12月22日晚间，制冷控制元器件及新能源车热管理行业龙头三花智控发布了2025年度业绩预告。公告显 示，公司预计2025年全年归属于上市公司股东的净利润将实现大幅增长，盈利能力持续增强。业绩亮 眼：净利润预计突破40亿大关 在更能反映主营业务盈利能力的"扣除非经常性损益后的净利润"方面，公司预计为36.79亿元至46.15亿 元，同比增长幅度同样高达18.00% — 48.00%。基本每股收益预计提升至0.98元—1.18元。增长揭秘： 传统与新兴业务"双向奔赴" （图为三花智控公告截图） 根据公告数据，三花智控预计2025年1月1日至12月31日期间，归属于上市公司股东的净利润为38.74亿 元至46.49亿元，较上年同期的30.99亿元增长5.00%—50.00%。 对于业绩大幅预增的原因，三花智控在公告中给出了明确解释，归结为两大核心业务板块的协同发力： 1. 传统基石稳固：家电板块"强者恒强" 在制冷空调电器零部件业务方面，三花智控继续展现出行业龙头的统治力。 报告期内，公司充分把握住了市场需求增长的契机，凭借深厚的技术积淀和规模化生产优势，进一步巩 固了市场地位。这表明公司的传统基本盘不仅稳固，更具 ...

Core Viewpoint - The article highlights the significant growth potential in the electric vehicle (EV) thermal management market, emphasizing the innovative thick-film heater technology developed by Su Yan Electronics, which breaks existing patent monopolies and positions the company favorably in a rapidly expanding market [2][11]. Market Overview - The Chinese EV thermal management market is projected to reach between 883 billion and 947 billion yuan in 2024, with an expected surge to between 1441 billion and 1546 billion yuan by 2028, indicating a strong growth trajectory [3]. - In 2024, the sales scale of China's EV thermal management systems is anticipated to be 818 billion yuan, with domestic sales accounting for 711 billion yuan, reflecting a year-on-year growth of 26% and a compound annual growth rate exceeding 60% from 2019 to 2024 [4]. Technology Insights - The thick-film heater technology developed by Su Yan Electronics offers an 8% improvement in thermal efficiency compared to traditional PTC heaters, allowing for more effective energy conversion and reduced energy consumption [10]. - Thick-film heaters are characterized by high thermal efficiency, compact size, and rapid response, making them suitable for precise temperature control in EVs, unlike PTC heaters which have lower efficiency and slower heating in extreme cold [7][8]. Company Development - Su Yan Electronics, founded in November 2022, has secured several million yuan in Pre-A round financing, which will primarily be used for product development and operations [2]. - The company has already established two fully automated assembly lines for passenger vehicles and one semi-automated line for commercial vehicles, significantly reducing production cycle times to within three months [11]. - The CEO of Su Yan Electronics anticipates a notable increase in the number of manufacturers adopting thick-film heaters, predicting a market explosion by 2025 as the thermal management 2.0 era fully unfolds [11]. Future Plans - Su Yan Electronics plans to initiate another round of financing by mid to late 2025, focusing on capacity expansion and new technology development to capitalize on market opportunities arising from thermal management system upgrades [12].