Core Viewpoint - Morgan Stanley initiates coverage on Sanhua Intelligent Control (002050) with an "Overweight" rating and a 12-month target price of HKD 41, indicating a potential upside of approximately 30% from current levels [1] Company Summary - The firm maintains an "Overweight" rating for Sanhua Intelligent Control's A-shares (002050.SZ) with a target price of RMB 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 Intelligent Control will expand its humanoid robot business while maintaining its leadership in refrigeration and electric vehicle thermal management, which is expected to drive a compound annual growth rate (CAGR) of 15% in earnings per share from fiscal years 2026 to 2027, supporting further valuation re-rating of the stock [1]

Group 1 - The core viewpoint of the report is that Yinlun Co., Ltd. (002126.SZ) is rated as a "buy" due to its potential for growth in multiple sectors [2] - The first growth curve is driven by data center liquid cooling and energy storage ultra-fast charging liquid cooling, which is expected to create a third growth curve [2] - The second growth curve is led by the humanoid robot business, which is anticipated to break through and establish a fourth growth curve [2] - The company is expanding globally with local production strategies [2]