时间回到今年6月，三花智控正式在港交所上市。短短三个月过去，公司股价大涨。其中A股市值涨超 千亿，最新超1900亿元。 这是A股今年最火的公司之一。 身后是一对绍兴父子——张道才、张亚波。早年从空调制冷配件厂起家，后来切入新能源汽车领域，三 花智控成为特斯拉等车企的核心供应商。最新一幕，则是公司布局人形机器人，成为特斯拉人形机器人 的供应商。 乘上人形机器人东风，财富效应显现。根据《2025年新财富500创富榜》，张道才家族以193.7亿元位列 第165位，如今市值大涨，收获百亿财富。 始于一家小厂，浙江父子缔造1900亿 三花智控起源于浙江新昌县的一家农机修配厂。 1984年，张道才带领工厂转型为"新昌制冷配件厂"——彼时正值改革开放初期，他考虑到冰箱开始进入 百姓家庭，于是确立以精密制冷配件为核心的发展战略。 不过，这类产品加工部件精度高，对技术有着很高要求。1987年，工厂联合上海交通大学的科研力量， 研发出第一款"两位三通电磁阀"，不仅打破海外垄断，还为企业创造超千万的年利润，这为三花智控日 后发展攒下重要资金。 另一个重要转折点是1994年，一家名为三花不二工机有限公司的中日合资企业成立，这便是三花 ...

乘上人形机器人东风，财富效应显现。根据《20 2 5年新财富5 00创富榜》，张道才家族以 1 9 3 .7亿元位列第16 5位， 如今市值大涨，收获百亿财富 。 始于一家小厂 踩中风口。 作者 I 吴琼 报道 I 投资界PEdaily 时间回到今年6月，三花智控正式在港交所上市。 短短三个月过去，公司股价大涨。其中 A股市值涨超千亿，最新超19 00亿元。 这是A股今年最火的公司之一。 身后是一对绍兴父子——张道才、张亚波。早年从空调制冷配件厂起家，后来切入新能源 汽车领域，三花智控成为特斯拉等车企的核心供应商。最新一幕，则是公司布局人形机器 人，成为特斯拉人形机器人的供应商。 浙江父子缔造1900亿 三花智控起源于浙江新昌县的一家农机修配厂。 1 9 8 4年，张道才带领工厂转型为"新昌制冷配件厂"——彼时正值改革开放初期，他考虑 到冰箱开始进入百姓家庭，于是确立以精密制冷配件为核心的发展战略。 不过，这类产品加工部件精度高，对技术有着很高要求。1 9 8 7年，工厂联合上海交通大 学的科研力量，研发出第一款"两位三通电磁阀"，不仅打破海外垄断，还为企业创造超 千万的年利润，这为三花智控日后发展攒下重要资 ...

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].

Core Viewpoint - The article discusses the recent IPO of Zhejiang Sanhua Intelligent Control Co., Ltd. on the Hong Kong Stock Exchange, highlighting its significant market interest and the company's growth trajectory from a small factory to a leading player in the electromechanical components industry [2][3][5]. Company Overview - Sanhua Intelligent Control originated from a small agricultural machinery repair factory in Zhejiang, transforming into a major manufacturer of refrigeration components in the 1980s [5]. - The company has evolved over the years, achieving significant milestones such as developing the first domestic "two-position three-way solenoid valve" in 1987, breaking foreign monopolies, and later becoming a publicly traded company in 2005 [5][6]. Financial Performance - For the years 2022 to 2024, Sanhua's revenue is projected to grow from 25.61 billion RMB to 27.95 billion RMB, with net profits increasing from 2.608 billion RMB to 3.112 billion RMB [7]. - The revenue breakdown indicates that 49.3% comes from refrigeration and air conditioning components, while 40.7% is from automotive components [7]. Market Position - According to the prospectus, Sanhua is the largest manufacturer of refrigeration control components globally and the fifth largest in automotive thermal management systems as of 2024 [8]. Recent IPO Details - The IPO price was set at 22.53 HKD per share, raising approximately 9.2 billion HKD, with an oversubscription rate of 747 times [2][3]. - The company attracted 18 cornerstone investors, including notable firms such as Schroders and GIC [2]. Industry Trends - The article notes a growing trend of Chinese companies pursuing dual listings in Hong Kong, driven by the need for international expansion and favorable regulatory changes [14]. - The Hong Kong IPO market is experiencing a surge, with expectations of around 40 companies going public in the first half of the year, raising approximately 10.87 billion HKD, marking a significant increase compared to previous years [13][14].

