SANHUA(SZ:002050) GOLDEN SUN SECURITIES·2024-06-05 07:02Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The establishment of a wholly-owned subsidiary, Zhejiang Sanhua Intelligent Drive Co., Ltd., aims to accelerate the mass production of robot components [1] - The company is actively investing in the robotics sector, with plans for a research and production base for robotic electromechanical actuators and domain controllers in Hangzhou, with a total investment of no less than 3.8 billion yuan [1] - The company is positioned to benefit from the high growth of the robotics industry, particularly with the anticipated mass production of Tesla's Optimus humanoid robot by the end of 2025 [1] - The automotive and refrigeration segments are expected to see steady growth, with the company holding the global market share leader position in several automotive electronic components [1] - The energy storage business is also set to grow, with the company already supplying major clients as the new energy storage capacity in China is projected to reach over 30GW by 2025 [1] Financial Forecasts - The company is projected to achieve net profits of 3.6 billion yuan, 4.3 billion yuan, and 4.9 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 25, 21, and 18 [2][18]