三花智控：AI 机器人与电力领域调研要点-核心暖通空调、新能源汽车业务稳固；产品结构优化带动利润率企稳或上升
2026-01-19 02:32

18 January 2026 | 2:02PM HKT Equity Research Sanhua Intelligent Controls (002050.SZ): AI Robotics & Power Field Trip takeaways: Core HVAC/EV intact, margins stable or up due to mix; We visited Sanhua as part of our GS China AI Robotics & Power Trip and spoke with their entire IR team. Our key takeaways: We remain Buy/Neutral rated on Sanhua-H/A post recent outperformance amid a market that is very optimistic on humanoid revenue levels and timing (read: Sanhua Intelligent Controls (002050.SZ): Downgrade Sanh ...