Qunyi Securities: It is recommended to “buy” Sanhua Intelligent Control (02050). The net profit for the full year of 2025 is expected to grow at a rate of 25-50%

The Zhitong Finance App learned that Qunyi Securities released a research report saying that as Sanhua Intelligent Control (02050) actively expands new fields and production capacity expands steadily, the company's performance is expected to maintain 20-30% growth in the next few years. The company previously announced that it would invest 300 to 600 million yuan in repurchases. By the end of November, the repurchase amount was only 106 million yuan. It is expected that the company will still take the opportunity to make a repurchase, which will have a positive impact on stock prices. The bank expects the company to achieve net profit of 42.08/50.55/ 5.947 billion yuan in 2025/2026/2027, respectively, +35.8%/+20.1%/+17.6% year-on-year, EPS of 1/1.2/1.41 yuan, respectively, and the corresponding PE price of H shares is 30/25/21 times, respectively, giving a “buy” suggestion.

The main views of Qunyi Securities are as follows:

The company released its 2025 performance forecast. The net profit attributable to shareholders of listed companies is expected to be 3,874 billion yuan to 4.649 billion yuan, an increase of 25% to 50% over the previous year. The median forecast value is 4.26 billion yuan, an increase of 37.5% over the previous year. The company's performance was in line with expectations.

Net profit for the full year of 2025 is expected to grow at a rate of 25-50%, maintaining a relatively rapid growth rate

The company released its 2025 performance forecast. Net profit estimated to be 3,874 billion yuan - 4649 million yuan, YOY +25%-50%, median forecast value of 4.26 billion yuan, YOY +37.5% (net profit after deduction is 3,679 billion yuan - 4615 billion yuan, YOY +18% -48%, median forecast value of 4.147 billion yuan, YOY +33%), equivalent to EPS of 0.98 yuan - 1.18 yuan, median value of 1.08 yuan, YOY +28.6%. The company's performance was in line with expectations. On a quarterly basis, the company achieved net profit of 6.32-1,407 million yuan in Q4, YOY of -20.7% to +76.5%, median value of 1.02 billion yuan, YOY +27.9% (net profit after deduction was 596-15.32 billion yuan, YOY was -31.5% ~ +76.1%, median value of 1.06 billion yuan, YOY +21.8%).

The company's performance achieved relatively rapid growth. The bank believes that the main benefits are: 1) the commercial air conditioning business is growing rapidly, with an estimated growth rate of more than 20%, making the company's air conditioning business superior to the industry's growth rate; 2) the company actively expands new high-quality car customers, and the automobile business maintains steady growth; 3) the company actively reduces costs and increases efficiency, implements fine management, and further improves profitability; 4) The company is developing new business directions. It has already entered leading manufacturers of energy storage and liquid cooling to supply components, and began contributing small-scale revenue this year. As downstream demand explodes, the bank believes that the emerging business will become a new growth point.

The company actively lays out the robotics business and is expected to usher in breakthrough progress in 2026

The company is firmly optimistic about the development prospects of robots, and has used close partnerships with major customers to enter the robot actuator circuit. The company established a robotics division this year to increase investment in research and development of robot-related products. According to the Hong Kong Stock Prospectus, the company will invest 10% of the amount raised (or 700 million yuan) in the robotics business and will expand the recruitment of 200 R&D talents over the next 3 years. The company is currently cooperating with major customers in R&D and trial production. The market expects major customer robot products to be mass-produced in 2026, and the company's robotics business is expected to usher in breakthrough progress.