Group 1 - Morgan Stanley initiates coverage on Sanhua Intelligent Control (02050) with an "Overweight" rating and a 12-month target price of HKD 41, indicating a potential upside of approximately 30% from current levels [1] - The firm maintains an "Overweight" rating for Sanhua's A-shares (002050.SZ) with a target price of CNY 43, suggesting that the additional potential of robotics technology and data center liquid cooling technology has not been fully reflected in its forecasts [1] - The core assumption is that Sanhua will expand its humanoid robot business while maintaining its leadership in refrigeration and electric vehicle thermal management, driving a compound annual growth rate (CAGR) of 15% in earnings per share from fiscal years 2026 to 2027, supporting further valuation re-rating [1]

摩根大通发表研究报告指，首予三花智控H股"增持"评级，12个月目标价为41港元。该行表示，其核心 假设是三花智控扩展其人形机器人业务并维持在制冷和电动车热管理领域的领导地位，将推动2026至 2027财年每股盈利年均复合成长率达15%，并支持该股进一步的估值重估。 摩通对三花智控A股也维持"增持"评级，目标价为43元，并认为机器人技术和数据中心液冷技术的额外 潜在上涨空间尚未完全反映在其预测中。 ...