Sanhua Intelligent Control (002050) 2019 Third Quarterly Report Review: Steady Operating Performance and Better Refrigeration + Steam Zero Release

The company released the third quarter report for 2019, and the company achieved a total operating income of 19Q1-Q3.

21 trillion, ten years +4.

30%; net profit attributable to mother 10.

56 trillion, +3 for ten years.

22%; net profit after deduction is 10.

51 ppm, +2 for ten years.


In a single quarter, the company achieved a total operating income of 27 in 19Q3.

90 trillion, ten years +4.

29%; net profit attributable to mother 3.

63 ppm, +4 for ten years.

91%; net profit after deduction 4

Ten percent of 09, +17.


  Comment: The operating performance is stable and good, and the proportion of new energy autos continues to rise.

19Q1-Q3 company achieved revenue of 86.

2.1 billion, +4 a year.

30% in the third quarter achieved revenue of 27.

90 trillion, ten years +4.

29%, the company’s operating performance is stable and better.

From the perspective of different industries, the refrigeration business segment: the downstream household appliance product structure has been significantly upgraded, and the market share of high-efficiency inverter air conditioners has steadily increased, helping the company’s Q3 refrigeration segment revenue to improve sequentially; the auto zero business segment: the company has become Volkswagen, Daimler, BMWSuppliers of new energy vehicles, Q3 received nearly 1 billion orders from General Motors for electronic water pumps.

In addition, the company’s important partner, the Tesla Shanghai plant, has officially put into production (annual production of 250,000 vehicles), and is expected to produce 9 in volume by 2020.

60,000 cars.

The company maintains a good cooperative relationship with well-known automobile manufacturers, which translates into the release of new energy vehicle market demand. The company’s new energy auto zero business or rapid growth has been achieved. According to the company’s announcement 19H1, the revenue of new energy auto business accounted for 43% of the auto zero sector. 2020年 年该比例将提升至50%以上.

Profitability has continued to improve, and innovation has been added to R & D.

19Q1-Q3 companies maximize profits12.

72 ppm, +2 for ten years.

26%, net profit attributable to mother 10.

56 trillion, +3 for ten years.

twenty two%.

In a single quarter, the company achieved a gross profit margin of 29 in 19Q3.

64%, ten years +1.


The company’s gross profit margin has improved significantly, or it may benefit from the improvement of the company’s internal management and optimization of its business structure.

In terms of expenses, Q3’s sales expense ratio, management expense ratio, financial expense ratio and R & D expense ratio were 3 respectively.

80%, 5.

16%, -1.

54% and 5.05%, respectively double -1.

40 tablets, -0.

23pct, +0.

78pct and +0.

79 points, of which the significant increase in the R & D expense ratio is mainly due to the company’s insistence on technological innovation, continuous increase in R & D investment in areas such as air-conditioning components, micro-channels and electric vehicle thermal management. The increase in financial expense ratio is mainly due to the decrease in exchange income.

Under the comprehensive influence, Q3 achieved the net profit attributable to the mother 13.

02%, ten years +0.

08 points.

Cooling + steam-zero two-wheel drive, continuous growth in the future can be expected.

The company has been deeply engaged in the field of refrigeration and air-conditioning electrical components and automotive parts for many years. It has obvious product and technical advantages. The market share of electronic expansion valves, four-way reversing valves and other products ranks first in the world.

In the field of refrigeration components, benefiting from consumption upgrades and the new energy efficiency standards for air conditioning are about to be implemented, the company’s demand for electronic expansion valves is expected to usher in a significant release, helping the steady development of the refrigeration component business. In the auto parts field, the company’s long-term layout of new energy vehicles has performed strongly.It is expected that the scale of new 武汉夜网论坛 energy vehicle business will exceed that of traditional vehicle business in 2020.

With years of accumulated technical advantages and scale effects, the company’s refrigeration and auto-zero businesses will grow steadily, with two-wheel drive, and future development is expected.

Investment suggestion: We maintain the company’s EPS forecast for 19/20/21 to be 0.



66 yuan, corresponding PE is 29/25/21 times.

Taking into account that the new energy vehicle and automobile zero business has gradually begun to increase volume, it is expected to become the main driving force for the company’s future growth. With reference to the industry’s comparable company forecast, the target price is raised to 17 yuan (origin target price of 15 yuan), corresponding to 30 times PE in 20 years, increased.To “strong push” level.

Risk warning: the expansion of the air-conditioning industry’s business climate has declined; new energy vehicles have replaced alternatives; and raw material prices have changed dramatically.