Sanhua Intelligent Control (002050): Zero Acceleration of New Energy Steam Acceleration

Sanhua Intelligent Control (002050): Zero Acceleration of New Energy Steam Acceleration

The main points of investment rebounded slightly, and then continued to grow steadily.

3%, the growth rate increased by 3pct from Q2, the performance was in line with our expectations, the main growth rate rebounded slightly, mainly due to the rebound in the performance of the refrigeration business, according to industry online statistics, 南京桑拿论坛 driven by downstream air-conditioning manufacturers ‘production, Q3 air-conditioning parts industryGoods improvement, including the termination of valves in July-August, the replacement of four-way valves increased by 16% and 9% respectively, and the growth rate of Q2 increased by 16pct and 12pct respectively. New energy steam business can continue to increase volume and also strongly support the main performance; based onThe land completion project has gradually improved. We estimate that downstream air-conditioning demand will remain stable, and the new standards for air-conditioning energy efficiency are expected to be gradually introduced, which will stimulate the demand for electronic expansion valves. The company’s main business is expected to continue to grow steadily.

  The gross profit margin continued to improve, and the non-net profit margin increased significantly. The company’s performance increased in the third quarter.

9%, mainly due to the expansion of non-recurring gains and losses, Q3 company deducted non-performance growth of 18%, deducted non-attributed net interest rate decreased by +1.

7pct, performed well, mainly due to the low raw materials and the company’s efficiency and cost reduction, Q3 gross profit margin accumulated +1.

1pct, continued Q2 improvement momentum, while the sales expense ratio also improved1.


  New energy auto zero volume continued to support the company’s long-term growth. In the first half of the year, the company’s new energy auto zero revenue increased by 150%, accounting for nearly 45% of the auto zero business, showing strong performance. It is expected that Q3 new energy auto zero will continue to continue to grow rapidly. At present, the companyNew energy has sufficient orders in hand, and Tesla’s Shanghai plant is officially put into production. Demand for new energy vehicles has continued to grow. The company’s customers have continued to develop and the value of bicycles has increased. It continues to be optimistic about the performance of the new energy auto zero business.

  Investment suggestion: optimistic about performance growth and maintaining overweight rating. Based on the stable demand for air conditioners and the 重庆耍耍网 demand for energy-saving components, it is judged that the company’s traditional main business will maintain steady growth, and zero rapid volume of new energy vehicles will increase driving performance; maintain 2019-2021 performance growth of 6%, 12%, 13% forecast, corresponding to the current PE 28, 25, 22 times, maintaining an overweight rating.

  Risk warning: raw material growth exceeds expectations, exchange rate fluctuations exceed expectations