Investment Rating - The report maintains a "Buy" rating for Sanhua Intelligent Controls (002050 SZ) [8] Core Views - Sanhua Intelligent Controls achieved stable growth in Q3 2024 with strong profitability [1] - Revenue for the first three quarters reached 20 56 billion yuan, up 8 36% YoY [2] - Net profit attributable to shareholders was 2 3 billion yuan, a 6 59% YoY increase [6] - Q3 revenue grew 6 82% YoY to 6 887 billion yuan, with net profit up 2 95% to 788 million yuan [6] - Gross margin for the first three quarters reached 27 7%, up 0 21pct YoY [7] - The company is expected to accelerate growth in 2025 due to stricter European carbon emission regulations and rapid development in the robotics industry [7] Financial Performance Revenue and Profit - Q3 2024 revenue: 6 887 billion yuan (+6 82% YoY) [6] - Q3 2024 net profit: 788 million yuan (+2 95% YoY) [6] - Q3 2024 non-GAAP net profit: 721 million yuan (-4 53% YoY) [6] Profitability - Gross margin: 27 7% (first three quarters), 28 16% (Q3) [7] - Operating expense ratio: 13 86% (first three quarters), 15 75% (Q3) [7] Balance Sheet - Asset-liability ratio: 45 8% at end of Q3, up 0 96pct QoQ and 3 22pct YoY [7] Industry and Market Position - The company is a leader in thermal management with a clear market position [7] - Traditional refrigeration business is expected to achieve double-digit growth in Q3 [6] - Automotive thermal management revenue growth slowed slightly in the first three quarters [6] - Robotics industry development is progressing rapidly, offering significant future growth potential [7] Valuation and Projections - Estimated net profit for 2024: 3 2 billion yuan (25x PE) [7] - Estimated net profit for 2025: 3 8 billion yuan (21x PE) [7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.66 yuan [2][4]. Core Insights - The company's performance met expectations with a revenue of 20.563 billion yuan for the first three quarters, representing an 8.4% year-on-year increase, and a net profit attributable to shareholders of 2.302 billion yuan, up 6.6% year-on-year [1]. - The automotive parts business is expected to gradually improve, while the robot production process is accelerating, with Tesla's projected sales growth contributing positively to the company's revenue [1]. - The cooling and air conditioning business is anticipated to benefit from the old-for-new policy and the switch to new refrigerants in the U.S., which is expected to drive demand for related products [1]. Financial Performance Summary - For the first three quarters, the gross margin was 27.7%, a year-on-year increase of 0.2 percentage points, while the third quarter gross margin was 28.2%, a year-on-year decrease of 2.6 percentage points [1]. - The company forecasts net profits of 3.219 billion yuan, 3.918 billion yuan, and 4.567 billion yuan for 2024, 2025, and 2026 respectively, with a corresponding average PE ratio of 31 times for comparable companies in 2024 [2][3]. - The operating cash flow for the first three quarters was 1.993 billion yuan, a year-on-year decrease of 15.7%, primarily due to increased employee compensation and tax payments [1].

Investment Rating - The report maintains a "Buy" rating for Sanhua Intelligent Controls (002050) [4][5] Core Views - Sanhua Intelligent Controls demonstrates steady revenue and profit growth, with significant potential in humanoid robots and energy storage sectors [1] - The company is actively expanding its global presence through H-share issuance and internationalization efforts [3] Financial Performance Revenue and Profit - 24Q1-24Q3 revenue reached 20.563 billion yuan, up 8.36% YoY, with net profit of 2.302 billion yuan, increasing 6.59% YoY [8] - 24Q3 revenue was 6.887 billion yuan, up 6.82% YoY, with net profit of 787 million yuan, growing 2.95% YoY [8] - Projected 2024-2026 revenue: 28.264 billion, 32.770 billion, and 38.233 billion yuan, with CAGR of 15.9% [4] - Projected 2024-2026 net profit: 3.497 billion, 4.185 billion, and 4.888 billion yuan, with CAGR of 18.7% [4] Profitability - 24Q1-24Q3 gross margin remained stable at 27.70%, with Q3 margin at 28.16% [2] - 24Q1-24Q3 expense ratio increased by 1.34pcts to 13.86%, mainly due to rising management costs [2] Business Development Humanoid Robots - Plans to invest at least 3.8 billion yuan in R&D and production base for robot electromechanical actuators and domain controllers [3] Energy Storage - Developing a complete series of thermal management units for energy storage, securing partnerships with leading clients [3] International Expansion - Considering overseas securities issuance (H-shares) with a maximum of 10% of total shares, advancing globalization strategy [3] Industry Context - Strong growth in China's new energy vehicle market (4.929 million units produced in H1 2024, up 30.10% YoY) supports automotive thermal management business [8] - Q3 2024 air conditioner production declined by 3% to 54 million units, impacting related business performance [8] Valuation - 2024-2026 P/E ratios projected at 26x, 22x, and 19x respectively [4] - Current market cap: 93.608 billion yuan, with share price at 25.08 yuan [5]

