数据显示，长信基金旗下1只基金重仓三花智控。长信低碳环保量化股票A（004925）二季度持有股数 30.57万股，占基金净值比例为2.34%，位居第十大重仓股。根据测算，今日浮盈赚取约69.39万元。 长信低碳环保量化股票A（004925）成立日期2017年11月9日，最新规模2.65亿。今年以来收益 44.39%，同类排名909/4220；近一年收益70.8%，同类排名887/3835；成立以来收益94.3%。 9月29日，三花智控涨5.26%，截至发稿，报45.39元/股，成交43.29亿元，换手率2.63%，总市值1910.43 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 ...

Core Viewpoint - Sanhua Intelligent Control has transformed from a small factory to a giant with a market capitalization nearing 200 billion yuan, driven by strategic pivots and deepening in core industries such as thermal management and robotics [1][4]. Company History - Sanhua Intelligent Control originated in 1967 as a small agricultural machinery repair factory and evolved into a leading manufacturer of refrigeration components [4]. - The company gained significant market share in the production of four-way valves, achieving a production volume of over 1 million units by 1999, which led to a successful acquisition of the valve business from the original acquirer, Lanco [5]. - The refrigeration segment remains a strong foundation for Sanhua, with revenue from air conditioning components reaching 10.389 billion yuan in the first half of the year, a year-on-year increase of 25.49% [5]. Entry into New Energy Vehicles - Sanhua's entry into the new energy vehicle (NEV) sector was influenced by a meeting with Wanxiang Group's founder, which solidified the company's focus on thermal management for electric vehicles [7]. - The company successfully integrated into Tesla's supply chain, becoming a key provider of thermal management solutions for Tesla's Model 3 [8]. - In the first half of the year, Sanhua's automotive components business generated revenue of 5.874 billion yuan, reflecting an 8.83% year-on-year increase, although growth was impacted by a decline in Tesla's delivery volumes [9]. Robotics Sector Development - Sanhua is positioning itself in the humanoid robotics market, leveraging its experience in automotive components to develop electromechanical actuators [11]. - The company has formed a strategic partnership with Harmonic Drive to enhance its technological capabilities in robotics [11]. - Sanhua's management expressed confidence in the growth potential of robotics as a key application for AI, with a dedicated robotics division established to support product development and mass production [11][12].

| 投资者关系活动 | □特定对象调研 □ 分析师会议 | | --- | --- | | 类别 □ | 媒体采访 □业绩说明会 | | □ | 新闻发布会 路演活动 √ | | □ | 现场参观 其他 （请文字说明其他活动内容） □ | | 参与单位名称及 | 邰桂龙 西南证券 | | 人员姓名 | 张越 开源证券 | | | 安家正 中信证券 | | | 徐凡 财通证券 | | | 刘珺涵 交银施罗德 | | | 陈威 汇添富基金 | | | 张璐 永赢基金 | | | 闫思倩 鹏华基金 | | | 陈思宇 富国基金 | | 时间 | 2025 年 9 月 18 日 | | 地点 | 上海 | | 上市公司接待人 | 1、陆灿 | | 员姓名 | 2、副总经理、董事会秘书：佘砚 | | | 3、良质关节总经理：方涛 根据投资者的问题汇总后整理如下： | | | 1、家电零部件业务发展情况 家电零部件业务为公司主要业务，主要产品以电磁阀为技术 | | 投资者关系活动 | 核心向其他产品进行技术延伸，形成以电磁阀、微型电机、电子 | | 主要内容介绍 | 水泵为技术包向下游客户提供相适应的产品品类，核心产品为 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company continues to experience growth in its performance for the first half of 2025, with a revenue of 162.63 billion yuan, representing an 18.91% year-on-year increase, and a net profit of 21.10 billion yuan, which is a 39.31% increase compared to the previous year [8] - The company is actively expanding into liquid cooling and robotics, with a focus on mechatronic actuators for robotics, which is expected to open new growth avenues [2][8] - Revenue forecasts for 2025-2027 are projected at 319 billion yuan, 367 billion yuan, and 428 billion yuan, with year-on-year growth rates of 14%, 15%, and 17% respectively, while net profit is expected to reach 38.8 billion yuan, 45.6 billion yuan, and 52.3 billion yuan, with growth rates of 25%, 18%, and 15% respectively [3][4] Financial Summary - For the first half of 2025, the company's revenue from the refrigeration and air conditioning components business was 103.89 billion yuan, a 25.49% increase year-on-year, accounting for 63.88% of total revenue [8] - The automotive components business generated revenue of 58.74 billion yuan in the first half of 2025, reflecting an 8.83% year-on-year increase, with an optimized customer structure [8] - The company is focusing on the IDC liquid cooling market, which is becoming mainstream due to increasing power demands in data centers [8]

