SANHUA(SZ:002050) Orient Securities·2025-09-02 07:17Investment Rating - The report maintains a "Buy" rating for the company with a target price of 41.16 CNY [2][5]. Core Views - The automotive and home appliance businesses are experiencing stable growth, while the company is actively expanding into robotics and liquid cooling sectors [1]. - The company has slightly adjusted its revenue, gross margin, and expense ratio forecasts, predicting net profits of 4.118 billion, 4.864 billion, and 5.561 billion CNY for 2025-2027, respectively [2]. - The company’s revenue for 2023 is projected at 24.558 billion CNY, with a year-on-year growth of 15.0%, and is expected to reach 44.392 billion CNY by 2027 [4]. Financial Information Summary - Revenue Forecasts: - 2023: 24.558 billion CNY - 2024: 27.947 billion CNY - 2025: 34.640 billion CNY - 2026: 39.396 billion CNY - 2027: 44.392 billion CNY - Year-on-year growth rates: 15.0%, 13.8%, 23.9%, 13.7%, 12.7% [4]. - Profitability Metrics: - Gross Margin: Expected to be around 27.6% in 2025, improving to 28.3% by 2027 [4]. - Net Profit: - 2023: 2.921 billion CNY - 2024: 3.099 billion CNY - 2025: 4.118 billion CNY - 2026: 4.864 billion CNY - 2027: 5.561 billion CNY - Year-on-year growth rates: 13.5%, 6.1%, 32.9%, 18.1%, 14.3% [4]. - Earnings Per Share (EPS): - 2023: 0.69 CNY - 2024: 0.74 CNY - 2025: 0.98 CNY - 2026: 1.16 CNY - 2027: 1.32 CNY [4]. - Valuation Ratios: - Price-to-Earnings (PE) Ratio: Expected to decrease from 46.0 in 2023 to 24.1 by 2027 [4]. - Price-to-Book (PB) Ratio: Expected to decrease from 7.5 in 2023 to 3.5 by 2027 [4].