SANHUA(SZ:002050) Shanghai Aijian Securities·2025-12-23 08:40Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company is a leading global player in thermal management solutions and is expanding its robotics business, which presents new growth opportunities [6]. - Revenue projections for 2025E, 2026E, and 2027E are estimated at 329.46 billion, 384.57 billion, and 444.73 billion RMB, respectively, with year-on-year growth rates of 17.9%, 16.7%, and 15.6% [6]. - The company is expected to achieve net profits of 42.41 billion, 48.53 billion, and 56.69 billion RMB for the same years, reflecting year-on-year growth of 36.8%, 14.4%, and 16.8% [6]. Company and Industry Overview - The company is a leading manufacturer of refrigeration control components and automotive thermal management systems, with a product range that includes electronic expansion valves, solenoid valves, and integrated components for new energy vehicles. Its operations are highly globalized, with overseas revenue accounting for 44.7% in 2024 [6]. - The global market for bionic robot electromechanical actuators is projected to grow from 0.01 billion RMB in 2020 to 13.76 billion RMB by 2024, with a CAGR of 95.7%. It is expected to reach approximately 628 billion RMB by 2029, with a CAGR of 114.7% from 2024 to 2029 [6]. - The global market for refrigeration and air conditioning control components is steadily growing, with an overall compound annual growth rate (CAGR) of about 7%, driven mainly by valves and heat exchangers [6]. - The automotive thermal management system components market is expanding, primarily driven by new energy vehicle thermal management components, with a projected CAGR of 26.6% from 2024 to 2029E [6]. Financial Data and Profitability Forecast - The company’s total revenue is forecasted to grow from 24,558 million RMB in 2023 to 32,946 million RMB in 2025, with a year-on-year growth rate of 17.9% [5]. - The gross profit margin is expected to remain stable, with projections of 27.9% for 2025E, 28.0% for 2026E, and 28.1% for 2027E [6]. - Return on equity (ROE) is projected to be 17.7% in 2025E, 16.8% in 2026E, and 16.4% in 2027E [6].