SANHUA(SZ:002050) Shenwan Hongyuan Securities·2025-12-28 12:02Investment Rating - The report maintains an "Outperform" investment rating for the company [6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 38.74 billion to 46.49 billion yuan in 2025, representing a year-on-year growth of 25.00% to 50.00% [6]. - The fourth quarter of 2025 is projected to yield a net profit of 6.32 billion to 14.06 billion yuan, with a year-on-year change of -20.8% to +76.4% [6]. - The company is expected to continue solidifying its leading position in the refrigeration and air conditioning components business while leveraging growth opportunities in the automotive parts sector, particularly in the new energy vehicle thermal management market [6]. Financial Data and Profit Forecast - Total revenue is projected to reach 31.91 billion yuan in 2025, with a year-on-year growth rate of 14.2% [5]. - The net profit attributable to shareholders is forecasted at 4.25 billion yuan for 2025, reflecting a year-on-year increase of 37.2% [5]. - The earnings per share (EPS) is expected to be 1.01 yuan in 2025, with a projected gross margin of 28.2% [5]. - The return on equity (ROE) is anticipated to be 12.9% in 2025 [5]. Business Segment Performance - In the refrigeration parts segment, the company is expected to maintain revenue growth in line with the overall industry, driven by domestic demand and export opportunities [6]. - The new energy vehicle thermal management business is projected to continue its robust growth, supported by the company's leading market position [6].