SANHUA(SZ:002050) Yin He Zheng Quan·2025-08-29 09:06Investment Rating - The report maintains a "Buy" rating for the company [6][58]. Core Views - The company demonstrates significant competitive advantages in its core business, with new ventures becoming market hotspots [1]. - The company has successfully issued H shares and achieved strong mid-year performance, exceeding market expectations [6][7]. - The company is actively expanding into the bionic robotics and data center liquid cooling industries, which are expected to become new growth drivers [9]. Financial Performance Summary - Revenue Forecasts: - 2024A: 27,947 million CNY - 2025E: 33,229 million CNY (growth of 18.9%) - 2026E: 39,268 million CNY (growth of 18.2%) - 2027E: 45,824 million CNY (growth of 16.7%) [2][59] - Net Profit Forecasts: - 2024A: 3,099 million CNY - 2025E: 4,112 million CNY (growth of 32.7%) - 2026E: 4,986 million CNY (growth of 21.3%) - 2027E: 5,950 million CNY (growth of 19.3%) [2][59] - Earnings Per Share (EPS): - 2024A: 0.74 CNY - 2025E: 0.98 CNY - 2026E: 1.18 CNY - 2027E: 1.41 CNY [2][59] - Price-to-Earnings (PE) Ratios: - 2024A: 43.02 - 2025E: 32.43 - 2026E: 26.74 - 2027E: 22.41 [2][59] Business Segment Performance - Refrigeration and Air Conditioning Components: - Revenue in H1 2025: 103.89 billion CNY, up 25.5% YoY, benefiting from national subsidies and increased market share in core components [6][8]. - Automotive Components: - Revenue in H1 2025: 58.74 billion CNY, up 8.8% YoY [6][8]. - Gross Margin: - Overall gross margin in H1 2025: 28.1%, up 0.7 percentage points YoY, driven by improved sales expense management and scale effects [6][14]. - Overseas Sales: - Revenue: 72.1 billion CNY, up 23.3% YoY, with a gross margin of 29.84%, reflecting strong international demand despite U.S. tariff challenges [6][8]. New Business Development - The company is expanding into the bionic robotics sector, with promising technology development and customer feedback, expected to become a significant growth curve [9]. - The company is also focusing on the data center liquid cooling market, leveraging its strengths in refrigeration and thermal management [9].