东北证券研报指出，传统制冷&汽车热管理协同发力，三花智控25年业绩预增。预计实现归母净利润 38.7~46.5亿元，同比+25%~50%。传统制冷主业表现亮眼，25H1同比增长25.5%。一方面，全球各地政 府出台低碳节能政策、加快经济发展绿色转型，海外市场对制冷空调控制元器件的需求持续扩大，拉动 制冷产品出口稳定增长；另一方面，受益于AI算力驱动的数据中心液冷需求爆发，公司为液冷系统提 供阀、泵、换热器等核心零部件。公司汽零业务加速回暖，客户结构持续优化。此外，人形机器人战略 地位明确，产能先行静候花开。给予"增持"评级。 ...

[Table_Title] 证券研究报告 / 公司点评报告 传统制冷和汽零业务业绩表现超预期，人形机器人放量在即 [Table_Summary] 事件：公司发布 2025 年度业绩预告。传统制冷&汽车热管理协同发力， 公司 25 年业绩预增。预计实现归母净利润 38.7~46.5 亿元，同比 +25%~50%；扣非归母净利润 36.8~46.1 亿元，同比+18%~48%。 点评：传统制冷主业表现亮眼，25H1 同比增长 25.5%。一方面，全球各 地政府出台低碳节能政策、加快经济发展绿色转型，海外市场对制冷空 调控制元器件的需求持续扩大，拉动制冷产品出口稳定增长；另一方面， 受益于 AI 算力驱动的数据中心液冷需求爆发，公司为液冷系统提供阀、 泵、换热器等核心零部件。25H1 传统制冷业务实现营收 103.9 亿元，同 比+25.5%；实现毛利率 28.2%，同比+0.65pct。 汽零业务加速回暖，客户结构持续优化。受核心大客户特斯拉产销影响， 25H1 汽零业务营收 58.7 亿元，同比仅增长 8.8%。受益于特斯拉产销改 善，Q3 特斯拉全球交付量 49.7 万辆（同比+7.4%），公司汽零业务加速 ...

人形机器人战略地位明确，产能先行静候花开 传统制冷主业表现亮眼，25H1同比增长25.5% 一方面，全球各地政府出台低碳节能政策、加快经济发展绿色转型，海外市场对制冷空调控制元器件的 需求持续扩大，拉动制冷产品出口稳定增长；另一方面，受益于AI算力驱动的数据中心液冷需求爆 发，公司为液冷系统提供阀泵、换热器等核心零部件。25H1传统制冷业务实现营收103.9亿元，同比 +25.5%；实现毛利率28.2%，同比+0.65pct。 汽零业务加速回暖，客户结构持续优化 受核心大客户特斯拉产销影响，25H1汽零业务营收58.7亿元，同比仅增长8.8%。受益于特斯拉产销改 善，Q3特斯拉全球交付量49.7万辆（同比+7.4%），公司汽零业务加速回暖。此外，公司对特斯拉的依 赖逐步降低，通用汽车等国际巨头，小米、理想、小鹏等国内新势力主机厂开始贡献重要增量，公司还 陆续突破了奔驰、大众、斯特兰蒂斯等此前进展较缓的欧洲客户。 智通财经APP获悉，东北证券发布研报称，预计三花智控(02050) 2025-2027年营业收入为 322.6/371.3/441.2亿元，归母净利润为42.4/51.2/60.3亿元，对应PE为35 ...

东北证券发布研报称，预计三花智控（002050）(02050)2025-2027年营业收入为322.6/371.3/441.2亿元， 归母净利润为42.4/51.2/60.3亿元，对应PE为35/29/25倍，首次覆盖，给予"增持"评级。 东北证券主要观点如下： 一方面，全球各地政府出台低碳节能政策、加快经济发展绿色转型，海外市场对制冷空调控制元器件的 需求持续扩大，拉动制冷产品出口稳定增长；另一方面，受益于AI算力驱动的数据中心液冷需求爆 发，公司为液冷系统提供阀泵、换热器等核心零部件。25H1传统制冷业务实现营收103.9亿元，同比 +25.5%；实现毛利率28.2%，同比+0.65pct。 事件：公司发布2025年度业绩预告。传统制冷&汽车热管理协同发力，公司25年业绩预增。预计实现归 母净利润38.7~46.5亿元，同比+25%~50%；扣非归母净利润36.8~46.1亿元，同比+18%~48%。 公司深度绑定特斯拉，是特斯拉人形机器人机电执行器的核心供应商，提供包括旋转和直线执行器在内 的集成化产品。目前，公司已经成立专门的人形机器人事业部，并在泰国建立生产基地以支持客户的量 产需求，预计26年开始 ...

