Sanhua Intelligent Control (002050): 19Q3 revenue and profit increase steadily

Sanhua Intelligent Control (002050): 19Q3 revenue and profit increase steadily

The company released the third quarter of 2019 report: the company achieved revenue of 86 in the first three quarters.

200 million, previously +4.

3%, net profit attributable to mother 10.

600 million, previously +3.

2%, deducting non-net profit of 10.

500 million, previously +2.


19Q3 revenue and profits have been steadily increasing, and gross margins have increased slightly.

The company achieved revenue of 27 in 19Q3.

900 million, previously +4.

3%, net profit attributable to mother 3.

6.3 billion, previously +4.

In the third quarter, single-quarter revenue and profit grew steadily, and the growth rate slightly increased compared to 19Q2.

Looking at the month-on-month basis, the company’s 19Q3 revenue and profit were extended by the length involved, mainly due to the prolonged off-season in the third quarter of home appliances and automobiles, and the production and sales relative to the length of the second quarter.

Company 19Q3 gross profit margin 29.

6%, with an increase of 1 pct in advance, which is expected to be mainly a commercial air-conditioning sector with a high gross profit margin, and the proportion of new energy vehicle business will continue to increase.

The company’s new energy thermal management business has international competitive advantages, and orders and customers continue to grow.

The company has an international competitive advantage in the field of thermal management of new energy vehicles. Its products have gradually evolved from parts to components and modularized development. They have successively acquired Valeo, Mahler, Volkswagen, Tesla, Mercedes-Benz, BMW, Volvo, GM, Geely,For orders from BYD, SAIC and other customers, the maximum value of bicycles exceeds RMB 5,000, and the future development trend is good.

Home appliances + cars will advance in both directions, maintaining the level of “prudent increase in holdings”.

The company’s two main businesses of home appliances and automobiles have developed. The home appliance industry is leading the world in electronic expansion valves, four-way valves, termination valves and other fields. Then, the requirements for energy efficiency upgrades have been further improved. The company’s high-value and high-margin electronic expansion valve business has accelerated and accelerated.The overall revenue growth of the company’s home appliance business has increased, and the automotive company has continued 杭州桑拿 to obtain orders from international OEMs and component groups in the field of new energy thermal management. It will benefit from the trend of domestic and foreign automotive electrification.

We are optimistic about the company’s long-term development trend, and adjusted the net profit attributable to the parent to 14 in 19-21 according to the latest situation.



900 million, maintain “prudent increase” rating.

Risk reminder: The air conditioner frequency conversion penetration rate is lower than expected, the air conditioner industry sales are lower than expected, and the company’s new energy thermal management project mass production is lower than expected