首次覆盖，给予"增持"投资评级。我们预计公司2025-2027 年分别可实现归母净利润42.53/46.50/50.99 亿元，同比增长37.2%/9.4%/9.6%。我们对公司传统冷配和汽车热管理业务进行分部估值，并考虑到AH 股溢价，对应合理市值为1433 亿元人民币；而三花智控H 股市值为1408 亿元港币，参考2025 年12 月26 日港币兑人民币汇率为0.9067，仍有12.3%上涨空间，首次覆盖，给予"增持"投资评级。 风险提示：原材料价格波动风险；汇率波动风险；人形机器人行业发展进度不及预期。 成熟业务：公司传统制冷和汽零业务保持领先地位。公司深耕传统制冷配件几十余载，多种产品在行业 市占率位居前列；制冷配件业务25H1 收入占比达64%，为公司第一大营收来源。随着内销空调等家电 保有量提升，出海市场空间广阔，有望刺激制冷配件需求，而公司有望凭借行业优势地位保持业务稳健 增长。汽零业务方面，公司凭借制冷配件多年积淀进行底层技术迁移，在份额高度集中的全球热管理市 场中，三花多品类份额居前，深度绑定国内外知名传统燃油车及新能车的核心整车厂商，获得客户广泛 认可。 新兴业务：储能＆机器人业务打开成长 ...

申万宏源主要观点如下： A+H两地上市提升全球竞争力 三花智控是传统制冷配件及汽车热管理领域龙头，2005年在深交所正式上市;25年6月成功发行H股，实 现A+H两地上市，融资渠道进一步打开，公司的国际影响力有望进一步提升。截至25Q3，公司实现营 业总收入240.3亿元，同比增长17%，实现归母净利润32.4亿元，同比增速超40%。 成熟业务：公司传统制冷和汽零业务保持领先地位 智通财经APP获悉，申万宏源发布研报称，预计三花智控(02050)2025-2027年分别可实现归母净利润 42.53/46.50/50.99亿元，同比增长37.2%/9.4%/9.6%。该行对公司传统冷配和汽车热管理业务进行分部估 值，并考虑到AH股溢价，对应合理市值为1433亿元人民币;而三花智控H股市值为1408亿元港币，参考 2025年12月26日港币兑人民币汇率为0.9067仍有12.3%上涨空间，首次覆盖，给予"增持"投资评级。 公司深耕传统制冷配件几十余载，多种产品在行业市占率位居前列;制冷配件业务25H1收入占比达 64%，为公司第一大营收来源。随着内销空调等家电保有量提升，出海市场空间广阔，有望刺激制冷配 件需求， ...

智通财经APP获悉，申万宏源发布研报称，预计三花智控(02050)2025-2027年分别可实现归母净利润 42.53/46.50/50.99亿元，同比增长37.2%/9.4%/9.6%。该行对公司传统冷配和汽车热管理业务进行分部估 值，并考虑到AH股溢价，对应合理市值为1433亿元人民币;而三花智控H股市值为1408亿元港币，参考 2025年12月26日港币兑人民币汇率为0.9067仍有12.3%上涨空间，首次覆盖，给予"增持"投资评级。 申万宏源主要观点如下： 成熟业务：公司传统制冷和汽零业务保持领先地位 公司深耕传统制冷配件几十余载，多种产品在行业市占率位居前列;制冷配件业务25H1收入占比达 64%，为公司第一大营收来源。随着内销空调等家电保有量提升，出海市场空间广阔，有望刺激制冷配 件需求，而公司有望凭借行业优势地位保持业务稳健增长。汽零业务方面，公司凭借制冷配件多年积淀 进行底层技术迁移，在份额高度集中的全球热管理市场中，三花多品类份额居前，深度绑定国内外知名 传统燃油车及新能车的核心整车厂商，获得客户广泛认可。 新兴业务：储能&机器人业务打开成长天花板 储能热管理与传统制冷及车用热管理具有较高相 ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [4][10]. Core Insights - The company is a leader in thermal management and is accelerating its globalization process, with its robotics business opening new growth ceilings [3][7]. - The company achieved a total revenue of 24.03 billion RMB in Q3 2025, a year-on-year increase of 17%, and a net profit attributable to shareholders of 3.24 billion RMB, with a growth rate exceeding 40% [7][27]. - The report forecasts net profits of 4.253 billion RMB, 4.650 billion RMB, and 5.099 billion RMB for 2025, 2026, and 2027, respectively, with growth rates of 37.2%, 9.4%, and 9.6% [10][11]. Summary by Sections 1. Globalization and Business Expansion - The company has successfully listed in both A and H shares, enhancing its global competitiveness and financing channels [7][42]. - The company has a strong market position in traditional refrigeration components and automotive thermal management, with significant revenue contributions from both sectors [9][28]. 2. Mature Business: Strong Position in Refrigeration and Automotive Components - The traditional refrigeration business remains robust, contributing 64% of total revenue in H1 2025, while the automotive components business has rapidly increased its share to 36% [28][34]. - The company has maintained a leading market share in key refrigeration components, with electronic expansion valves and microchannel heat exchangers showing significant growth [50][58]. 3. Emerging Business: Energy Storage and Robotics - The energy storage and robotics sectors are expected to drive future growth, with the company leveraging its existing technology to enter these markets [9][12]. - The robotics division has been established to focus on high-value electromechanical actuators, with plans for mass production in collaboration with global clients [9][12]. 4. Financial Forecast and Valuation - The company is projected to achieve revenues of 24.56 billion RMB, 27.95 billion RMB, and 31.91 billion RMB from 2023 to 2025, with corresponding growth rates of 15.0%, 13.8%, and 14.2% [8][10]. - The report estimates a reasonable market capitalization of 1,433 billion RMB, indicating a potential upside of 12.3% from the current H-share market value [10][11].

