SANHUA(SZ:002050) Soochow Securities·2025-08-31 09:11Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The traditional refrigeration demand is experiencing high prosperity, and the humanoid robot solutions are nearing mass production [3] - The company is expected to achieve significant profit contributions from humanoid robots, with a potential profit of 3.5 billion RMB based on a shipment target of 1 million units [3] - The company has revised its profit forecasts for 2025-2027, projecting net profits of 4.16 billion, 4.90 billion, and 6.59 billion RMB respectively, reflecting year-on-year growth rates of 34%, 18%, and 34% [8] Financial Performance - For the first half of 2025, the company reported revenue of 16.26 billion RMB, a year-on-year increase of 19%, and a net profit of 2.11 billion RMB, up 39% year-on-year [8] - The company's overseas revenue reached 7.2 billion RMB in the first half of 2025, a 23% increase year-on-year, accounting for 44% of total revenue [8] - The home appliance business generated revenue of 10.39 billion RMB in the first half of 2025, with a net profit of 1.29 billion RMB, reflecting a year-on-year increase of 25.5% and 59% respectively [8] Market Position and Growth Potential - The company is positioned as a Tier 1 supplier in the humanoid robot market, with a clear long-term cooperation plan with major overseas players [3] - The automotive parts business achieved revenue of 5.87 billion RMB in the first half of 2025, with a net profit of 820 million RMB, indicating a year-on-year growth of 9% and 17% respectively [8] - The company anticipates a 20% revenue growth for the year, contributing over 2 billion RMB in profit, with a projected growth of 30-40% year-on-year [8]