SANHUA(SZ:002050) Yin He Zheng Quan·2025-08-29 09:43Investment Rating - The report maintains a "Recommended" 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: The company is projected to achieve revenues of 33.23 billion, 39.27 billion, and 45.82 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 18.9%, 18.2%, and 16.7% [2][59]. - Net Profit Forecasts: The expected net profits for the same years are 4.11 billion, 4.99 billion, and 5.95 billion yuan, with growth rates of 32.7%, 21.3%, and 19.3% [2][59]. - Earnings Per Share (EPS): The diluted EPS is forecasted to be 0.98, 1.18, and 1.41 yuan for 2025, 2026, and 2027 respectively [2][59]. - Price-to-Earnings (PE) Ratio: The PE ratios are projected to be 32.43, 26.74, and 22.41 for the years 2025, 2026, and 2027 [2][59]. Business Segment Performance - Core Business Strength: In the first half of 2025, the refrigeration and air conditioning parts segment generated 10.39 billion yuan in revenue, up 25.5% year-on-year, benefiting from national subsidies and increased market share [6][8]. - Automotive Parts Revenue: The automotive parts segment achieved 5.87 billion yuan in revenue, reflecting an 8.8% increase year-on-year [8]. - Gross Margin Improvement: The gross margins for refrigeration and automotive parts improved by 0.65 percentage points to 28.21% and 27.96% respectively, indicating strong industry positioning [8][14]. New Business Development - Bionic Robotics: The bionic robotics actuator business is in its early stages but is rapidly developing, with positive customer feedback expected to drive future growth [9]. - Data Center Liquid Cooling: The company is leveraging its strengths in refrigeration and thermal management to compete in the data center liquid cooling market, which is gaining significant attention [9].