在上篇报告当中，我们主要讨论了三花智控的业务成长史，以及公司做的是什么产品。从分析中我们知道，三花智控的业务板块目前主要分为两部分，一 是传统制冷业务（主要是HVAC即暖通空调），二是汽车尤其是新能源车热管理。而在热管理这条赛道，其实需求并不仅仅来自于汽车领域，这也是三花 智控未来重要的成长极所在。 与此同时，三花智控将人形机器人作为未来的第三大业务板块。那么在人形机器人领域，三花都做了哪些布局，三花的能力又在哪里？在本篇报告中，我 们将会对上述问题进行讨论。 以下是详细分析 01 热管理市场的扩容——重点看数据中心 热管理这条赛道值得关注的一个核心点在于，它的下游应用领域的边界是在持续扩散的，我们先就 出 汽车外的几个主要下游行业的基本问题做一些简要 梳理： （1）为什么这些行业对热管理的需求在增加？ （2）这些板块的竞争格局是怎样的，三花又做了什么？ 数据中心的热管理 数据中心的热管理主要是为解决服务器散热问题，以确保服务器稳定、高效和可靠地运行。简单总结，数据中心的功率密度正变得越来越高，对应散热要 求也越来越高，与此同时各国对数据中心能效（PUE）提出越来越高的要求，从而带来数据中心热管理技术路线由" ...

[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 ...

随着人形机器人产业进入从"技术展示"向"商业化落地"的关键阶段，宇树科技正站在资本市场聚光灯下。作为国内最具代表性的人形机器人公司之一，宇树 科技在技术成熟度、产品迭代速度和市场关注度方面均处于行业前列。2025年以来，关于其加快推进上市进程的消息持续发酵，市场普遍预期其有望成为资 本市场上极具标志性的人形机器人标的。 在这一背景下，"宇树科技概念股"成为二级市场关注的重点。围绕宇树科技上市所带来的估值外溢效应，相关受惠公司正逐步浮出水面。但不同概念股之 间，受益程度与逻辑存在显著差异，如何区分"情绪型概念"与"实质型受惠"，成为投资者绕不开的问题。 第二类：产业链协同与订单受益型概念股；这一类概念股来自产业链层面，包括核心零部件、传感器、减速器、控制系统及相关应用方案提供商。这类公司 若能随着宇树科技产品放量而获得持续订单，其受益逻辑更偏向业绩兑现型。 不过，产业链概念的关键在于"真实供货占比"和"可持续性"。只有在供货关系明确、收入贡献可量化的情况下，估值重估才具备中长期基础，否则同样容易 沦为短期概念交易。 为清晰呈现各相关公司状况，下表基于受益路径、实质关联度和风险关键点，对主要概念股进行了梳理： | ...

12月30日，三花智控涨停，成交额141.34亿元，换手率7.63%。盘后龙虎榜数据显示，人称"章盟主"常用席位的国泰海通证券宁波广福街证券营业部净买 入3.18亿元。 斥资近7亿元买入三花智控，让市场不乏有声音打趣道，"章盟主"也"着了小作文的道"？ 回溯来看，"章盟主"席位及"亲友团"早在关注三花智控，在不同时期多次买入、卖出公司股票。 公开资料显示，其"亲友团"包括妻子方文艳、岳父方德基、岳母李凤英等，上述人员曾频频登上各只股票的十大股东。早在2022年三季度，"章盟 主"的"亲友团"已买入三花智控。其中，方德基在2022年三季报时新进为该股第六大流通股东，持股数量为2634.4万股。截至同年年报时，方德基持有该 股的数量已经进一步增加至3495.29万股。 | 三花智控 | Ai) [4 Q | | --- | --- | | 002050 融 深股通 L1 ▼ | | | | 因元 × | | 今开 47.00 最高 52.50 | 52.50 最低 46.88 | | H股报价: 38.440 +12.53% | ②(A/H)比价=1.52 > | | 均价: 50.28 最新: 52.50 4. ...

中金公司研报指出，三花智控4Q25业绩预告表现亮眼，静待机器人板块反弹。龙头韧性强劲，数据中 心液冷等多元业务布局领先。根据产业在线数据，2025年1-11月空调产量累计同比下滑约2%，11月单 月同比下滑37%。公司制冷板块增长稳健。为公司全球热管理龙头地位稳固，且业务横向布局全面、全 球产能布局领先，能够有效抵御单一市场单一板块带来的业务波动。随着公司不断提升组织效能、聚焦 高质量人才，公司长期竞争力有望持续提升，盈利能力维持较高水平。机器人板块静待催化，公司产品 布局聚焦机电执行器。当前H股股价对应2025/2026年32.2倍/27.9倍市盈率。A股维持跑赢行业评级和 59.50元目标价，对应59.0倍/52.0倍2025/2026年市盈率，有31.0%上行空间。H股维持跑赢行业评级和 50.00港元目标价，对应45.4倍/39.4倍2025/2026年市盈率，有41.2%上行空间。 ...

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 ...