近日，公司收到深圳证券交易所出具的《关于终止对浙江三花智能控制股份 有限公司申请发行全球存托凭证境内新增基础股票审核的决定》（深证上审〔2024〕 286 号），根据《深圳证券交易所上市公司证券发行上市审核规则》第二十条、《深 圳证券交易所股票发行上市审核规则（2024 年修订）》第六十二条的有关规定， 深圳证券交易所决定终止对公司申请发行全球存托凭证境内新增基础股票的审 核。 证券代码：002050 证券简称：三花智控 公告编号：2024-096 浙江三花智能控制股份有限公司 关于收到深圳证券交易所《关于终止对浙江三花智能控制股份有限公司申请发 行全球存托凭证境内新增基础股票审核的决定》的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江三花智能控制股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日 召开第七届董事会第二十八次临时会议及第七届监事会第二十四次临时会议，审 议通过了《关于终止境外发行全球存托凭证事项的议案》，同意公司终止境外发 行全球存托凭证（Global Depository Receipts，以下简称"GDR"）并 ...

深圳证券交易所文件 深证上审〔2024〕286 号 关于终止对浙江三花智能控制股份有限公司 申请发行全球存托凭证境内新增基础股票 审核的决定 浙江三花智能控制股份有限公司： 抄送:中信证券股份有限公司 深圳证券交易所上市审核中心 2024 年 11 月 5 日印发 一 2 一 深圳证券交易所（以下简称我所）于 2023 年 7 月 26 日依法 受理了你公司发行全球存托凭证境内新增基础股票的申请文件， 并按照规定进行了审核。 日前，你公司和保荐人中信证券股份有限公司向我所提交了 《浙江三花智能控制股份有限公司关于撤回境外发行全球存托凭 证新增境内基础 A 股股份申请文件的申请》和《中信证券股份有 = 1 − $$\blacksquare$$ 限公司关于撤回浙江三花智能控制股份有限公司境外发行全球存 托凭证新增境内基础A 股股份申请文件的申请》。根据《深圳证券 交易所上市公司证券发行上市审核规则》第二十条、《深圳证券交 易所股票发行上市审核规则(2024年修订)》第六十二条的有关 规定,我所决定终止对你公司申请发行全球存托凭证境内新增基 础股票的审核。 20 ...

证券代码：002050 证券简称：三花智控 公告编号：2024-095 浙江三花智能控制股份有限公司 关于公司股份回购实施完成暨股份变动公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江三花智能控制股份有限公司（以下简称"公司"）于 2023 年 11 月 6 日 召开的第七届董事会第十八次临时会议，审议通过了《关于回购公司股份方案的 议案》。2023 年 11 月 14 日，公司披露了《回购股份报告书》（公告编号：2023-127）。 具体关于回购股份的信息详见在巨潮资讯网（http://www.cninfo.com.cn）和《证 券时报》《上海证券报》披露的相关公告。截至 2024 年 11 月 5 日，公司本次回 购股份已实施完成，现将公司回购实施结果公告如下： 一、回购股份的实施情况 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，公司于 2023 年 12 月 5 日披露了《关于首次回 购公司股份暨进展公告》（公告编号：2023-128）；回购期间，公司按规定于每 月前三个交易日发布《关于回 ...

