SANHUA(SZ:002050) Soochow Securities·2025-11-02 12:14Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance slightly exceeded market expectations, with Q1-Q3 2025 revenue of 240.3 billion yuan, up 16.9% year-on-year, and net profit attributable to shareholders of 32.4 billion yuan, up 40.9% year-on-year [7] - Traditional refrigeration demand remains stable, while the company is expanding into new fields such as data center liquid cooling, which is expected to contribute significantly to revenue growth [7] - The humanoid robot production is set to begin, with a strong position in the supply chain and significant profit potential [7] - Effective control of operating expenses has led to rapid growth in operating cash flow [7] - The company is expected to maintain a net profit growth rate of 34% in 2025, with a projected net profit of 41.6 billion yuan [7] Financial Summary - Total revenue is projected to reach 33.5 billion yuan in 2025, with a year-on-year growth of 19.89% [1] - Net profit attributable to shareholders is expected to be 4.16 billion yuan in 2025, reflecting a year-on-year increase of 34.24% [1] - The latest diluted EPS is forecasted to be 0.99 yuan per share in 2025 [1] - The P/E ratio is projected to be 51.82 in 2025 [1] - The company anticipates maintaining a gross margin of approximately 27.81% in 2025 [8]