作为特斯拉机器人概念股的核心标的，三花智控(02050)自2025年6月23日在港股上市后，其股价在短短三个月内最高涨至46.48港元每股，最大涨幅 124.54%。 但自10月初开始，三花智控H股股价见顶回落，在高位构建了一个左高右低的"M顶"之后加速下跌，36个交易日内从高位累计下跌35%。在11月24日"金针探 底"后才迎来了一波近20个点的反弹。 尽管近期反弹暂缓了三花智控H股的下行颓势，但其股价目前仍受制于60日均线压制，尚未形成有效突破。更值得关注的是，三花智控H股将于12月23日迎 来基石投资者限售股解禁。鉴于基石投资者短期内已积累可观浮盈，解禁后兑现收益的动机较强，这在流动性本就欠佳的H股市场，或将引发显著的短期抛 压，从而对股价构成下行压力。然而，从逆向投资视角来看，若此次解禁能带来股价的充分回调，或为长线投资者提供一个难得的逢低布局良机。 基石投资者小而散，若"抢跑"出现或令股价明显承压 三花智控H股三个月股价翻倍的背后，其实是资本市场走强、政策鼓励以及产业消息刺激等多重因素协同共振的结果。 从资本市场的层面来看，4月初美方多轮的加征关税措施导致港A股指数大幅下挫，但随着国内应对措施(如央 ...

Core Viewpoint - Sanhua Intelligent Controls reported a strong performance in Q1-Q3 2025, with a net profit attributable to shareholders of 3.242 billion yuan, representing a year-on-year increase of 40.85% [1] Financial Performance - The net profit for Q3 alone was 1.132 billion yuan, showing a year-on-year growth of 43.81%, although it experienced a quarter-on-quarter decline of 6.14% [1] Business Focus - The company focuses on the research and application of heat pump technology and thermal management systems, aiming to develop efficient heat exchange and intelligent temperature control solutions [1] - Sanhua operates in two main segments: refrigeration and air conditioning components, and automotive components [1] Innovation and Expansion - Leveraging long-term technological accumulation and R&D innovation, the company is expanding into emerging fields such as bionic robot electromechanical actuators [1] Investment Rating - The initial coverage of the company has been rated as "Accumulate" [1]

Core Viewpoint - The market's expectations for humanoid robot business are overly optimistic, leading Goldman Sachs to downgrade Sanhua Intelligent Controls' A-share rating from "Buy" to "Neutral" despite the company's long-term potential [1][4]. Group 1: Rating Changes - Goldman Sachs issued a report on November 2, downgrading Sanhua's A-share rating due to the stock price reflecting overly optimistic short-term sentiments that are unlikely to materialize [1]. - The target price for Sanhua's A-share is set at 40.9 RMB, indicating an 18.1% downside from the report's release price [4]. Group 2: Market Expectations - Goldman Sachs believes the current stock price incorporates aggressive assumptions regarding robot shipment volumes, which are not feasible within the next 12 months [4]. - The analysis suggests that the market's enthusiasm for Sanhua's humanoid robot business is premature, with implied valuations requiring shipments of 900,000 to 2 million humanoid robots [5]. Group 3: Business Performance - Sanhua's traditional business may face growth slowdowns in the next two to three quarters due to high base effects and government subsidy controls [7]. - The growth rate for Sanhua's electric vehicle thermal management business is expected to moderate, with projections of 12%-15% year-on-year growth in the coming quarters [7]. Group 4: Earnings Forecasts - Despite the downgrade, Goldman Sachs raised its earnings per share (EPS) forecasts for Sanhua for 2025-2030 by 4%-8% due to the company's strong cost control [8]. - The target price-to-earnings ratio for Sanhua has been increased from 21 times to 25 times, reflecting improved long-term profitability and valuation models [8].

