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].

Investment Rating - Buy (maintained) [1] Core Views - 24Q3 revenue increased by 7% YoY, net profit attributable to parent company increased by 3% YoY, and non-GAAP net profit decreased by 5% YoY, meeting market expectations [2] - Automotive parts growth remains under pressure, expected to be flat YoY in Q3 [3] - Refrigeration business saw a significant recovery in YoY growth, expected to grow by over 10% in Q3 [3] - Humanoid robot business is expected to secure supplier contracts in Q4, with industrialization accelerating [4] - Adjusted net profit forecasts for 2024-2026 to 32.4/38.0/45.4 billion yuan, representing YoY growth of +11%/+17%/+19% [4] Financial Performance - 24Q1-3 revenue reached 205.6 billion yuan, up 8% YoY, with net profit attributable to parent company at 15.1 billion yuan, up 9% YoY [2] - Q3 gross margin was 28.2%, down 2.6 pct YoY but up 0.3 pct QoQ [2] - Q3 net profit margin was 11.6%, down 0.6 pct YoY and 0.5 pct QoQ [2] - Sales/management/R&D/financial expense ratios in Q3 were 2.2%/7.6%/5.2%/0.7%, with YoY changes of -0.1/+1.4/-1.2/-0.6 pct [2] Business Segments - Automotive parts revenue expected to reach 110-115 billion yuan for the full year, with YoY growth of 10-15% [3] - Refrigeration business revenue expected to grow by 5-10% YoY for the full year [3] - Humanoid robot business expected to contribute to performance starting in 2025, with potential market share exceeding 50% [4] Valuation and Forecasts - 2024-2026 revenue forecasts are 272.12/310.44/361.47 billion yuan, with YoY growth of 10.81%/14.08%/16.44% [1] - 2024-2026 net profit attributable to parent company forecasts are 32.38/38.04/45.43 billion yuan, with YoY growth of 10.86%/17.47%/19.44% [1] - 2024-2026 EPS forecasts are 0.87/1.02/1.22 yuan per share [1] - 2024-2026 P/E ratios are 25.22x/21.47x/17.97x [1] Market Data - Current stock price: 21.88 yuan [6] - 52-week low/high: 15.66/30.74 yuan [6] - P/B ratio: 4.43x [6] - Market cap: 81,664.68 million yuan [6] Financial Ratios - ROIC: 14.12% in 2023, expected to increase to 15.40% by 2026 [11] - ROE: 16.32% in 2023, expected to remain stable around 16% through 2026 [11] - Debt-to-asset ratio: 43.36% in 2023, expected to decrease to 37.83% by 2026 [11]

证券代码：002050 证券简称：三花智控 公告编号：2024-094 浙江三花智能控制股份有限公司 关于回购公司股份的进展公告 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。 公司使用自有资金以集中竞价交易方式回购公司股份，回购的价格不超过人 民币 36.00 元/股，回购的资金总额为不低于人民币 20,000 万元且不超过人民币 40,000 万元，具体回购股份的数量及占总股本的比例以回购期满时实际回购数量 为准。本次回购股份的实施期限为自公司董事会审议通过回购股份方案之日起不 超过 12 个月。 证券交易所上市公司自律监管指引第 9 号——回购股份》等相关法律法规的 ...

公司报告 | 季报点评 营收稳健增长，全球布局深化 事件：24Q1-Q3 公司实现营业收入 205.6 亿元，同比+8.36%；归母净 利润 23.0 亿元，同比+6.59%；扣非归母净利润 22.5 亿元，同比+1.14%。 其中，24Q3 公司实现营业收入 68.9 亿元，同比+6.82%；归母净利润 7.9 亿元，同比+2.95%；扣非归母净利润 7.2 亿元，同比-4.53%。 制冷业务拉动增长，汽零在手订单充足。24Q3 公司营收 69 亿元，同比 +7%，我们预计受国内家电以旧换新政策驱动下 Q3 增长主要由家电业务 拉动；汽零业务方面，公司持续进行墨西哥、波兰工厂和国内多地工厂建 设，落实全球化供应版图，夯实中长期竞争力。 高基数影响单季毛利率走低。24Q3 公司毛利率 28.2%，同比-2.6pcts， 预计因去年同期毛利率基数较高，今年毛利率回到正常水平。费用端， 24Q3 公司销售/管理/研发/财务费用率分别为 2.2%/7.6%/5.2%/0.7%， 分别同比-0.1/+1.4/-1.2/-0.6pcts，受管理人员薪酬等增加影响管理费 用率延续提升态势。此外，公司 24Q3 投资收益+ ...

