SANHUA(SZ:002050) Shenwan Hongyuan Securities·2025-12-28 10:13Investment Rating - The report maintains an "Outperform" investment rating for the company [2][7]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 3.874 billion and 4.649 billion yuan in 2025, representing a year-on-year growth of 25% to 50%. The fourth quarter of 2025 is projected to yield a net profit of 632 million to 1.406 billion yuan, with a year-on-year change of -20.8% to +76.4% [7]. - The company is expected to continue solidifying its leading position in the refrigeration and air conditioning components sector while leveraging its advanced technology and production scale to drive growth. Additionally, the company is expanding its automotive components business through its established market presence in the global electric vehicle thermal management sector [7]. - The report indicates an upward revision of profit forecasts, with expected net profits for 2025-2027 being 4.253 billion, 4.650 billion, and 5.099 billion yuan respectively, reflecting a year-on-year growth of 37%, 9%, and 10% [7]. Financial Data and Profit Forecast - Total revenue for 2025 is projected at 31.913 billion yuan, with a year-on-year growth rate of 14.2%. The net profit attributable to shareholders is expected to be 4.253 billion yuan, with a growth rate of 37.2% [6]. - The company’s gross margin is forecasted to improve slightly from 28.1% in 2024 to 28.6% in 2027, while the return on equity (ROE) is expected to stabilize around 12.9% to 13.3% over the same period [6]. - The company’s earnings per share (EPS) is projected to increase from 0.84 yuan in 2024 to 1.21 yuan in 2027 [6].