in the home appliance sector, particularly in air conditioning, is expected to significantly contribute to the company's revenue growth. The retail sales growth rates for air conditioning in April and May were 12.2% and 38.7% offline, and 34.8% and 46% online, respectively [2]. - The successful IPO on the Hong Kong Stock Exchange raised a net amount of 9.177 billion HKD, which will be used for global capacity expansion and to seize new business opportunities [2]. Financial Projections - The company’s projected revenues for 2025, 2026, and 2027 are 32.201 billion yuan, 36.909 billion yuan, and 42.670 billion yuan, respectively, with year-on-year growth rates of 15.2%, 14.6%, and 15.6% [4][6]. - The net profit estimates for the same years are 3.812 billion yuan, 4.490 billion yuan, and 5.184 billion yuan, with growth rates of 23%, 17.8%, and 15.5% [4][6]. - The projected PE ratios for 2025, 2026, and 2027 are 28.4, 24.1, and 20.9 times, respectively [4][6].