SANHUA(SZ:002050)2023-09-11 07:54Group 1: Growth Potential - The new energy vehicle (NEV) industry has transitioned from a nascent stage to a rapid growth phase, benefiting companies like Sanhua Intelligent Control [1] - China's NEV market is experiencing a growth rate exceeding 50%, with significant market share increases, while global penetration remains low, indicating substantial market potential [1] - The company anticipates maintaining high growth rates in the coming years, supported by a robust order backlog and increasing consumer acceptance of NEVs [1] Group 2: Product Value and Technology - Different OEMs have varying definitions of thermal management systems, leading to differences in waste heat utilization and design complexity, which increases demand for heat pump systems [2] - The company is focusing on bionic robot electromechanical actuators, with electric drive systems being the most common and commercially viable option [2] - There is significant potential for increasing the unit value of vehicles through advanced thermal management solutions [2] Group 3: Energy Storage Business - The energy storage business is divided into three parts: components supply, solutions development, and large customer engagement, with steady growth driven by strong market demand [2] - The company established a dedicated energy storage division last year, achieving revenue breakthroughs with industry-leading clients [2] Group 4: Globalization Strategy - The company is committed to a globalization strategy, with clients across Europe, America, and Asia, and production bases established in the U.S., Mexico, Poland, and Vietnam [2] - This global presence enhances resource allocation, deepens international client relationships, and boosts innovation and technical competitiveness, while also mitigating risks associated with de-globalization trends [2]