Financial Data and Key Metrics Changes - Third quarter sales increased by approximately 2% year-over-year, with orders up about 10% [12] - Adjusted EPS for the quarter was $2.51, an increase compared to the prior year [16] - Adjusted gross margin for the third quarter was 37.6%, down 80 basis points from the prior year [16] - Free cash flow generated in the third quarter was $174 million, with no variable rate debt at the end of the quarter [16] Business Line Data and Key Metrics Changes - Automation and Motion Control (AMC) sales were down 1% year-over-year, primarily due to project timing and challenges in sourcing rare earth magnets [27] - Industrial Powertrain Solutions (IPS) sales increased by 1.6% year-over-year, driven by strength in energy and metals and mining [30] - Power Efficiency Solutions (PES) sales were up just under 1% year-over-year, with strong growth in pool and commercial HVAC [31] Market Data and Key Metrics Changes - Orders in AMC were up 31.7% year-over-year, with a book-to-bill ratio of 1.23 [29] - IPS orders increased by 2.3% on a daily basis, marking the fifth consecutive quarter of positive orders growth [30] - PES orders were up 1.7% on a daily basis, with a book-to-bill ratio of 1.02 [32] Company Strategy and Development Direction - The company is focusing on expanding its data center business, which is expected to significantly contribute to enterprise sales growth [25] - Investments are being made to enhance manufacturing capacity and support new product offerings like modular electrical pods (ePods) [22] - The company aims to achieve margin neutrality on tariffs by the end of next year and is optimistic about growth in 2026 [40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about order strength in the fourth quarter, setting the stage for solid growth in 2026 [14] - The company anticipates challenges from tariffs and rare earth magnet sourcing to persist into early 2026, but expects to see benefits from backlog reduction thereafter [28] - Management highlighted the importance of their strong technology team and disciplined execution in navigating current challenges [12] Other Important Information - The company announced a succession plan for its CEO, with a transition expected to take about four to six months [99] - The board is conducting a comprehensive search for a new leader, focusing on candidates with strong operational and growth leadership skills [105] Q&A Session Summary Question: Can you discuss the sequential changes expected in the fourth quarter? - Management expects residential HVAC to decline in the fourth quarter, while data center orders are anticipated to increase significantly due to backlog timing [51][52] Question: What is the outlook for the data center business? - The data center business is projected to grow significantly, potentially doubling over the next two years, contributing meaningfully to overall growth [60] Question: How will tariffs and rare earth challenges impact margins? - Management expects to achieve margin neutrality by the end of next year, with some margin pressures anticipated in the first half of 2026 [79] Question: What is the expected contribution of the new facility? - The new facility is expected to begin shipping products by mid-2026, with contribution margins anticipated to be accretive to the overall business [107]

Core Viewpoint - Sanhua Intelligent Control has reportedly secured a large order from Tesla for humanoid robots, exceeding 5 billion yuan, leading to significant stock price increases for the company [1][3]. Company Summary - Sanhua Intelligent Control's A-shares reached a limit-up closing at 44.18 yuan per share, with a total market capitalization of 185.95 billion yuan, while its H-shares closed at 39.52 HKD, up 12.98%, with a market cap of 199.4 billion HKD [1]. - The company is a Tier 1 supplier for Tesla's new energy vehicles, primarily responsible for thermal management components [3]. - Although Sanhua has not officially confirmed its role as a supplier for Tesla's Optimus robot due to strict confidentiality agreements, it is believed to supply several core joint drive components for the robot [3]. - Sanhua has been expanding its business since its listing in 2005, and in April 2023, it signed a strategic cooperation agreement with leading domestic harmonic reducer manufacturer, Lide Harmonic [3]. Industry Summary - Analysts from Galaxy Securities noted that Sanhua is deeply integrated with Tesla and is a key supplier for the humanoid robot actuator assembly, with potential revenue growth as Tesla's robot production ramps up [4]. - Zhongtai Securities highlighted Sanhua's leadership in thermal management and its technology extension into refrigeration, automotive parts, and robotics, indicating a promising growth trajectory alongside Tesla [4]. - Concerns arose in the market regarding Sanhua's execution capabilities and product quality after comments from the chairman of a competing company suggested potential issues in supplying robot components [4]. - In October, the A-share robotics sector experienced a significant pullback, with Sanhua's stock down 8.78% despite the earlier surge [4]. - To support its stock price, Sanhua implemented a share buyback program, repurchasing 1,506,800 shares at prices ranging from 22.69 to 31.00 yuan, totaling approximately 35.97 million yuan [4].

Core Viewpoint - A market rumor regarding a significant order from Tesla for linear actuators has led to a surge in the stock price of Sanhua Intelligent Control, which closed at a limit-up price of 44.18 yuan per share on October 15, 2023, with a trading volume of 11.98 billion yuan and a total market capitalization of 186 billion yuan [1][2]. Group 1: Company Overview - Sanhua Intelligent Control is a leading global manufacturer of refrigeration and air conditioning control components, with business operations spanning two main sectors: refrigeration and air conditioning electrical components, and automotive components [2]. - The company is actively expanding into emerging fields such as bionic robot electromechanical actuators, leveraging its expertise in motor manufacturing, scale, and cost control [2]. Group 2: Business Developments - The company reported successful progress in its robotics-related business, although specific details regarding customer agreements could not be disclosed due to confidentiality [1]. - Sanhua Intelligent Control aims to provide lighter, smaller, and more precise electromechanical actuator products through independent innovation and research and development [2].

Group 1 - The core point of the article is the sudden stock price surge of Sanhua Intelligent Control, attributed to rumors of a significant order from Tesla for linear actuators valued at $685 million [1][2] - Sanhua Intelligent Control's A-shares reached a price of 44.18 yuan per share, while its Hong Kong shares peaked at 38.88 HKD per share during the trading session [1] - The company is currently verifying the rumors internally and has stated that if the information is false, it will issue a clarification through official channels [1] Group 2 - Sanhua Intelligent Control has a market share of approximately 45.5% in the global refrigeration and air conditioning control components sector and has been expanding its business since its listing in 2005 [1] - The company has entered into a strategic partnership with leading domestic harmonic reducer manufacturer, Lide Harmonic, to enhance its capabilities in the robotics sector [2] - Analysts from Galaxy Securities and Zhongtai Securities highlight that Sanhua Intelligent Control is closely tied to Tesla, positioning itself as a key supplier for Tesla's humanoid robot actuators, which could lead to rapid revenue growth as production scales up [2]