SANHUA(002050) 国信证券·2024-09-02 05:06Investment Rating - The report maintains an "Outperform the Market" rating for the company [1][4][16] Core Views - The company achieved steady revenue growth in H1 2024, with operating income of 13.68 billion yuan, a year-on-year increase of 9.2%, and a net profit attributable to shareholders of 1.51 billion yuan, up 8.6% year-on-year [1][5] - The growth is driven by the increasing orders in the new energy vehicle (NEV) sector and the steady rise in market share of its main products in the refrigeration and air conditioning business [1][5] - The company is focusing on expanding its global footprint and enhancing its product offerings, particularly in intelligent variable frequency controllers and robotic servo motor controllers [1][12][15] Summary by Sections Financial Performance - In H1 2024, the company reported a gross margin of 27.46%, an increase of 1.65 percentage points year-on-year, and a net profit margin of 11.13%, a slight decrease of 0.16 percentage points year-on-year [1][5] - The automotive parts business generated revenue of 5.4 billion yuan, up 11.9% year-on-year, while the refrigeration business revenue was 8.28 billion yuan, up 7.4% year-on-year [5][9] Market Position - The company holds the global leading market share in several thermal management products, including electronic expansion valves and heat exchangers [1][8] - The NEV thermal management products generated revenue of 8.93 billion yuan in 2023, a year-on-year increase of 33.9%, accounting for 90% of the automotive parts business revenue [9][10] Future Outlook - The company plans to invest at least 5 billion yuan in the "Future Industry Center Project," which includes projects for intelligent variable frequency controllers and robotic servo actuators [1][15] - The forecasted net profit for 2024-2026 is 3.54 billion, 4.30 billion, and 5.10 billion yuan, respectively, with corresponding earnings per share of 0.95, 1.15, and 1.37 yuan [1][16]