"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 ...

Core Viewpoint - Sanhua Intelligent Control (02050) has seen a stock price increase of over 4% during trading, currently up 3.83% at HKD 34.72, with a trading volume of HKD 265 million [1] Financial Performance - The company expects a net profit attributable to shareholders of approximately HKD 3.874 billion to HKD 4.649 billion for 2025, representing a year-on-year growth of 25% to 50% [1] - The net profit excluding non-recurring gains and losses is projected to be around HKD 3.679 billion to HKD 4.615 billion, with a year-on-year growth of 18% to 48% [1] Growth Prospects - According to Guotai Junan Securities, the company is actively expanding into new fields and steadily increasing production capacity, with expected annual growth rates of 20% to 30% in the coming years [1] - The company has announced a share buyback plan with an investment of HKD 300 million to HKD 600 million, having repurchased HKD 106 million worth of shares by the end of November, indicating potential positive effects on stock prices [1] Robotics Development - The company is optimistic about the future of robotics and is leveraging close partnerships with major clients to enter the robotics actuator market [1] - A robotics division was established this year, with increased R&D investment in robotics-related products [1] - The company plans to allocate 10% of its IPO proceeds (approximately HKD 700 million) to the robotics business and aims to hire 200 additional R&D personnel over the next three years [1] - Collaboration with major clients is ongoing for R&D and trial production, with expectations for mass production of client robotics products by 2026, indicating a potential breakthrough in the robotics business [1]

智通财经APP获悉，三花智控(02050)盘中涨超4% ，截至发稿，涨3.83%，报34.72港元，成交额2.65亿 港元。 群益证券还指出，公司坚定看好机器人发展前景，借助与大客户的紧密合作关系，切入机器人执行器赛 道。公司于今年成立了机器人事业部，加大了对机器人相关产品的研发投入。根据港股招股书，公司将 募集额的10%(即7亿元)投入机器人业务，未来3年将扩招200名研发人才。公司目前正在配合大客户进行 研发、试制。市场预计2026年大客户机器人产品将实现量产落地，公司机器人业务有望迎来突破性进 展。 消息面上，近日，三花智控发布公告，该集团预期2025年归属于上市公司股东的净利润约38.74亿-46.49 亿元，同比增长25%-50%；扣除非经常性损益后的净利润约36.79亿-46.15亿元，同比增长18%-48%。群 益证券发布研报称，随着三花智控积极拓展新领域，产能稳步扩张，预计公司业绩在未来几年仍将保持 20-30%的增长。公司此前公告将投入3-6亿元进行回购，截止11月底回购金额仅1.06亿元，预计公司仍 将择机进行回购，将对股价有积极影响。 ...

公司业绩实现较快增长，该行认为主要得益于：1)商用空调业务较快增长，预计增速超20%，使得公司空调业务优于行业增速;2)公司积极拓展新 的优质车企客户，单一大客户占比下降，汽车业务保持稳健增长;3)公司积极降本增效，实施精细化管理，进一步改善盈利能力;4)公司开拓新业务 方向，已经切入储能和液冷头部厂商，供应零部件，今年开始贡献小规模营收。随着下游需求爆发，该行认为新兴业务将成为新的增长点。 公司积极布局机器人业务，2026年有望迎来突破性进展 （原标题：群益证券：建议"买进"三花智控(02050) 2025年全年净利润预计增速25-50%） 智通财经APP获悉，群益证券发布研报称，随着三花智控(02050)积极拓展新领域，产能稳步扩张，预计公司业绩在未来几年仍将保持20-30%的增 长。公司此前公告将投入3-6亿元进行回购，截止11月底回购金额仅1.06亿元，预计公司仍将择机进行回购，将对股价有积极影响。该行预计公司 2025/2026/2027年分别实现净利润42.08/50.55/59.47亿元，同比+35.8%/+20.1%/+17.6%，EPS分别为1/1.2/1.41元，H股股价对应PE分别为30 ...

群益证券发布研报称，随着三花智控（002050）(02050)积极拓展新领域，产能稳步扩张，预计公司业 绩在未来几年仍将保持20-30%的增长。公司此前公告将投入3-6亿元进行回购，截止11月底回购金额仅 1.06亿元，预计公司仍将择机进行回购，将对股价有积极影响。该行预计公司2025/2026/2027年分别实 现净利润42.08/50.55/59.47亿元，同比+35.8%/+20.1%/+17.6%，EPS分别为1/1.2/1.41元，H股股价对应PE 分别为30/25/21倍,给予"买进"建议。 群益证券主要观点如下： 公司发布2025年业绩预告，归属上市公司股东净利润预计为38.74亿元-46.49亿元，同比增长25%-50%， 预告中值为42.6亿元，同比增长37.5%。公司业绩符合预期。 公司坚定看好机器人发展前景，借助与大客户的紧密合作关系，切入机器人执行器赛道。公司于今年成 立了机器人事业部，加大了对机器人相关产品的研发投入。根据港股招股书，公司将募集额的10%(即7 亿元)投入机器人业务，未来3年将扩招200名研发人才。公司目前正在配合大客户进行研发、试制。市 场预计2026年大客户机器人 ...

m 2025 年 12 月 25 日 | 产业别 | | 家用电器 | | | --- | --- | --- | --- | | H 股价(2025/12/24) | | | 33.46 | | 恒生指数(2025/12/24) | | | 25,818.9 | | 股价 12 个月高/低 | | | 45.48/0 | | 总发行股数(百万) | | | 4,208.01 | | H 股数(百万) | | | 476.54 | | H 市值(亿元) | | | 0.00 | | 主要股东 | | 三花控股集团有 限公司(22.54%) | | | 每股净值(元) | | | 7.52 | | 股价/账面净值 | | | 4.45 | | 一年 | | | 三个月 一个月 | | 股价涨跌(%) | N/A | -16.06% | 3.55% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | -- | -- | -- | | 产品组合 | | | | 空调冰箱元器件 | | 63.8% | | 汽车零部件 | | 36.2% | 股价相对大盘走势 C o m ...