Core Viewpoint - Company achieved significant growth in revenue and net profit in the first half of 2025, driven by the expansion of its electric vehicle (EV) business and effective market strategies in the refrigeration sector [5][10]. Financial Performance - In H1 2025, the company reported revenue of 16.26 billion yuan, a year-on-year increase of 18.9%, and a net profit of 2.11 billion yuan, up 39.3% [5][6]. - In Q2 2025, revenue reached 8.59 billion yuan, reflecting an 18.8% year-on-year growth and a 12.1% quarter-on-quarter increase, with net profit at 1.21 billion yuan, up 39.2% year-on-year and 33.6% quarter-on-quarter [5][6]. Profitability Improvement - The company’s gross profit margin for H1 2025 was 28.12%, an increase of 0.66 percentage points year-on-year, while the net profit margin was 13.15%, up 2.02 percentage points [2][6]. - In Q2 2025, the gross profit margin improved to 29.27%, a year-on-year increase of 1.44 percentage points and a quarter-on-quarter increase of 2.44 percentage points [2][6]. Business Segments - The refrigeration business generated revenue of 10.39 billion yuan in H1 2025, a 25.5% increase year-on-year, while the automotive parts business brought in 5.87 billion yuan, an 8.8% increase [5][10]. - The company holds the global market leader position in several thermal management products, including electronic expansion valves and heat exchangers [3][9]. Global Expansion Strategy - The company is actively expanding its global footprint with manufacturing bases in Vietnam, Mexico, and Thailand to mitigate tariff challenges and enhance local service capabilities [3][12]. - Ongoing construction of new factories in Mexico and Poland, along with domestic facilities, aims to support the global supply chain [13][12]. Technological Advancements - The company is focusing on technological improvements in its robotics segment, enhancing product capabilities and receiving positive feedback from clients [18]. - A strategic partnership with Suzhou Green's Harmonic Drive Technology Co., Ltd. aims to strengthen the robotics supply chain through joint ventures [18]. Market Outlook - The company anticipates significant growth in its EV thermal management products, projecting revenue of 10.45 billion yuan in 2024, a 17.1% increase year-on-year, with a strong focus on the EV market [10][15].

Core Viewpoint - The company is experiencing significant growth in its automotive and refrigeration businesses, driven by increasing orders in the new energy vehicle sector and effective market strategies [5][11][12]. Financial Performance - In the first half of 2025, the company achieved revenue of 16.26 billion yuan, a year-on-year increase of 18.9%, and a net profit of 2.11 billion yuan, up 39.3% [5][6]. - For Q2 2025, revenue reached 8.59 billion yuan, reflecting an 18.8% year-on-year growth and a 12.1% quarter-on-quarter increase, with net profit of 1.21 billion yuan, up 39.2% year-on-year and 33.6% quarter-on-quarter [5][6]. Business Segments - The refrigeration business generated revenue of 10.39 billion yuan in H1 2025, a 25.5% increase, while the automotive parts business brought in 5.87 billion yuan, an 8.8% increase [5][11]. - The company holds the global market share leader position in several thermal management products, including electronic expansion valves and heat exchangers [4][11]. Cost Management and Profitability - The company has implemented cost reduction and efficiency improvement measures, resulting in a gross profit margin of 28.12% in H1 2025, up 0.66 percentage points year-on-year [3][6]. - In Q2 2025, the gross profit margin improved to 29.27%, with a net profit margin of 14.13%, reflecting a year-on-year increase of 2.03 percentage points [3][6]. Global Expansion Strategy - The company is actively expanding its global footprint, with manufacturing bases in Vietnam, Mexico, and Thailand to mitigate tariff challenges [4][15]. - Ongoing construction of factories in Mexico and Poland aims to enhance local production capabilities and meet the demands of major automotive clients [17][18]. Technological Advancements - The company is focusing on technological improvements in its robotics segment, with plans to invest at least 5 billion yuan in new projects related to intelligent control systems and robotics [4][22]. - The company has secured numerous patents, enhancing its product development capabilities in both thermal management and robotics [22][23].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][6][34]. Core Insights - The company achieved a revenue of 16.26 billion yuan in the first half of 2025, representing an 18.9% year-on-year growth, and a net profit of 2.11 billion yuan, which is a 39.3% increase year-on-year [1][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 [1][8]. - The company has a leading global market share in several thermal management products, including electronic expansion valves and heat exchangers [3][19]. Financial Performance - In the first half of 2025, the company reported a gross margin of 28.12%, up 0.66 percentage points year-on-year, and a net profit margin of 13.15%, up 2.02 percentage points year-on-year [2][9]. - The second quarter of 2025 saw a gross margin of 29.27%, reflecting a 1.44 percentage point increase year-on-year, and a net profit margin of 14.13%, up 2.03 percentage points year-on-year [2][9]. - The company’s revenue forecast for 2025 is 32.305 billion yuan, with net profits expected to reach 3.736 billion yuan [5][34]. Business Segments - The refrigeration business generated 10.39 billion yuan in revenue in the first half of 2025, a 25.5% increase year-on-year, while the automotive parts business generated 5.87 billion yuan, an 8.8% increase year-on-year [1][8]. - The company is actively expanding its global footprint, with manufacturing bases in Vietnam, Mexico, and Thailand to mitigate tariff challenges [3][24]. Future Outlook - The company plans to invest at least 5 billion yuan in the "Future Industry Center Project," focusing on smart frequency control and robotics, which are expected to be potential growth areas [29][33]. - The projected net profits for 2025, 2026, and 2027 are 3.736 billion yuan, 4.369 billion yuan, and 5.340 billion yuan, respectively, with corresponding earnings per share of 0.89 yuan, 1.04 yuan, and 1.27 yuan [4][34].