Key Points Company Overview * **Revenue and Profit Growth**: The company achieved revenue of 205.6 billion yuan in the first nine months of 2024, a year-on-year increase of 8.36%. Net profit reached 23 billion yuan, a year-on-year increase of 6.6%. Third quarter revenue was 68.9 billion yuan, with a net profit of 7.9 billion yuan. [1] * **Segment Performance**: The intelligent segment achieved revenue of 124.5 billion yuan, a year-on-year increase of 8.93%, with a net profit of 12.3 billion yuan, a year-on-year increase of 7.95%. The automotive segment achieved revenue of 81.1 billion yuan, a year-on-year increase of 7.5%, with a net profit of 10.7 billion yuan, a year-on-year increase of 5.06%. [2] Automotive Management Business * **Domestic and International Market Share**: Domestic sales accounted for about 60% of the automotive management business, with international sales accounting for about 40%. [3] * **Global Expansion**: The company plans to invest in automotive production capacity in Mexico, Poland, China (Zhongshan and Xianyang), and potentially Thailand. [4] Robotics Business * **Progress and Commercialization**: The company is making significant progress in the robotics business, with a focus on humanoid robots. The company has showcased its robots in various scenarios, demonstrating their capabilities and potential for commercialization. [5] * **Production Schedule**: The company is unable to provide specific information on the production schedule due to strict confidentiality agreements with customers. [5] Electric Vehicle Market * **Order Outlook**: The company is optimistic about the electric vehicle market, with expectations for growth in orders from leading manufacturers like Tesla and European automakers. [8] * **Competitive Landscape**: The company does not see significant competition in the automotive thermal management industry and believes that prices remain stable. [11] Other Key Points * **Growth Targets**: The company aims for double-digit growth in the next few years, driven by the global trend towards energy conservation and emission reduction. [13] * **Profit Margins**: The company expects to maintain high profit margins in the next few years, driven by cost management and capacity expansion. [15] * **H Share Listing**: The company is considering listing its shares on the Hong Kong Stock Exchange to further its internationalization efforts. [16] * **Robotics Project**: The company has established a new company in Hangzhou to focus on robotics, including robot actuators. [19] * **Factory Production**: The company's factories are operating at full capacity, with production expected to increase by double digits compared to the third quarter. [20] * **Tariffs**: The company is monitoring the potential impact of tariffs and has contingency plans in place. [22] * **Cost Management**: The company is actively managing costs, including optimizing the supply chain and improving production efficiency. [23] * **Storage Business**: The company has decided to focus on the storage component business rather than the complete storage solution business. [31] * **Mexico Factory**: The company is facing challenges due to the cancellation of preferential tariffs for steel and aluminum in Mexico. [33]