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].

Core Viewpoint - Sanhua Intelligent Control has reportedly secured a large order from Tesla for humanoid robots, exceeding 5 billion RMB, leading to significant stock price increases for the company [1][3]. Group 1: Company Overview - Sanhua Intelligent Control is a Tier 1 supplier for Tesla's electric vehicles, primarily responsible for thermal management components [3]. - The company has a market share of approximately 45.5% in the global refrigeration and air conditioning control components sector [3]. Group 2: Business Developments - Sanhua has been expanding its business boundaries since its listing in 2005, including a strategic partnership with leading domestic harmonic reducer company, Lide Harmonic [3][4]. - The management has indicated plans to develop electromechanical actuators for robots, which consist of servo motors, reduction mechanisms, and encoders [4]. Group 3: Market Impact and Stock Performance - Following the news of the Tesla order, Sanhua's A-shares hit the daily limit up, closing at 44.18 RMB per share, with a total market capitalization of 185.95 billion RMB [1]. - Despite the initial surge, Sanhua's stock has seen a decline of 8.78% in October, following concerns raised by competitors regarding the company's ability to supply robot components [5]. Group 4: Financial Actions - To support its stock price, Sanhua has initiated a share buyback program, repurchasing 1,506,800 shares at prices ranging from 22.69 RMB to 31.00 RMB, totaling approximately 35.97 million RMB [5].

Market Overview - The Hang Seng Index slightly declined by 8 points or 0.03%, closing at 438 points on September 16, 2025[1] - The Hang Seng Tech Index rose by 0.6%, closing at 6,077 points[1] - Market turnover was recorded at HKD 294.1 billion, with a net outflow of HKD 3.18 billion from the Hong Kong Stock Connect[1] Economic Indicators - Investor sentiment is cautious, awaiting the outcome of the upcoming FOMC meeting[1] - The U.S. Federal Reserve's potential rate cut is anticipated to have limited impact on Hong Kong stocks due to already high valuations[2] - Sectors sensitive to interest rates, such as AI, robotics, semiconductors, and real estate, may benefit more directly from monetary policy changes[2] Sector Performance - The automotive parts sector saw a significant rise, with Sanhua Intelligent Controls (2050 HK) increasing by 12.8%[3] - The pharmaceutical sector experienced minor declines, with a focus on innovative drugs and leading CXO companies[3] - The renewable energy sector showed mixed performance, with solar stocks generally rising, such as Xinyi Solar (968 HK) up by 2.1%[4] Company Insights - Chaoyun Group (6601 HK) reported a 7.2% increase in revenue to RMB 1.34 billion, with pet category revenue doubling to RMB 96 million, a growth of 101.4%[5][6] - The overall gross margin improved by 2.9 percentage points to 49.3%[5] - The company plans to expand its offline pet store count to 200 by 2027 and is expected to maintain a high dividend payout ratio of 80%[8] Investment Strategy - The report suggests focusing on technology leaders and sectors benefiting from industrial upgrades, such as semiconductors and AI, amidst market volatility[9] - The anticipated rate cut by the Fed is expected to attract foreign capital back to Hong Kong stocks, with a focus on sectors showing strong earnings certainty[9]

Group 1 - The Hong Kong stock market continued its strong performance in the first half of 2025, attracting mainland enterprises, particularly from Zhejiang, which saw 9 companies successfully listed [1][2] - A total of 42 new stocks were listed on the Hong Kong stock exchange in the first half of 2025, representing a 40% year-on-year increase, with total fundraising reaching a new high since 2021, surpassing 87.6 billion HKD for the entire year of 2024 [2][5] - Zhejiang enterprises accounted for the highest number of listings, with a total of 9 companies raising 14.4 billion HKD, a significant increase from just 1.016 billion HKD in the same period of 2024 [2][3] Group 2 - The listed Zhejiang companies span various sectors, including healthcare, consumer goods, and manufacturing, showcasing a diversified development trend [2][3] - Notable companies that went public include Sanhua Intelligent Control, which is a global leader in thermal management, and Cao Cao Travel, the largest ride-hailing platform in Hong Kong [2][4] - The trend of "A+H" dual platform listings is emerging, with leading A-share companies accelerating their listings in Hong Kong, exemplified by Sanhua Intelligent Control's recent IPO [3][4] Group 3 - The Hong Kong IPO market achieved the highest global fundraising amount in the first half of 2025, totaling 102.1 billion HKD, driven by international capital and supportive policies from both mainland and Hong Kong [5] - The market's internationalization provides direct support for enterprises, facilitating access to diverse overseas financing channels and enhancing global strategic layouts [5][6] - Expectations for the second half of 2025 indicate continued market heat, with projected fundraising of 200 billion HKD, primarily in technology, media, and consumer sectors [6]

