1月8日，三花智控盘中下跌2.01%，截至13:32，报54.63元/股，成交72.37亿元，换手率3.56%，总市值 2298.84亿元。 截至9月30日，三花智控股东户数44.55万，较上期增加72.68%；人均流通股8271股，较上期减少 41.88%。2025年1月-9月，三花智控实现营业收入240.29亿元，同比增长16.86%；归母净利润32.42亿 元，同比增长40.85%。 分红方面，三花智控A股上市后累计派现88.25亿元。近三年，累计派现36.39亿元。 机构持仓方面，截止2025年9月30日，三花智控十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1.66亿股，相比上期减少1041.39万股。华泰柏瑞沪深300ETF（510300）位居第五大流通 股东，持股3813.62万股，相比上期减少164.91万股。易方达沪深300ETF（510310）位居第六大流通股 东，持股2756.18万股，相比上期减少87.50万股。广发国证新能源车电池ETF（159755）位居第七大流 通股东，持股2308.45万股，为新进股东。华夏沪深300ETF（510330）位居第八大流通股东，持股 ...

"A+H"双上市平台的落地，为三花智控发展注入新动能。2025年6月，三花智控完成了公司历史上最大 规模IPO，发行4.76亿股H股，募集资金总额近107亿港元，实现资本市场的国际化运作，为全球化扩张 与技术研发提供了充足资金保障，推动该公司从"中国领先"迈向"全球领先"。 三花智控聚焦主业发展，提升盈利能力，归母净利润由2021年的17亿元增至2024年的31亿元，增幅达 82%。2021—2025年间，公司累计现金分红达54亿元，与股东共享企业发展成果。此外，为更好地满足 境外投资者需求，三花智控在2024年首次披露了中英文版ESG报告。 从浙江新昌县起步，到如今成长为市值超1600亿元的全球热管理龙头，"十四五"时期是三花智控迈向全 球化、智能化的关键阶段。其间，三花智控营业收入从2021年的160亿元增至2024年的279亿元，增幅达 74%。2025年前三季度，三花智控实现营业收入240.29亿元，同比增长16.86%；实现归母净利润32.42亿 元，同比增长40.85%。 业绩持续增长的背后，是三花智控制冷空调电器零部件业务、汽车零部件业务以及战略性新兴业务三大 板块的协同发力。近年来，三花智控持 ...

Group 1 - The core viewpoint of the article highlights that Sanhua Intelligent Controls is a global leader in thermal management platforms, with its robotics business expanding growth boundaries [1] - The company is a leading enterprise in global refrigeration control components and automotive thermal management systems, with products including electronic expansion valves, solenoid valves, and integrated components for new energy vehicle thermal management [1] - The business and production capacity of the company are highly globalized, with overseas revenue expected to account for 44.7% in 2024 [1] Group 2 - The global market for refrigeration and air conditioning control components is steadily growing, with an overall compound annual growth rate of approximately 7%, driven mainly by valves and heat exchangers [1] - The company possesses technological and scale advantages in the field of high-reliability electromechanical actuators, enabling potential expansion into the robotics sector, with long-term growth potential not yet fully priced in [1] - The company has validated products related to electromechanical actuators for robotics, with customer collaborations and order disclosures in progress, while its new energy vehicle thermal management business continues to grow and improve profitability [1]

②空调冰箱零部件业务毛利率受益于产品结构升级与规模效应维持相对稳定，预计2025E–2027E 分别为 27.9% / 28.2% / 28.3%。 有别于市场的认识：我们认为公司1）汽零业务在新能源车渗透提升与平台化客户放量驱动下，成长性 与盈利弹性显著高于传统家电业务；2）公司具备高可靠机电执行器领域的技术与规模优势，使其具备 向机器人赛道延伸的潜在能力，长期成长空间尚未被充分定价。 股价表现的催化剂：公司在机器人机电执行器相关产品通过验证、客户合作落地或订单披露；公司新能 源车热管理业务持续放量、盈利能力稳步改善。 风险提示：新能源车需求不及预期风险、人形机器人放量不及预期风险、行业竞争加剧及价格压力风 险。 投资要点： 投资建议：我们预计公司2025E/2026E/2027E 营业收入分别为329.46/384.57/444.73 亿元，同比增长 17.9%/16.7%/15.6%；归母净利润分别为42.41/48.53/56.69 亿元，同比增长36.8%/14.4%/16.8%，对应 2025E/2026E/2027E PE 分别为45.1/39.4/33.7 倍。首次覆盖，给予"买入"评级。 公 ...

