（原标题：三花智控(002050.SZ)：目前公司积极拓展液冷服务器领域业务，将持续推进与液冷相关企 业的合作） 格隆汇1月15日丨三花智控(002050.SZ)在互动平台表示，液冷服务器与公司热泵系统的底层零部件高度 重合，例如阀类、泵类、换热器等产品。公司在热管理零部件领域深耕四十余年，已实现规模化量产与 技术迭代，可以快速适配液冷服务器工况需求。依托这一优势，公司能够顺利切入液冷服务器市场，充 分发挥技术、成本控制等优势。目前公司积极拓展液冷服务器领域业务，将持续推进与液冷相关企业的 合作。 ...

格隆汇1月15日丨三花智控(002050.SZ)在互动平台表示，液冷服务器与公司热泵系统的底层零部件高度 重合，例如阀类、泵类、换热器等产品。公司在热管理零部件领域深耕四十余年，已实现规模化量产与 技术迭代，可以快速适配液冷服务器工况需求。依托这一优势，公司能够顺利切入液冷服务器市场，充 分发挥技术、成本控制等优势。目前公司积极拓展液冷服务器领域业务，将持续推进与液冷相关企业的 合作。 ...

Core Viewpoint - The white goods sector exhibits characteristics of "low valuation, high dividends, and stable growth," indicating a high safety margin and significant elasticity in stock prices [1] Group 1: Market Dynamics - The reversal of real estate policies and the implementation of trade-in policies have catalyzed a short-term rise in copper prices, further boosting bullish sentiment in the channel, with the industry expected to achieve simultaneous volume and price growth [1] - The unexpected improvement in the white goods sector's prosperity has led to increased demand for upstream core components, such as rotary compressors and valves, resulting in a significant rise in sales [1] Group 2: Technological Integration - Leading companies in the industry are accelerating the integration of AI technology, exemplified by Haier's collaboration with Alibaba to promote innovation in manufacturing through AI, driving the upgrade of smart technologies [1] Group 3: Investment Vehicle - The home appliance ETF (159996) tracks the home appliance index (930697), which selects listed companies involved in the research, production, and sales of home appliances, covering major categories such as air conditioners, refrigerators, and washing machines [1] - This index provides a comprehensive reflection of the overall performance of the home appliance manufacturing industry, combining characteristics of both the consumer sector and cyclical features [1]

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].