SANHUA(002050) 浙商证券·2024-11-08 08:15Investment 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]