Group 1 - Sanhua Intelligent Control (02050) has seen a stock price increase of over 7%, reaching a new high of 42.28 HKD, with a trading volume of 623 million HKD [1] - Tesla's board has proposed a high compensation plan for Elon Musk, potentially granting him 12% of Tesla's shares, valued at approximately 1.03 trillion USD [1] - The plan includes 12 operational goals, with Musk earning about 1% of Tesla's market value in stock for each goal achieved [1] Group 2 - According to Founder Securities, Tesla has set clear operational targets, including the sale of 12 million electric vehicles and 1 million AI robots, which will benefit domestic suppliers in the supply chain [1] - The synergy between Tesla's robots, vehicles, and Full Self-Driving (FSD) technology, along with the recovery of the automotive sector, is expected to create a strong investment theme [1] - Sanhua Intelligent Control has accumulated extensive experience in developing and manufacturing electric motor products, successfully entering the bionic robot actuator manufacturing sector, which is expected to lead to significant performance growth in line with the humanoid robot industry [1]

Core Viewpoint - Changjiang Securities report indicates that Sanhua Intelligent Controls achieved a net profit attributable to shareholders of 2.11 billion yuan in the first half of the year, representing a year-on-year growth of 39.3% [1] Financial Performance - In Q2 2025, the company reported a net profit attributable to shareholders of 1.21 billion yuan, with a year-on-year increase of 39.2% [1] - The company's revenue from traditional refrigeration and automotive sectors showed good growth [1] - For the first half of 2025, the gross profit margin reached 28.12%, an increase of 0.66 percentage points year-on-year [1] - In Q2 2025, the single-quarter gross profit margin was 29.27%, reflecting a year-on-year growth of 1.44 percentage points [1] Business Development - The company has accumulated rich experience and expertise in the development and manufacturing of various motor products, successfully entering the bionic robot electromechanical actuator manufacturing field [1] - There is potential for significant performance growth in line with the development of the humanoid robot industry [1] Future Outlook - The company is expected to achieve a net profit attributable to shareholders of 3.9 billion yuan in 2025, corresponding to a price-to-earnings ratio of approximately 38 times [1] - The short-term performance of the company is supported by rapid growth, and new businesses such as humanoid robots are anticipated to bring future incremental flexibility [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 31.88 [1][7]. Core Insights - The company achieved significant growth in Q2 2025, with revenue reaching 85.93 billion yuan, an increase of 18.75% year-on-year, and a net profit of 12.07 billion yuan, up 39.20% [4][5]. - The company's strategic business expansion is expected to continue, particularly in the clean energy and automotive sectors, driven by global demand for thermal management solutions [7]. Financial Performance - In H1 2025, the company reported total revenue of 162.63 billion yuan, a growth of 18.91%, and a net profit of 21.10 billion yuan, up 39.31% [4][5]. - The company's gross margin in Q2 2025 was 29.27%, an increase of 1.44 percentage points, while the net margin rose to 14.13%, up 2.03 percentage points [6]. - The company’s revenue from home appliance cooling components and automotive parts reached 103.89 billion yuan (+25.49%) and 58.74 billion yuan (+8.83%), respectively [5]. Regional Performance - Domestic revenue for H1 2025 was 90.52 billion yuan, a year-on-year increase of 15.66%, while international revenue was 72.11 billion yuan, up 23.27% [5]. Future Projections - The company is projected to achieve net profits of 39.13 billion yuan, 47.36 billion yuan, and 57.56 billion yuan for the years 2025, 2026, and 2027, respectively [7]. - The expected earnings per share (EPS) for the same years are 0.93 yuan, 1.13 yuan, and 1.37 yuan, with corresponding price-to-earnings (PE) ratios of 34.29, 28.33, and 23.31 [9].