（编辑 任世碧） 证券日报网讯 三花智控10月20日在互动平台回答投资者提问时表示，公司已对机器人机电执行器方面 展开持续研究和产品开发工作。关于关税方面，公司将持续关注相关政策动向，并根据市场变化采用有 利的策略应对，降低外部因素对公司业务的潜在影响。同时，公司一直致力于全球化战略布局，以增强 业务抗风险能力。 ...

10月16日，因夜半辟谣"特斯拉50亿订单"的三花智控（002050）（002050.SZ），今日收盘回吐15日部分涨幅，但跌幅有 限，显示市场对公司机器人业务仍有期待。 截至当日收盘，三花智控A股下跌2.85%，H股下跌6.13%。 隔夜，三花智控发布《关于市场不实传言的澄清公告》表示，关注到网络媒体上有大量关于三花智控获得机器人大额订单 的传言。经核实，公司针对上述传闻事项说明如下：以上关于三花智控获得机器人大额订单的传言不属实；公司也不存在 应披露而未披露的重大事项。 来源：三花智控公告 事实上，所谓"特斯拉50亿订单"传言，最早于10月9日前后流传于海外社交媒体，但却在数个交易日后于昨日下午在市场 中发酵。 受此影响，10月15日，三花智控A、H均上涨超10%。 值得注意的是，在公司方面"辟谣"之后，部分市场人士仍然维持乐观预期：即虽然三花智控对大额订单进行了辟谣，但并 未否认与"T公司"的合作顺利。 早前，包括各类市场调研信息，"友商"爆料等，也都显示三花智控与"T公司"机器人业务合作紧密，三花智控将配套"T公 司"机器人机电执行器等部件。 那么，三花智控到底为何要"辟谣"，甚至还否认在10月15日 ...

| 44.18 +4.02 +10.01% | | | | | 家电零部件 +2.41% > | | | --- | --- | --- | --- | --- | --- | --- | | 今开 | 40.39 | 量比 | 1.14 | 글 281.4万 | | | | 最高 | 44.18 | 换手 | 7.64% | 额 119.8亿 | | | | 最低 | 39.70 | 市盈TM | 50.33 | 市值 1860亿 | | | | H股 39.500 +12.92% | | | | 溢价率(H/A) ② -17.89% > | | | | 分时 5日 | | | | 月K 更多。 | | (0) | | 均价:42.58 | | | | 卖10 -- | | | 据此计算，受消息影响，当日三花智控港股市值上涨折合195.9亿人民币，A股市值上涨186亿人民币，总计达381.9亿 人民币。 智通财经记者 贺梨萍 10月15日晚间，三花智控(002050)发布公告称，近日公司关注到网络媒体上有大量关于公司获得机器人大额订单的传 言。经核实，该传言不属实。公司也不存在应披露而未披露的重大事项。20 ...

Core Viewpoint - The company emphasizes that artificial intelligence is the direction for future development and has been actively engaged in research and product development related to robotic electromechanical actuators [1] Company Summary - The company, Sanhua Intelligent Control (002050.SZ), is focusing on the integration of artificial intelligence into its product offerings, particularly in the area of robotic electromechanical actuators [1]

Group 1 - The stock of Sanhua Intelligent Control (002050) rose over 5%, currently at 39.92 HKD with a trading volume of 274 million HKD [1] - Dongfang Securities highlights that the humanoid robot sector is on the verge of mass production, with both domestic and international markets showing positive trends [1] - The humanoid robot sector is expected to enter a mass production phase next year, creating investment opportunities in the components segment [1] Group 2 - Minsheng Securities expresses optimism regarding Tesla's robots, anticipating significant catalysts for the T-chain core line [1] - Tesla is expected to hold its Q3 2025 earnings call in late October and its 2025 shareholder meeting on November 6, with the release of Optimus V3 imminent [1] - Sanhua Intelligent Control is closely tied to Tesla as a primary supplier of humanoid robot actuator assemblies [1] Group 3 - Zheshang Securities notes that Sanhua Intelligent Control is focusing on the manufacturing of electromechanical actuators for robots, with overall progress being smooth [1] - The company has successfully entered the field of bionic robot electromechanical actuator manufacturing [1] - Sanhua Intelligent Control has established a dedicated robotics division to actively support product development, trial production, iteration, and eventual mass production [1]