证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 23 日 全球热管理平台龙头，机器人业务拓成长边界 家用电器 报告原因： | | | | 市场数据： | 2025 | 年 | 12 | | | | 月 | 23 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 44.88 | | | | | | 一年内最高/最低（元） | | | | | | 52.99/21.26 | | | | | 市净率 | | | | | 6.0 | | | | | | 股息率（分红/股价） | | | | | | | | | 0.55 | | 流通 A 股市值（百万元） | | | | 165,347 | | | | | | | 上证指数/深证成指 | | | | | | 3,920/13,369 | | | | | 注："股息率"以最近一年已公布分红计算 | | | | | | | | | | | 每股净资产（元） | | | | | | | | | | 7.5 | | | | --- | -- ...

合煦智远消费主题股票发起式A（007287）成立日期2019年7月3日，最新规模131.35万。今年以来收益 5.89%，同类排名3729/4198；近一年收益5.87%，同类排名3574/4153；成立以来收益18.35%。 合煦智远消费主题股票发起式A（007287）基金经理为杨志勇。 12月22日，三花智控涨5.34%，截至发稿，报45.79元/股，成交50.23亿元，换手率3.05%，总市值 1926.85亿元。 资料显示，浙江三花智能控制股份有限公司位于浙江省绍兴市新昌县澄潭街道沃西大道219号三花工业 园区办公大楼,香港湾仔皇后大道东183号合和中心46楼，成立日期1994年9月10日，上市日期2005年6月 7日，公司主营业务涉及浙江三花智能控制股份有限公司是一家主要从事制冷空调电器零部件业务和汽 车零部件业务的中国公司。该公司通过两个分部运营业务。制冷空调电器零部件业务分部从事建筑暖通 (HVAC)、电器设备专业化经营,主要产品包括四通换向阀、电子膨胀阀、电磁阀、微通道换热器、 Omega泵等。汽车零部件业务分部专注于汽车热管理领域的深入研究,主要产品包括热力膨胀阀、电子 膨胀阀、电子水泵、新 ...

Core Insights - Sanhua Intelligent Controls experienced a decline of 5.39% on November 10, with a stock price of 45.81 CNY per share and a total market capitalization of 192.81 billion CNY [1] Company Overview - Sanhua Intelligent Controls, established on September 10, 1994, and listed on June 7, 2005, is based in Shaoxing, Zhejiang Province, China [1] - The company operates primarily in two segments: refrigeration and air conditioning electrical components (63.88% of revenue) and automotive components (36.12% of revenue) [1] - Key products in the refrigeration segment include four-way valves, electronic expansion valves, solenoid valves, microchannel heat exchangers, and Omega pumps [1] - In the automotive segment, the focus is on thermal management, with products such as thermal expansion valves, electronic expansion valves, electronic water pumps, and integrated components for new energy vehicles [1] Fund Holdings - Changjiang Asset Management holds a significant position in Sanhua Intelligent Controls through its fund, Changjiang Quantitative Consumer Selection A (010801), which reduced its holdings by 12,800 shares in Q3, now holding 109,300 shares, representing 9.31% of the fund's net value [2] - The fund has reported a floating loss of approximately 285,300 CNY as of the latest data [2] Fund Manager Performance - The fund manager Qin Changgui has been in position for 6 years and 344 days, with a total fund size of 171 million CNY and a best return of 31.26% during his tenure [3] - Co-manager Zhang Shuai has been in position for 1 year and 238 days, managing a fund size of 86.83 million CNY, with a best return of 31.54% [3]