Core Insights - The automotive electronic expansion valve is becoming increasingly critical in automotive air conditioning and thermal management systems, leveraging advanced electronic control technology for precise refrigerant flow regulation [3][5][7] - In 2023, the market size for automotive electronic expansion valves in China reached approximately 1.4 billion yuan, with sales of about 25.6 million units [7][8] - The global market for automotive electronic expansion valves was valued at around 2 billion yuan, with sales of approximately 34.4 million units in 2023 [7] Industry Overview - The automotive electronic expansion valve consists of three main components: controller, actuator, and sensor, which work together to ensure efficient and stable system operation [5][6] - The automotive thermal management system market in 2023 reached approximately 265.5 billion yuan globally and 109.9 billion yuan in China, indicating significant market potential [5][6] Market Dynamics - The industry chain for automotive electronic expansion valves includes upstream raw materials and components supply, midstream manufacturing, and downstream application in vehicle manufacturing and aftermarket [5][6] - The demand for automotive electronic expansion valves is expected to grow significantly due to the increasing production and sales of new energy vehicles in China, which reached 11.3 million units in 2024, a year-on-year increase of 34.6% [6][8] Competitive Landscape - Zhejiang Sanhua Intelligent Control Co., Ltd. is a leading player in the automotive electronic expansion valve market, with a revenue of 13.676 billion yuan in the first half of 2024, showcasing strong market competitiveness [8] - Domestic brands are expected to rise and compete vigorously with international brands, focusing on product performance, quality, pricing, service, brand, and innovation capabilities [9] Future Trends - The automotive electronic expansion valve industry is anticipated to move towards miniaturization and lightweight designs, utilizing new materials and processes to meet the automotive industry's evolving demands [8] - Continuous investment in R&D by domestic companies will enhance the precision of flow control and response speed of electronic expansion valves, contributing to energy efficiency in automotive thermal management systems [8]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][28]. Core Views - The company is expected to achieve a slight increase in revenue and net profit in 2024, with projected revenue of 27.95 billion yuan, a year-on-year growth of 13.8%, and a net profit of 3.10 billion yuan, a year-on-year growth of 6.1% [1][7]. - The growth is attributed to the increasing orders in the new energy vehicle sector and the steady market share growth in the refrigeration and air conditioning business [1][7]. - The company is focusing on optimizing the performance of robotic components and expanding into new growth areas, particularly in bionic robotics [3][24]. Revenue and Profitability - The company achieved a sales gross margin of 27.47% in 2024, a slight decrease of 0.42 percentage points year-on-year, and a net profit margin of 11.13%, down 0.82 percentage points year-on-year [2][8]. - The refrigeration business gross margin was 27.35%, down 0.62 percentage points year-on-year, while the automotive parts business gross margin was 27.64%, up 0.53 percentage points year-on-year [2][8]. Business Segments - The refrigeration business generated revenue of 16.56 billion yuan in 2024, a year-on-year increase of 13.1%, while the automotive parts business revenue reached 11.39 billion yuan, a year-on-year increase of 14.9% [7][17]. - The company holds the global market share leader position in several thermal management products, including electronic expansion valves and heat management components for new energy vehicles [2][16]. Future Investments - The company plans to invest no less than 5 billion yuan in the "Future Industry Center Project," which includes projects for intelligent frequency controllers and robotic electromechanical actuators [26][27]. - This investment aims to enhance the company's capabilities in electronic control integration and system solutions, positioning it for potential growth [27][28]. Financial Forecasts - The company has slightly adjusted its profit forecasts, expecting net profits of 3.74 billion yuan, 4.37 billion yuan, and 5.34 billion yuan for 2025, 2026, and 2027 respectively [28]. - The expected earnings per share for the same years are projected to be 1.00 yuan, 1.17 yuan, and 1.43 yuan, with corresponding price-to-earnings ratios of 30, 25, and 21 times [28].

Investment Rating - The report gives an "Accumulate" rating for the company with a target price of 36.29 CNY [2][11]. Core Insights - The company is positioned as a leader in automotive thermal management and a core supplier of components for robotics, continuously expanding its business boundaries and achieving sustained high growth [3][11]. - The report highlights the significant growth potential driven by the electric vehicle market, which is reshaping the supply chain and increasing the value of thermal management components [11][16]. Financial Summary - The company’s revenue is projected to grow from 24.56 billion CNY in 2023 to 34.80 billion CNY in 2026, with a compound annual growth rate (CAGR) of approximately 11.7% [8][18]. - Net profit attributable to the parent company is expected to increase from 2.92 billion CNY in 2023 to 4.31 billion CNY in 2026, reflecting a CAGR of about 14.6% [8][18]. - Earnings per share (EPS) are forecasted to rise from 0.78 CNY in 2023 to 1.16 CNY in 2026 [8][18]. Business Overview - The company has a strong foothold in the refrigeration market, with leading global market shares in key components such as electronic expansion valves and four-way valves [11][25]. - The automotive parts segment is benefiting from the electrification of vehicles, with the value of thermal management components in electric vehicles being approximately three times higher than that in traditional vehicles [11][50]. - The company is also expanding into emerging markets such as energy storage and robotics, which are expected to provide new growth avenues [11][19]. Market Position - The company serves a diverse range of high-profile clients in both the refrigeration and automotive sectors, including major brands like Panasonic, Mitsubishi, and BMW [11][35]. - The report emphasizes the company's commitment to innovation and quality, which has established it as a trusted partner in the global thermal management industry [11][25].