SANHUA(SZ:002050) Shenwan Hongyuan Securities·2025-08-29 14:13Investment Rating - The investment rating for the company is "Outperform" [6] Core Insights - The company achieved a total revenue of 16.26 billion yuan in the first half of 2025, representing a year-on-year growth of 19%. The net profit attributable to the parent company was 2.11 billion yuan, with a year-on-year increase of 39% [6] - The company plans to distribute a semi-annual dividend of 1.2 yuan per 10 shares, amounting to over 500 million yuan, with a dividend rate of 24% [6] - The report highlights strong growth in the company's traditional cooling business, leading to an upward revision of profit forecasts for 2025-2027 [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 31.52 billion yuan, with a year-on-year growth rate of 12.8% [5] - The net profit attributable to the parent company is expected to reach 3.75 billion yuan in 2025, reflecting a year-on-year growth of 21% [5] - The earnings per share (EPS) for 2025 is projected to be 0.89 yuan, with a price-to-earnings (P/E) ratio of 36 [5] - The gross profit margin is expected to be 27.6% in 2025, with a return on equity (ROE) of 11.6% [5] Market Data - The closing price of the company's stock is 31.88 yuan, with a price-to-book ratio of 4.6 and a dividend yield of 1.10% [1] - The market capitalization of the circulating A-shares is 117.46 billion yuan [1] - The company’s net asset per share is 7.01 yuan, with a debt-to-asset ratio of 36.80% [1]