智通财经12月22日讯（记者 汪斌）得益于两大主业延续增长，2025年三花智控（002050.SZ）净利增速 有望重回双位数水平。 一方面，公司持续巩固制冷空调电器零部件业务的行业地位，把握市场需求增长契机，叠加核心产品的 技术积淀与规模化生产优势，驱动该业务实现持续增长；另一方面，公司借助标杆客户的示范效应持续 拓展优质订单，进一步夯实汽车零部件业务的业绩增长动能。 2025年前三季度，三花智控实现归母净利润32.42亿元。据此计算，今年第四季度公司归母净利润约为 6.32亿元至14.07亿元，同比增长-20.77%到76.42%，去年同期公司归母净利润为7.97亿元。 据首创证券12月3日发布研报称，今年第三季度三花智控增速环比略有收窄，预计主因家电生产逐渐进 入淡季，且国补政策有所退坡。 今日晚间，三花智控发布业绩预报称，预计2025年实现归母净利润为38.74亿元至46.49亿元，同比增长 25%到50%。2024年，公司归母净利润同比增速为6.10%。 对于2025年业绩预增的主要原因，三花智控归结为制冷空调电器零部件及汽车零部件两大业务板块协同 发力。 面对每天上千份上市公司公告该看哪些？重大事项 ...

Market Overview - The A-share market showed mixed performance with the Shanghai and Shenzhen indices fluctuating, while individual stocks saw more declines than gains. The overall trading volume decreased, leading to a weak rebound in the market [2][5][8] - Key upcoming events include the Federal Reserve's meeting on December 10, which may influence global liquidity expectations, and an important meeting that will set the tone for China's economic policy next year [2][9] Sector Analysis - The robotics sector experienced significant growth, with the human-robot concept stocks rising approximately 80% since January 7, 2025. The industry is expected to benefit from strong internal growth momentum and supportive government policies, with an annual revenue growth rate exceeding 20% as outlined in the "14th Five-Year Plan" [6][7] - The commercial aerospace sector also saw a rise, driven by the recent "Thousand Sails Constellation" global strategic cooperation agreement and the establishment of a dedicated regulatory body for commercial aerospace, which is expected to provide a stable development environment for the industry [7] Investment Strategy - The report suggests a focus on individual stocks rather than indices, recommending a balanced allocation strategy that includes high-performing sectors such as technology (semiconductors, AI, robotics) and cyclical industries (solar energy, batteries, chemicals) [3][9] - Investors are advised to select stocks with strong earnings support for low-cost entry while avoiding high-valuation stocks lacking performance backing [3][9]

Group 1 - The overall performance of China's A-shares on December 4 was stable, with major indices showing more gains than losses [1] - The robotics sector performed notably well, with the robotics actuator and humanoid robot segments leading the gains, particularly the robotics actuator segment which recorded a 3.78% increase, the highest among all sectors [1] - Individual stocks such as Hengerdai and Huawu Shares reached their daily price limit, with both stocks increasing by approximately 20% [1] Group 2 - Analyst Li Lujing from Founder Securities noted that the U.S. government is considering an executive order regarding robotics technology, which is expected to enhance investor confidence and accelerate the development of the robotics industry [1] - The National Development and Reform Commission of China reported that the embodied intelligence industry, represented by humanoid robots, is experiencing rapid growth at over 50% annually, with projections indicating a market size of 100 billion yuan by 2030 [1]

Core Viewpoint - Top Group, a leading automotive parts manufacturer, plans to list H-shares in Hong Kong to accelerate its international strategy and enhance global customer service capabilities [1] Group 1: Company Overview - Top Group was founded in 1983 and has over 40 years of experience in the automotive industry, with four main business divisions: power chassis systems, decorative systems, intelligent driving, and electric drive [1] - The company has experienced significant growth, with revenue increasing from 6.51 billion to 26.6 billion from 2020 to 2024, and net profit rising from 628 million to 3 billion during the same period, representing increases of approximately 3.1 times and 3.7 times respectively [1] Group 2: Recent Performance - In 2024, the company reported a revenue growth of 35.02% and a net profit growth of 39.52%, with core performance indicators reaching historical highs [1] - However, in 2025, the company faced short-term pressure on its performance, with Q3 revenue at 7.994 billion, a year-on-year increase of 12.11%, and net profit at 672 million, a decrease of 13.65% [2] - For the first three quarters of 2025, revenue was 20.928 billion, up 8.14%, while net profit fell by 11.97% to 1.967 billion [2] Group 3: Market Position and Collaborations - The company's growth is attributed to the benefits of the electric vehicle industry and its position as a key supplier in the Tesla supply chain [2] - Top Group has established partnerships with major domestic automakers such as Huawei-Sirius, Xiaomi, Geely, and BYD, with expanding cooperation and increasing order volumes [2] Group 4: Research and Development - To strengthen its competitive edge, the company focuses on R&D innovation, achieving system-level synchronous R&D capabilities across product lines and integrating materials, mechanics, electrical control, and software [3] - From 2020 to the first three quarters of 2025, the company invested a total of 4.903 billion in R&D, with significant allocations towards humanoid robotics and other emerging fields [3]