Core Viewpoint - The company has demonstrated significant growth in revenue and net profit, driven by the expansion of its electric vehicle (EV) business and effective cost reduction strategies [4][8]. Financial Performance - In Q1-Q3 2025, the company achieved revenue of 24.03 billion yuan, a year-on-year increase of 16.9%, and a net profit of 3.24 billion yuan, up 40.9% year-on-year. In Q3 2025, revenue was 7.77 billion yuan, a 12.8% increase year-on-year, while net profit reached 1.13 billion yuan, growing 43.8% year-on-year [4][8]. - The growth in performance is attributed to the continuous increase in orders from the EV sector and strategic adjustments in the refrigeration and air conditioning business [4][8]. Cost Reduction and Efficiency Improvement - The company has successfully reduced its expense ratios, with a sales gross margin of 28.08% in Q1-Q3 2025, up 0.38 percentage points year-on-year, and a net profit margin of 13.69%, up 2.41 percentage points year-on-year [5][9]. - In Q3 2025, the sales gross margin was 28.02%, showing a slight decrease, while the net profit margin improved to 14.82%, reflecting the benefits of cost reduction initiatives [5][9]. Market Position and Global Expansion - The company holds the global market leader position in several thermal management products, including electronic expansion valves and heat exchangers [5][14]. - The company is actively expanding its global footprint by establishing manufacturing bases in Vietnam, Mexico, and Thailand to mitigate tariff challenges and enhance local service capabilities [5][17]. Robotics and Technological Advancements - The company is focusing on technological improvements in its robotics products, aiming to enhance product capabilities and expand into new growth areas [6][23]. - A significant investment of at least 5 billion yuan has been planned for the development of smart control systems and robotics, indicating a commitment to innovation in this sector [6][23]. Future Growth Potential - The company anticipates substantial growth in its EV thermal management products, projecting revenue of 10.45 billion yuan in 2024, a year-on-year increase of 17.1% [14][18]. - The expected demand for various thermal management products is projected to reach significant production capacities by 2027, indicating strong future growth prospects [18][19].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][33]. Core Insights - The company has shown significant growth in net profit and revenue, with a 40.9% year-on-year increase in net profit for the first three quarters of 2025, reaching 3.24 billion yuan, and a 16.9% increase in revenue to 24.03 billion yuan [2][8]. - The growth is attributed to the increasing orders in the new energy vehicle sector and strategic adjustments in the refrigeration and air conditioning business, which have led to improved market share and cost efficiency [2][4][8]. - The company is actively pursuing cost reduction and efficiency improvement measures, resulting in a decrease in expense ratios and an increase in profit margins [3][9]. Financial Performance Summary - For Q1-Q3 2025, the company achieved a gross margin of 28.08%, a net profit margin of 13.69%, and a significant increase in net profit for Q3 of 43.8% year-on-year [3][9]. - The company’s revenue and net profit projections for 2025, 2026, and 2027 have been revised upwards, with expected net profits of 4.01 billion, 4.62 billion, and 5.47 billion yuan respectively [5][33]. - The company’s earnings per share (EPS) are projected to be 0.95, 1.10, and 1.30 yuan for the years 2025, 2026, and 2027 [5][33]. Market Position and Global Strategy - The company holds the global leading market share in several thermal management products, including electronic expansion valves and heat exchangers for air conditioning [4][18]. - The company is expanding its global footprint by establishing manufacturing bases in Vietnam, Mexico, and Thailand to mitigate tariff challenges and enhance local service capabilities [4][23]. - The company has formed strategic partnerships with major automotive clients, including Volvo, Geely, and BMW, to strengthen its position in the new energy vehicle market [19][22]. Investment Projects - The company plans to invest at least 5 billion yuan in the "Future Industry Center Project," which includes the development of intelligent frequency control systems and robotic electromechanical actuators [31][32]. - This investment aims to transition from mechanical component development to integrated electronic control solutions, positioning the company for future growth [32].

Core Viewpoint - Sanhua Intelligent Control has shown significant stock performance with a year-to-date increase of 102.32%, indicating strong market interest and potential growth opportunities in the HVAC and automotive parts sectors [1][3]. Company Overview - Sanhua Intelligent Control, established on September 10, 1994, and listed on June 7, 2005, operates primarily in the HVAC and automotive parts industries, with a revenue composition of 63.88% from HVAC components and 36.12% from automotive parts [2]. - The company focuses on specialized products such as four-way valves, electronic expansion valves, and thermal management components for vehicles, catering to both domestic and international markets [2]. Financial Performance - For the first half of 2025, Sanhua Intelligent Control reported a revenue of 16.263 billion yuan, reflecting an 18.91% year-on-year growth, and a net profit of 2.110 billion yuan, which is a 39.31% increase compared to the previous year [3]. - The company has distributed a total of 8.321 billion yuan in dividends since its A-share listing, with 3.135 billion yuan distributed over the last three years [4]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 258,000, with an average of 14,231 shares held per shareholder, a decrease of 3.97% from the previous period [3]. - Major institutional shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in their holdings [4].