三花智控（002050.SZ） 优于大市 三季度净利润同比提升，关注机器人业务进展 2024Q1-Q3 营业收入小幅增长。公司 2024Q1-Q3 实现营业收入 205.6 亿元， 同比增长 8.4%，实现归母净利润 23.0 亿元，同比增长 6.6%。2024Q3 公 司实现营业收入 68.9 亿元，同比增长 6.8%，环比下降 4.8%，实现归母 净利润 7.9 亿元，同比增长 3.0%，环比下降 9.2%。公司业绩增长得益 于：1）公司新能源汽车业务订单持续放量，公司汽零业务中新能源车 相关占比较高，订单持续放量。2）制冷空调电器业务公司主导产品市 场份额稳步提升。 2024Q3 利润率同比小幅下滑，降本增效有望促进盈利提升。公司 2024Q3 实现销售毛利率 28.16%，同比-2.61pct（按会计准则调整为可比口径后 同比-2.54pct），环比+0.34pct，销售净利率 11.59%，同比-0.57pct， 环比-0.51pct。公司 2024 年将继续通过技改及流程改进、优化产品设 计、推动关键设备自制、规模化采购等举措降低综合成本，预计随着相 关改进持续落地，公司盈利能力将得到进一步提升。 ...

2024 年 10 月 31 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 证券分析师： 吴铭杰 S0350524090003 wumj@ghzq.com.cn [Table_Title] 2024 年 Q3 归母净利润同比稳中有升，机器人 执行器有望打造第三成长曲线 ——三花智控（002050）2024 年 Q3 季报点评 最近一年走势 事件: 2024 年 10 月 30 日，三花智控发布 2024 年 Q3 季报：2024 年 Q1-Q3 公司实现营收 205.63 亿元，同比+8.4%；归母净利润 23.02 亿元，同比 +6.6%；扣非后归母净利润 22.48 亿元，同比+1.1%，其中 2024Q3 实现 营收 68.87 亿元，同比+6.8%；归母净利润 7.87 亿元，同比+3%；扣非 后归母净利润 7.21 亿元，同比-4.5%。 投资要点: 相对沪深 300 表现 2024/10/30 2024 年 Q3 归母净利润同比稳中有升，毛利率环比提升。 2024 年 Q3 公司实现归母净利润 7.87 亿元，同比+ ...

证券代码：002050 证券简称：三花智控 2024 年 10 月 31 日投资者关系活动记录表 编号：2024-008 | --- | --- | --- | --- | --- | |--------------|----------------|--------------------------------|----------|--------| | 投资者关系活 | √ 特定对象调研 | □ 分析师会议 | | | | 动类别 | □ 媒体采访 | √ 业绩说明会 | | | | | □ 新闻发布会 | □ 路演活动 | | | | | □ 现场参观 | | | | | | □ | 其他（请文字说明其他活动内容） | | | | | 参会人员 343 | 人，名单如下： | | | | | 安本香港 | 程憬伊 | 农银汇理 | 杨伟 | | | 安联环球 | 朱劲吉 | 农银保险 | 郝赜川 | | | 安域资本 | 刘风华 | 诺安基金 | 王晴 | | | 霸菱資管 | 榮白丁 | 鹏华基金 | 郭盈 | | | 百嘉基金 | 黄艺明 | 鹏华基金 | 罗政 | | | 百毅资本 | 闫小龙 ...