Core Viewpoint - Sanhua Intelligent Controls achieved a net profit attributable to shareholders of 3.242 billion yuan in the first three quarters, representing a year-on-year increase of 40.85% [1] - In Q3, the net profit attributable to shareholders was 1.132 billion yuan, showing a year-on-year growth of 43.81% but a quarter-on-quarter decline of 6.14% [1] Financial Performance - The company's Q3 performance showed steady growth, meeting expectations [1] - The main businesses in home appliances and automotive sectors are stable [1] Product Development and Innovation - In the first half of 2025, the company will focus on technical improvements for several key model products, collaborating with customers on the full range of product development, trial production, iteration, and sample delivery [1] - The company received high praise from customers and achieved a series of innovative results around existing products, enhancing overall product strength [1] Market Position and Future Outlook - The company holds a leading position in the global market for thermal management in new energy vehicles [1] - The robotics business has broad prospects and is expected to become the company's second growth curve [1] - The company maintains a "buy" rating [1]

三花智控（ [Table_StockNameRptType] 002050） 公司点评 Q3 业绩符合预期，机器人执行器业务进展迅速 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-11-19 | | | [Table_BaseData] 收盘价（元） | | 42.14 | | 近 12 个月最高/最低（元） | 53.48/21.26 | | | 总股本（百万股） | | 4,208 | | 流通股本（百万股） | | 3,684 | | 流通股比例（%） | | 87.55 | | 总市值（亿元） | | 1,773 | | 流通市值（亿元） | | 1,553 | [公司价格与沪深 Table_Chart] 300 走势比较 -21% 16% 53% 89% 126% 11/24 2/25 5/25 8/25 三花智控 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 电话：15652947918 邮箱：zhangzhibang@hazq.com 分析师：邓欣 执业 ...

针对炙手可热的中国人形机器人赛道，高盛近期组织了一次调研。 通过实地走访与线上会议相结合的方式，高盛对9家人形机器人核心供应链企业展开研究，涵盖三花智 控、拓普集团、浙江荣泰、双环传动、敏实集团、均胜电子、兆威机电、贝斯特和双林股份。 调研结束后，高盛发布了一份研究报告，认为各家企业提前布局产能，反映对未来的乐观看法，现在要 做的就是耐心等待实际订单落地。 Part.1 产能提前布局，增长预期积极 多数供应商正积极规划中国及海外（以泰国为主，墨西哥次之）产能，以支撑人形机器人潜在量产需 求，但目前尚无企业确认接到大额订单或明确生产时间表。 当前产能规划折算后对应年机器人产量约10万至100万台（相比之下，高盛预测2035年全球人形机器人 出货量为138万台，这一差异凸显出供应链对行业增长前景的乐观看法）。 多数企业计划在收到实际订单后逐步扩产，因此当前布局未必意味着供应过剩风险迫在眉睫，但足以体 现供应链企业对行业前景的前瞻性乐观态度。 Part.2 产品矩阵升级，寻求新增长引擎 纵观整个产业生态，供应商正持续拓展产品矩阵，从单一零部件向集成模块演进，产品类别从执行器延 伸至传感器及结构件，每家企业均制定了大 ...

根据高盛测算，当前三花智控A股股价对应的估值，隐含了特斯拉Optimus机器人90万-200万台的出货预 期(假设三花执行器组装市占率30%-70%)，而特斯拉此前明确目标为2030年实现100万台机器人出货， 短期内(未来12个月)显然难以达到。 三花智控（002050）(02050)跌幅扩大逾6%，截至发稿，跌6.03%，报36.14港元，成交额6.4亿港元。 消息面上，高盛近日发布研究报告将三花智控下调评级至"中性"，称"人形机器人预期过高"。高盛下调 评级的核心理由直指"市场当前对三花智控人形机器人执行器的收入规模和落地时间预期均过于乐观"， 三花智控A股近期的超额表现已部分透支机器人业务预期。 ...

智通财经APP获悉，三花智控(02050)跌幅扩大逾6%，截至发稿，跌6.03%，报36.14港元，成交额6.4亿 港元。 消息面上，高盛近日发布研究报告将三花智控下调评级至"中性"，称"人形机器人预期过高"。高盛下调 评级的核心理由直指"市场当前对三花智控人形机器人执行器的收入规模和落地时间预期均过于乐观"， 三花智控A股近期的超额表现已部分透支机器人业务预期。 根据高盛测算，当前三花智控A股股价对应的估值，隐含了特斯拉Optimus机器人90万-200万台的出货预 期（假设三花执行器组装市占率30%-70%），而特斯拉此前明确目标为2030年实现100万台机器人出 货，短期内（未来12个月）显然难以达到。 ...