Group 1 - The Shanghai Composite Index fell by 0.92%, while the Robot ETF (562500) decreased by 0.90%, despite earlier attempts to rise [1] - The Robot ETF has attracted significant capital inflow, with a net inflow of 116 million yuan yesterday and over 1.39 billion yuan in the past five trading days, surpassing 1 billion yuan of similar ETFs [1] - Shou Cheng Holdings plans to open 10 robot 4S stores in key cities across the country within the next six months, aiming to promote the application and consumerization of robots [1] Group 2 - Dongfang Securities highlights Sanhua Intelligent Control's strong focus on developing robots and data center liquid cooling, which opens new growth opportunities [2] - The company continues to concentrate on the electromechanical actuator business for robots, achieving customer recognition and mass production [2] - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 10 billion yuan, covering various segments such as humanoid robots, industrial robots, and service robots [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 41.16 CNY [2][5]. Core Views - The automotive and home appliance businesses are experiencing stable growth, while the company is actively expanding into robotics and liquid cooling sectors [1]. - The company has slightly adjusted its revenue, gross margin, and expense ratio forecasts, predicting net profits of 4.118 billion, 4.864 billion, and 5.561 billion CNY for 2025-2027, respectively [2]. - The company’s revenue for 2023 is projected at 24.558 billion CNY, with a year-on-year growth of 15.0%, and is expected to reach 44.392 billion CNY by 2027 [4]. Financial Information Summary - **Revenue Forecasts**: - 2023: 24.558 billion CNY - 2024: 27.947 billion CNY - 2025: 34.640 billion CNY - 2026: 39.396 billion CNY - 2027: 44.392 billion CNY - Year-on-year growth rates: 15.0%, 13.8%, 23.9%, 13.7%, 12.7% [4]. - **Profitability Metrics**: - Gross Margin: Expected to be around 27.6% in 2025, improving to 28.3% by 2027 [4]. - Net Profit: - 2023: 2.921 billion CNY - 2024: 3.099 billion CNY - 2025: 4.118 billion CNY - 2026: 4.864 billion CNY - 2027: 5.561 billion CNY - Year-on-year growth rates: 13.5%, 6.1%, 32.9%, 18.1%, 14.3% [4]. - **Earnings Per Share (EPS)**: - 2023: 0.69 CNY - 2024: 0.74 CNY - 2025: 0.98 CNY - 2026: 1.16 CNY - 2027: 1.32 CNY [4]. - **Valuation Ratios**: - Price-to-Earnings (PE) Ratio: Expected to decrease from 46.0 in 2023 to 24.1 by 2027 [4]. - Price-to-Book (PB) Ratio: Expected to decrease from 7.5 in 2023 to 3.5 by 2027 [4].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 16.3 billion yuan in H1 2025, a year-on-year increase of 19%, and a net profit attributable to shareholders of 2.11 billion yuan, up 39% year-on-year [1] - The growth in the home appliance sector, driven by subsidy policies, significantly contributed to the company's performance, with home appliance revenue reaching 10.39 billion yuan, a 25% increase year-on-year [1] - The company is strategically positioning itself in the humanoid robot sector, with plans to invest at least 3.8 billion yuan in a new production base for robotic actuators and controllers [3] Financial Performance - In H1 2025, the company's gross margin was 28.1%, an increase of 0.7 percentage points year-on-year, while the net profit margin was 13.2%, up 2.0 percentage points year-on-year [2] - The company’s revenue is projected to grow to 33.23 billion yuan in 2025, with a net profit of 4.24 billion yuan, reflecting a year-on-year growth rate of 36.9% [5] - The company’s sales and management expenses have decreased, contributing to improved profitability [2] Business Segments - The automotive segment generated 5.87 billion yuan in revenue in H1 2025, accounting for 36% of total revenue, while the home appliance segment contributed 10.39 billion yuan, making up 64% of total revenue [1] - The company is focusing on key product improvements and has received high praise from customers for its innovative developments [3]

