Sanhua Intelligent Control (002050) Company Review: Steady Development of Traditional Business, Automotive Zero Business Rise

Sanhua Intelligent Control (002050) Company Review: Steady Development of Traditional Business, Automotive Zero Business Rise

On February 15th, the company released a quick report on its performance for 2019, which states that the company has achieved 113 revenue.

2.4 billion, an annual increase of 4.

5%; net profit attributable to shareholders of listed companies14.

21 ppm, an increase of 9 in ten years.

9%, net interest rate 12.

6%, +0 per year.

6 points.

Q4 single quarter revenue 27.

30,000 yuan, +5 for ten years.

1%, the growth rate increased by 0 compared to the previous Q3.

8pct; net profit to mother 3.

65 trillion, +35 for ten years.

6%, a significant 夜来香体验网 increase of 30 compared to the previous Q3.

6 points.

The traditional business has developed steadily, and the auto zero business has risen against the trend. According to industry online data, Q4 electronic expansion valve / four-way valve / stop valve industry sales have increased by 1497/2849 / 61.7 million units.

6% / 5.

0% / 18.


Benefiting from the rebound in sales of refrigeration valves, the company, as a leader in refrigeration valves, is expected to grow steadily in Q4.

In 2020, through the implementation of the new standard for air-conditioning energy efficiency, the demand for the electronic expansion valve industry is expected to increase rapidly.

In the auto zero business, the mass production of the Tesla Model 3 Shanghai plant in the second half of the year brought a lot of demand. In the event 杭州桑拿 of a downturn in the auto market, it is expected that the auto zero business will have a revenue increase of 15-25%.

Profitability continued to improve operating margins in the fourth quarter.

2%, ten years +3.

3pct, ring than -0.

6 points.

Attributable net interest rate 13.

5%, +3 per night.

0pct, ring than +0.

5 points.

Multi-factor resonance has caused the company’s profit margin to increase: 1) The product structure has continued to improve, the proportion of new energy automobile auto zero business has continued to increase, the electronic expansion valve revenue in the refrigeration valve business has grown rapidly, and the high gross profit business and product gross marginIt has a positive pulling effect; 2) The price of raw materials has stabilized since 19 years, which has guaranteed the company’s cost control plan; 3) The impact of the trade war of 18 years has led to poor profitability of overseas business, which improved in 19 years.

The investment proposal follows the latest new air-conditioning energy efficiency regulations. The current fixed-frequency and variable-frequency market elimination rate reaches 45%, and the demand for electronic expansion valves will increase in the second half of the year. At the same time, the company has a large number of orders in the auto zero business.The factory continues to increase the volume, the increase in the introduction of model3 and the localization of ModelY are expected to drive the company’s revenue growth.

It is estimated that the company’s net profit attributable to its parent in the year 19-21 will be 14.



63 ppm, corresponding to EPS 0 in 19-21 years.



67 yuan / share, currently corresponding to 19-21 years 42.8x / 38.

5x / 32.

6x PE, maintain BUY rating.

Risk Warning: The growth of the air-conditioning business is less than expected, and the progress of the auto zero business is less than expected