Core Viewpoint - Goldman Sachs recently downgraded the rating of Sanhua Intelligent Control (002050.SZ, 02050.HK) to "Neutral," citing overly optimistic expectations for humanoid robots and set a target price of 40.9 CNY per share for the A-shares over the next 12 months [2][6]. Price Movement and Market Reaction - On November 3, Sanhua Intelligent Control's A-shares and H-shares opened sharply lower, closing at 48.79 CNY and 38.46 HKD, with declines of 2.28% and 5.92% respectively [2][3]. - The stock price had surged due to the "robot" concept, with A-shares rising 78.27% since early September, while H-shares increased by 65.9% during the same period [3][6]. Divergence in Target Prices - There is a growing divergence in target prices among domestic and foreign institutions, with domestic brokerages generally optimistic, setting target prices ranging from 55.55 CNY to 59.17 CNY, indicating over 20% upside potential from the closing price of 48.79 CNY [5][6]. - In contrast, foreign institutions, including Goldman Sachs, have a more bearish outlook, with target prices of 40.9 CNY, 40 CNY, and 36.9 CNY, suggesting a belief that the stock price is overvalued [5][6]. Underlying Business Expectations - The recent stock price increase is primarily driven by market expectations for revenue from the company's robotics business. However, Goldman Sachs argues that the market's expectations for the revenue scale and timeline for humanoid robot actuators are overly optimistic [6][7]. - Goldman Sachs estimates that the current A-share price implies expectations of 900,000 to 2 million units of Tesla's Optimus robots being shipped, which is unlikely to be achieved in the short term [6]. Market Speculation and Shareholder Actions - The stock has been a tool for speculation in the capital market, with significant trading activity from both retail and foreign investors. The major shareholder, Zhejiang Sanhua Green Energy Group, has also reduced its holdings by 13.476 million shares during the price surge, cashing out over 700 million CNY [7][8].

Core Viewpoint - Goldman Sachs initiates coverage on Sanhua Intelligent Control with a "Buy" rating and a target price of HKD 33.2, highlighting its leadership in HVAC control and thermal management components, as well as growth potential in humanoid robot actuators [1] Group 1: Company Overview - Sanhua is recognized as a global leader in HVAC control and thermal management components [1] - The company is expected to leverage its strong market position in HVAC and electric vehicle thermal management to drive future growth [1] Group 2: Growth Projections - Goldman Sachs forecasts a compound annual growth rate (CAGR) of 19% for Sanhua's revenue and net profit from 2025 to 2030 [1] - The humanoid robot actuator segment is anticipated to contribute 25% of total revenue and 18% of net profit by 2030 [1]

Core Viewpoint - Goldman Sachs initiates coverage on Sanhua Intelligent Control (02050) with a "Buy" rating and a target price of HKD 33.2, highlighting its leadership in HVAC control and thermal management components, as well as growth potential in humanoid robot actuators [1] Company Summary - Sanhua is recognized as a global leader in HVAC control and thermal management components [1] - The company is expected to achieve a compound annual growth rate (CAGR) of 19% in revenue and net profit from 2025 to 2030 [1] - The humanoid robot sector is identified as a significant long-term technological trend, with Sanhua positioned to play a key role in the supply chain as a prominent actuator assembler [1] - By 2030, the humanoid robot business segment is projected to contribute 25% of total revenue and 18% of net profit [1]

Group 1 - The US labor market remains resilient, with June non-farm payrolls increasing by 147,000, surpassing the market expectation of 110,000, and the unemployment rate decreasing from 4.2% to 4.1% [1] - Structural mismatches in the labor market are evident, with government layoffs and AI advancements leading to an oversupply of white-collar workers, while tightened immigration policies result in a shortage of low-skilled positions [1] - The report suggests that the June non-farm data does not support an early interest rate cut by the Federal Reserve, maintaining the view that the next rate cut may not occur until the fourth quarter [1] Group 2 - The submarine cable market is expected to grow at a CAGR of 13% from 2025 to 2030, driven by increased demand from internet giants and government initiatives in deep-sea technology [1] - An estimated 540,000 kilometers of new submarine cables are projected to be built globally from 2026 to 2030, representing a 60% increase compared to the planned construction from 2021 to 2025 [1] - Chinese companies are anticipated to lead more submarine cable projects, with domestic firms enhancing their competitiveness in the market [1] Group 3 - The maturity of hardware technology is expected to accelerate the mass production of humanoid robots, as the current actuator transmission solutions are not fully converged [2] - There is significant cost reduction potential in the hardware of humanoid robots as technology iterates and scales up [2] - Companies with multiple competitive advantages and new process iteration opportunities should be closely monitored in the humanoid robotics sector [2]

Core Viewpoint - Lixing Co., Ltd. (300421) held a performance briefing focusing on the application progress of its products in the humanoid robot sector [1] Group 1: Company Overview - Lixing is a leading domestic enterprise in the precision bearing steel ball sector, with its products widely used in various industries including automotive (both fuel and new energy vehicles), precision CNC machine tools, light industrial appliances, robotics, wind power generation, construction machinery, aerospace, and other general machinery manufacturing [1] - The company has ranked first in domestic sales revenue of bearing steel balls for several consecutive years and is the only domestic enterprise included in the procurement system of the world's top eight bearing manufacturers [1] Group 2: Humanoid Robot Applications - The market is currently focused on the lightweight design of humanoid robots, and Lixing is actively exploring this area. The company mentioned that while ceramic balls are a promising lightweight solution, challenges related to cost and stable raw material supply need to be addressed [1] - Lixing's R&D team is currently validating these lightweight solutions [1] Group 3: Screw Rod Project Development - The screw rod project is in a critical R&D phase, with the company increasing supply capacity for micro screw rod steel balls ranging from 0.4 to 0.8 mm, while also developing medium-sized screw rods in collaboration with downstream customers [1] - Lixing has already supplied micro screw rod steel balls for industrial applications and is expanding into large-scale applications in automotive parking systems [1] Group 4: Future Plans and Market Recognition - The company is advancing its technology for planetary rolling screw rods and dexterous hand rolling screw rods for humanoid robots, with significant expectations for the screw rod project as a major transformation initiative [1] - Orders for small micro balls used in humanoid robot actuators and dexterous hands are currently ramping up, with full production expected in the next 6 to 18 months [1] - The humanoid robot industry has specific requirements for design, raw materials, and lifespan, and Lixing's solutions for domestic substitution have gained market recognition [1]