SANHUA(SZ:002050) Minsheng Securities·2025-08-31 04:17Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4]. Core Insights - The company reported H1 2025 revenue of 16.263 billion yuan, an increase of 18.91% year-on-year, and a net profit attributable to shareholders of 2.110 billion yuan, up 39.31% year-on-year [1]. - The cooling business continues to enhance profitability, with revenue from air conditioning components reaching 10.389 billion yuan in H1 2025, a year-on-year increase of 25.49%, accounting for 63.88% of total revenue [3]. - The automotive parts business also showed steady growth, with H1 2025 revenue of 5.874 billion yuan, up 8.83% year-on-year, representing 36.12% of total revenue [3]. - The company is strategically expanding into the bionic robotics sector, leveraging its motor manufacturing experience to create a new growth curve [4]. Financial Performance Summary - In Q2 2025, the company achieved revenue of 8.593 billion yuan, a year-on-year increase of 18.74% and a quarter-on-quarter increase of 12.05% [2]. - The gross margin for Q2 2025 was 29.27%, up 1.44 percentage points year-on-year and 2.44 percentage points quarter-on-quarter [2]. - The net profit margin for Q2 2025 was 14.13%, an increase of 2.03 percentage points year-on-year and 2.09 percentage points quarter-on-quarter [2]. - The company expects revenues of 32.637 billion yuan, 36.948 billion yuan, and 41.758 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 4.070 billion yuan, 5.014 billion yuan, and 5.931 billion yuan [5].