三花智控-关注新业务起飞；模型更新体现更审慎指引，维持增持评级

J P M O R G A N Asia Pacific Equity Research 25 March 2026 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. Sanhua Intelligent A/H All eyes on new business take-off; model update reflects more discreet guidance, stay OW We update our model for Sanhua Intellig ...