Company Overview - Sanhua Intelligent Control Co., Ltd. is primarily engaged in the manufacturing of refrigeration and air conditioning electrical components and automotive components, with a revenue composition of 63.88% from refrigeration and air conditioning parts and 36.12% from automotive parts [1] - The company operates through two main divisions: refrigeration and air conditioning electrical components, and automotive components, focusing on HVAC systems and automotive thermal management [1] Stock Performance - On September 3, Sanhua Intelligent Control's stock fell by 5.15%, closing at 31.30 CNY per share, with a trading volume of 4.106 billion CNY and a turnover rate of 3.49%, resulting in a total market capitalization of 131.739 billion CNY [1] Fund Holdings - Huabao Smart Electric Vehicle ETF (516380) holds a position in Sanhua Intelligent Control, having reduced its holdings by 3,500 shares in the second quarter, now holding 99,900 shares, which constitutes 2.85% of the fund's net value [2] - The fund has reported a floating loss of approximately 169,900 CNY as of the latest update [2] Fund Manager Information - The fund manager of Huabao Smart Electric Vehicle ETF is Chen Jianhua, who has been in the position for 12 years and 259 days, with the fund's total asset size at 15.533 billion CNY [3] - During his tenure, the best fund return achieved was 153.99%, while the worst return was -49.65% [3]

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].

Core Viewpoint - The company has demonstrated steady growth in its dual main businesses, with significant revenue and profit increases in the first half of 2025 [2][3]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 16.263 billion yuan, a year-on-year increase of 18.91% [1]. - The net profit attributable to shareholders was 2.110 billion yuan, reflecting a year-on-year growth of 39.31% [1]. Business Segments - The revenue from the refrigeration and air conditioning components business was 10.389 billion yuan, up 25.49% year-on-year [2]. - The automotive components business generated revenue of 5.874 billion yuan, an increase of 8.83% year-on-year [2]. - The company is focusing on market strategy adjustments, strengthening major customer relationships, and expanding overseas market presence in the refrigeration segment [2]. - In the automotive segment, the company is enhancing internal efficiency through organizational optimization and the application of digital tools like AI [2]. Strategic Development - The company is strategically expanding into bionic robotics and energy storage businesses, which are expected to provide future growth opportunities [3]. - In the first half of 2025, the company focused on technical improvements and product development, receiving high praise from clients [3]. - The company is projected to achieve operating revenues of 31.672 billion yuan, 36.725 billion yuan, and 43.654 billion yuan from 2025 to 2027, with net profits of 3.792 billion yuan, 4.494 billion yuan, and 5.333 billion yuan respectively [3].