Summary of Key Points Core Viewpoint The company has decided to conclude certain fundraising projects and reallocate surplus funds to new projects and to permanently supplement working capital, aligning with its future development needs and market conditions [1][20]. Fundraising Overview - The company raised a total of RMB 3 billion through the issuance of convertible bonds, with a net amount available for investment after deducting issuance costs [1][2]. - The total investment for the projects includes RMB 338,112 million, with RMB 300,000 million allocated from the raised funds [2][7]. Project Status and Fund Utilization - The "Annual Production of 6.5 Million Sets of Commercial Refrigeration Air Conditioning Intelligent Control Components Construction Project" and the "Annual Production of 5.05 Million Sets of High-Efficiency Energy-Saving Refrigeration Air Conditioning Control Components Technology Renovation Project" have reached their intended usable state [7][11]. - As of May 31, 2025, the total investment in these projects was RMB 124,662.71 million, achieving an investment progress of 83.84% [7][8]. - Surplus funds from these projects amount to RMB 30,972.62 million and RMB 30,688.49 million, respectively, which will be redirected to new projects and working capital [11][12]. New Project Details - The new project, "Zhejiang Sanhua Intelligent Drive Future Industry Center Construction Project," will utilize RMB 30,688.49 million from the surplus funds and aims to expand into the electric vehicle thermal management and bionic robot components sectors [13][14]. - The project will cover an area of 15.29 million square meters and is expected to enhance the company's production efficiency and innovation capabilities [17][18]. Market Context and Growth Potential - The global electric vehicle market is projected to grow significantly, with the penetration rate expected to rise from 6.7% in 2020 to 23.6% by 2024, driven by technological advancements and supportive policies [14][15]. - The bionic robot industry is also anticipated to enter a phase of mass consumption, with increasing applications in various sectors [15][16]. Company Position and Strategy - The company is a leading manufacturer in the automotive thermal management system components market, with a market share of 48.3% for electronic expansion valves and 65.6% for integrated components as of 2024 [18][19]. - The company emphasizes research and development, maintaining a strong focus on innovation and efficiency to ensure long-term growth and competitiveness [19][20].

Core Viewpoint - Sanhua Intelligent Control officially listed on the Hong Kong Stock Exchange on June 23, with a share price of HKD 22.53, raising a net amount of HKD 9.177 billion through its IPO. The company experienced a subscription rate of 747.92 times during the public offering phase, indicating strong market interest [1]. Group 1: Company Overview - Sanhua Intelligent Control is the largest manufacturer of refrigeration and air conditioning control components globally, holding a market share of 45.5% as of last year [1]. - The company has become a core supplier for major automotive manufacturers such as Tesla and BYD, with a market share of approximately 4.1% in the global automotive thermal management system components sector, ranking fifth worldwide [1]. Group 2: Financial Performance - In 2024, Sanhua Intelligent Control achieved a revenue of CNY 27.95 billion, representing a year-on-year growth of 13.8%. Revenue from China accounted for 55.3%, while North America contributed 25.4% [2]. Group 3: Use of IPO Proceeds - Approximately 30% of the net proceeds from the IPO will be allocated to ongoing global research and development and innovation of product portfolios, another 30% for expanding and constructing new factories in China to enhance production automation, 25% for deepening global layout through expanding overseas capacity, 5% for strengthening digital intelligence infrastructure, and 10% for working capital and general corporate purposes [2]. - The company plans to invest 10% of the IPO proceeds in the research and development of bionic robots and related technologies, aiming to hire around 200 R&D talents by 2028 [3]. Group 4: Market Position and Future Plans - Sanhua Intelligent Control's global offering consisted of approximately 414 million shares, with 26.5% allocated for public offering in Hong Kong and 73.5% for international offering [4]. - The company aims to leverage its listing in Hong Kong as a platform for global expansion and to meet investor expectations by continuously creating customer value and adhering to innovation [4].