Shen Wan Hongyuan: First grant to Sanhua Intelligent Control (02050) to “increase” rating robot business to open up a growth ceiling

The Zhitong Finance App learned that Shen Wan Hongyuan released a research report saying that Sanhua Intelligent Control (02050) is expected to achieve net profit of 42.53/46.50/5,099 billion yuan in 2025-2027, respectively, an increase of 37.2%/9.4%/9.6% over the previous year. The bank carried out a partial valuation of the company's traditional cold distribution and automobile thermal management business, and considering the AH share premium, the corresponding market value is 143.3 billion yuan; while the market value of Sanhua Intelligent Control's H shares is HK$140.8 billion. Referring to the Hong Kong dollar exchange rate of 0.9067 on December 26, 2025, there is still room for 12.3% increase. It was covered for the first time, giving it an “increase in holdings” investment rating.

Shen Wan Hongyuan's main views are as follows:

A+H listing enhances global competitiveness

Sanhua Intelligent Control is a leader in the field of traditional refrigeration parts and automobile thermal management. It was officially listed on the Shenzhen Stock Exchange in 2005; H shares were successfully issued in June '25, achieving both A+H listings, further opening up financing channels, and the company's international influence is expected to further increase. As of 25Q3, the company achieved total revenue of 24.03 billion yuan, an increase of 17% over the previous year, and achieved net profit of 3.24 billion yuan to mother, a year-on-year growth rate of over 40%.

Mature business: The company maintains a leading position in its traditional refrigeration and zero-gas business

The company has been deeply involved in traditional refrigeration accessories for decades, and various products have the highest market share in the industry; the 25H1 refrigeration parts business accounts for 64% of revenue, making it the company's largest source of revenue. As domestic sales of air conditioners and other household appliances increase, the overseas market space is broad, which is expected to stimulate demand for refrigeration accessories, and the company is expected to maintain steady business growth with its dominant position in the industry. In terms of the auto parts business, the company has relied on years of accumulation of refrigeration parts to migrate underlying technology. In the highly concentrated global thermal management market, Sanhua has a leading share in many categories, deeply tied to well-known domestic and foreign core vehicle manufacturers of traditional fuel vehicles and new energy vehicles, and has been widely recognized by customers.

Emerging Businesses: Energy Storage & Robotics Businesses Open the Ceiling of Growth

Energy storage thermal management is highly similar to traditional refrigeration and vehicle thermal management, and Sanhua used its original accumulation to reuse technology, and 22Q1 established an energy storage heat management company. At the end of '22, cooperation was reached with industry benchmark companies with energy storage heat management system solutions; 23 was the first year of sales for new energy storage companies, and the company simultaneously promoted the expansion of market opportunities for components in the energy storage application field and the development of energy storage heat management units. It formed a more complete line of unit products and was listed as a leading customer support. In terms of the robotics business, many companies have achieved commercial delivery of humanoid robots since 2025, and the global commercialization process has accelerated; the company has actively laid out the robot industry since 2022, focusing on the bionic robot mechatronic actuator business, established a robotics division in 2025, and is also actively promoting the construction of domestic and overseas production bases, which is expected to cooperate more efficiently with global core customers to achieve the goal of mass robot production.

Risk warning: risk of raw material price fluctuations; risk of exchange rate fluctuations; the development progress of the humanoid robot industry falls short of expectations.