SANHUA(SZ:002050) Huaxin Securities·2025-06-27 08:31Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][8]. Core Insights - The company is expected to achieve revenue between 15.044 billion and 17.779 billion yuan in the first half of 2025, representing a year-on-year growth of 10% to 30%. The net profit attributable to shareholders is projected to be between 1.893 billion and 2.272 billion yuan, with a year-on-year increase of 25% to 50% [1]. - The company is strengthening its competitive position in the thermal management sector through technological advancements and global capacity coordination, focusing on integrated thermal management products and automation in production lines [2]. - The company is targeting the electric actuator market as a core strategic area, leveraging its expertise in motor drive technology to enhance product performance and build a technological moat [3]. - The company has implemented a share buyback program totaling over 1.1 billion yuan since 2018 and has maintained a high dividend payout, with cumulative cash dividends reaching 7.4 billion yuan [4][7]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 33.319 billion, 39.592 billion, and 46.358 billion yuan, respectively, with corresponding EPS of 1.02, 1.29, and 1.57 yuan. The current stock price corresponds to PE ratios of 25.6, 20.2, and 16.7 times for the respective years [8][10].