Investment Rating - Strong Buy (Maintained) with a target price of 25 CNY [5] Core Views - The company's revenue growth in Q3 2024 was steady, with total operating revenue reaching 6.89 billion CNY, up 6.8% YoY, and net profit attributable to shareholders at 790 million CNY, up 3.0% YoY [1] - The refrigeration segment saw a 12% YoY growth, driven by strong air conditioner production in September and recovering overseas demand, while the automotive parts segment remained flat due to declining demand from overseas automotive customers [2] - The company is making steady progress in its incremental business, particularly in the humanoid robot sector, where it focuses on electromechanical actuators and has received high praise from customers [2] - The company plans to pursue an H-share IPO to deepen its global layout, aiming to issue no more than 10% of its total shares post-IPO [3] Financial Performance - In Q3 2024, the company's gross margin was 28.2%, down 2.6 percentage points YoY, primarily due to price reductions from intense competition, exchange rate fluctuations, and a decrease in the proportion of high-margin automotive parts business [2] - The net profit margin in Q3 2024 was 11.4%, down 0.4 percentage points YoY, reflecting a slight decline in profitability [2] - The company's operating income for 2024E is projected to be 27.687 billion CNY, with a YoY growth rate of 12.7%, and net profit attributable to shareholders is expected to reach 3.209 billion CNY, up 9.9% YoY [4] Business Segments - The refrigeration segment benefited from strong air conditioner production in September, with air conditioner sales in Q3 2024 increasing by 6.7% YoY, and a 21.4% YoY growth in September alone [2] - The automotive parts segment faced challenges due to declining demand from overseas automotive customers, leading to flat growth in Q3 2024 [2] Future Outlook - The company is expected to see accelerated growth in the refrigeration segment in Q4 2024, driven by subsidies for replacing old appliances [2] - The humanoid robot industry is seen as a promising growth area, potentially forming a third growth curve for the company [2] - The company's global market position and product leadership in refrigeration control components and automotive thermal management systems are expected to support its long-term growth, despite short-term challenges from the complex international macro environment [3]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company's Q3 performance met expectations, with revenue of 20.563 billion yuan, up 8% YoY, and net profit attributable to the parent company of 2.302 billion yuan, up 7% YoY [6] - The traditional refrigeration industry showed steady domestic sales but a declining trend quarter by quarter, while exports grew rapidly due to high demand in emerging markets [7] - The automotive sector saw slower growth in the company's auto parts business, with revenue of 8.11 billion yuan, up 7.5% YoY, and net profit of 1.07 billion yuan, up 5% YoY, lagging behind the industry growth [8] - The company is expected to achieve net profit attributable to the parent company of 3.284 billion yuan, 3.933 billion yuan, and 4.522 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 12.4%, 19.8%, and 15.0% [8] Financial Summary - The company's total revenue for 2024E is projected to be 28.224 billion yuan, with a YoY growth rate of 14.9% [9] - Net profit attributable to the parent company for 2024E is expected to be 3.284 billion yuan, with a YoY growth rate of 12.4% [9] - The company's gross margin is forecasted to remain stable at around 27.8% to 28.3% from 2024E to 2026E [9] - The ROE is expected to be 15.5%, 15.7%, and 15.3% for 2024E, 2025E, and 2026E, respectively [9] Industry Analysis - The domestic refrigeration market showed a high-to-low trend in 2024, with domestic sales of air conditioners and refrigerators increasing by 0.7% and 1.5%, respectively, while exports surged by 32.1% and 20.3% [7] - The production schedule for air conditioners and refrigerators in Q4 2024 indicates optimistic domestic and export prospects, with domestic production for air conditioners expected to increase by 5%, 19%, and 21% in October, November, and December, respectively, and export production to surge by 51%, 66%, and 49% [7] - The Chinese new energy vehicle market saw production and sales of 8.316 million and 8.32 million units, respectively, in the first nine months of 2024, with YoY growth rates of 31.7% and 32.5% [8]

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 25.86 CNY for the next six months [4]. Core Views - The company reported a revenue of 20.56 billion CNY for the first three quarters of 2024, representing a year-over-year increase of 8.4%, and a net profit of 2.30 billion CNY, up 6.6% year-over-year [1][2]. - The cooling component business showed rapid growth in Q3, with a revenue increase of approximately 12% year-over-year, driven by government subsidies for appliance upgrades [1][2]. - The automotive parts business remained stable, with expectations for future growth as the company enhances its global presence in the new energy vehicle sector [2][3]. - The company's net profit margin in Q3 was 11.4%, a decrease of 0.4 percentage points year-over-year, primarily due to rising raw material costs and increased management expenses [2][3]. - Operating cash flow improved significantly, with a net cash flow of 830 million CNY in Q3, up 29.0% year-over-year, indicating enhanced cash collection capabilities [2][3]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 6.89 billion CNY, reflecting a year-over-year growth of 6.8%, and a net profit of 790 million CNY, up 3.0% year-over-year [1][2]. - The company expects its earnings per share (EPS) to be 0.86 CNY in 2024, 1.03 CNY in 2025, and 1.18 CNY in 2026, indicating a positive growth trajectory [3][4]. - The projected revenue for 2024 is 27.0 billion CNY, with a compound annual growth rate (CAGR) of 12.4% expected through 2026 [3][4]. Strategic Developments - The company plans to issue H-shares to advance its globalization strategy, aiming to enhance its international brand image and competitiveness [3][4]. - The company is actively expanding into high-potential areas such as robotics and energy storage, which are expected to contribute to revenue growth [3][4].