Core Viewpoint - Multiple foreign institutions are optimistic about Chinese assets, with Deutsche Bank noting that the valuation of the Chinese stock market remains low compared to global markets, which is expected to support further market rebound through long-term foreign capital inflows [1] Group 1: Company Research - A total of 210 A-share listed companies have attracted attention from foreign institutions since March, with 33 companies receiving over 10 foreign institution inquiries, including 澜起科技, 汇川技术, 奥普特, 埃斯顿, and 三花智控, each receiving more than 30 inquiries [1] - 澜起科技 revealed that its product value in the DDR5 generation significantly increases compared to DDR4, with new chip demands expected to grow in the memory interconnect field, enhancing the company's market scale in the coming years [1] - 26 companies that were researched by foreign institutions reported their 2024 performance, with 百利天恒, 中微半导, and 英诺激光 turning profitable, while 13 companies, including 思特威-W and 移远通信, reported year-on-year net profit growth, resulting in an overall positive reporting ratio exceeding 65% [2] Group 2: Industry Focus - The majority of companies receiving attention from foreign institutions are concentrated in the technology sector, with 12 companies in the electronics industry, 9 in machinery, and 3 in computing, collectively accounting for over 70% of the total [5] - Among the five companies with over 30 foreign institution inquiries, four are related to the robotics sector, including 汇川技术 and 埃斯顿, which focus on industrial robots, while 奥普特 specializes in machine vision, and 三花智控 is involved in the development of electromechanical actuators for robots [9] - 汇川技术 indicated that its industrial robots are widely applied in various industries, including automotive and labor-intensive sectors, highlighting the growing demand for robotic products [9] - 三花智控 is expanding its bionic robot strategy, focusing on electromechanical actuators and collaborating with clients for product development and mass production [9]

Group 1: Financial Performance - In 2024, the company achieved revenue of 27.9 billion, a year-on-year increase of 14%, and a net profit attributable to shareholders of 3.1 billion, up 6% year-on-year [1] - In Q4 2024, the company reported revenue of 7.4 billion, a year-on-year increase of 32% and a quarter-on-quarter increase of 7%, with a net profit of 0.8 billion, up 5% year-on-year and 1% quarter-on-quarter [1] - The diversified customer structure contributed to revenue growth, with automotive revenue reaching 11.4 billion, up 15% year-on-year, and home appliance revenue at 16.6 billion, up 13% year-on-year [1] Group 2: Margin Analysis - The company's overall sales gross margin for 2024 was 27.5%, a decrease of 0.4 percentage points year-on-year, while the net profit margin was 11.1%, down 0.8 percentage points year-on-year [2] - In Q4 2024, the sales gross margin was 26.8%, down 2.4 percentage points year-on-year and 1.3 percentage points quarter-on-quarter, with a net profit margin of 10.7%, down 2.5 percentage points year-on-year and 0.9 percentage points quarter-on-quarter [2] - The automotive parts business saw a gross margin of 27.6%, an increase of 0.5 percentage points year-on-year, attributed to economies of scale and refined management [2] Group 3: Strategic Initiatives - The company is strategically positioning itself in the humanoid robot sector, which has significant growth potential and application prospects [3] - Tesla plans to mass-produce humanoid robots by the end of 2025, with production targets of 50,000 to 100,000 units by 2027, indicating a growing market [3] - The company is investing at least 3.8 billion in a robotics actuator and domain controller R&D and production base, and is collaborating with partners to develop related products, positioning itself to benefit from industry growth [3] Group 4: Profit Forecast - The company forecasts net profits attributable to shareholders of 3.7 billion, 4.4 billion, and 5.3 billion for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 30, 25, and 21 times [3]