SANHUA(SZ:002050) Guotou Securities·2024-06-03 14:00Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 27.82 CNY for the next six months [2][8]. Core Insights - The company, Sanhua Intelligent Control, is a leader in the global refrigeration control components and automotive thermal management systems, with expected rapid revenue growth due to expansion into high-potential areas such as robotics and energy storage [1][2]. - The sales volume of refrigeration components showed significant year-on-year growth in April, driven by strong demand from air conditioning manufacturers and government policies promoting appliance upgrades [1]. - The company is projected to achieve earnings per share (EPS) of 0.93 CNY, 1.13 CNY, and 1.30 CNY for the years 2024, 2025, and 2026 respectively [1][3]. Financial Performance Summary - The company's main revenue is expected to grow from 245.6 billion CNY in 2023 to 287.0 billion CNY in 2024, and further to 335.3 billion CNY in 2025 [3][7]. - Net profit is projected to increase from 29.2 billion CNY in 2023 to 34.6 billion CNY in 2024, reaching 42.1 billion CNY in 2025 [3][7]. - The company's net profit margin is expected to remain stable around 12.1% in 2024, with a gradual increase to 12.8% by 2026 [3][7]. Market Dynamics - The domestic air conditioning production is expected to grow by 10.0% and 4.4% in May and June respectively compared to last year, while export production is projected to increase by 34.5% and 30.5% [1]. - The performance of the new energy vehicle market remains stable, with production and sales reaching 870,000 and 850,000 units respectively in April, reflecting a year-on-year growth of 35.9% and 33.5% [1].