三花智控：上调目标价，逢低买入，人形机器人与人工智能数据中心（AIDC）冷却业务开启新增长动力

J P M O R G A N Asia Pacific Equity Research 19 November 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. We are raising our FY25-27E forecasts for Sanhua by 20% on average, factoring in the 3Q25 beat and lift in management guidance. Our Global TMT confe ...