Sanhua Intelligent Control (002050): New energy vehicle business increased in proportion to meet expectations

Sanhua Intelligent Control (002050): New energy vehicle business increased in proportion to meet expectations

Event: The company released its 2019 semi-annual report, 1) Realizing revenue 58.

31 ppm, +4 a year.

31%; net profit attributable to mother 6.

93 trillion, +2 for ten years.

35%; net profit of non-attributed mothers 6.

4.2 billion, at least -4.

82%; 2) In a single quarter, 2019Q1 / Q2 revenue was 27.

8 billion, 30.

500 million, an annual increase of 7.

9% / 1.

23%; net profit attributable to mothers is 2.


4.3 billion, an annual increase of 4.

18% / 1.

29%; 3) Three expenses: sales / management (including R & D) / financial expenses are 2.



1.2 billion every year 4.

6% / 22.

4% / + 382%; overall control of the three expenses is good.

4) Net cash flow from operating activities 8.

3 billion.

Performance was in line with expectations; gross profit margin increased significantly in the single quarter.

2019Q1 / Q2 are 25 respectively.

24% / 31.

12%, single quarter gross profit margin increased significantly, we believe that the main reasons are: 1) product structure reasons, especially higher gross profit margins of new energy automotive products increased; 2) cost reduction; due to weak industry demand, traditional refrigeration and air-conditioning componentsUnder pressure, commercial air-conditioning components contributed to performance growth.

Revenue from traditional refrigeration and air-conditioning components is 50%.

67 trillion, ten years +3.

41%, the growth rate of this business is mainly due to: 1) affected by downstream air-conditioning market demand and digestion of inventory, among which traditional household refrigeration and air-conditioning components have been replaced at a faster rate, and commercial air-conditioning components have maintained steady growth.

2) Revenue from micro-channel business 6.

4.7 billion, previously + 5%; net profit 0.

8.1 billion, a year of -21.

72%; 3) Yaweike’s business was lower than expected, with revenue 4.

5.5 billion, at least -24.

69%, net profit decreased by 15.59 million yuan; the future of traditional air conditioning and refrigeration components Aspect: the company’s continued development of energy-efficient product applications, is expected to bring business growth.

The proportion of new energy vehicle business increased.

In H1 2019, the company’s auto zero business revenue was 7.

6.4 billion, accounting for 13% of total revenue, +10 in ten years.64%, achieving net profit1.

58 ppm, + 12% per year, the contribution of auto parts to the net profit of the mother accounted for 22.

The growth rate of traditional vehicles in the first half of the year, and the high growth of new energy vehicle business contributed to the growth of auto zero business (the proportion of new energy vehicle business revenue increased to 43%, contributing revenue3.

2.8 billion).

Through continuous technological upgrades, the products have been developed from parts to components, and some companies have already developed customers such as Valeo, Mahler, Tesla, Volkswagen, Mercedes, BMW, Volvo, GM, Geely, BYD, SAIC and other customers.Orders, the value of the largest bicycle is nearly RMB 5,000, and there are ample orders in hand. It is expected 南宁桑拿 that in the fourth quarter of 2019 and 2020 mass production and sales of overseas models, the new energy vehicle thermal management business will maintain high growth next year.

The proportion of exports has increased, overseas markets have expanded, and the layout of global production bases has improved significantly: the company’s export revenue28.

9.8 billion, ten years +11.

92%, accounting for 49.

7% (up 3.

38%); domestic income 29.

330,000 yuan, at least -2.

26%; the company has established overseas production bases in the United States, Poland, Mexico, Vietnam and other places, and has gradually transformed into production response capabilities, helping to open up overseas markets.

R & D expansion, implementation of share repurchases, and the return of value.

As of the end of the second quarter of 19, the company gradually increased its own funds2.

2 trillion, repurchase 1562 shares.

60,000 shares (accounting for 0 of the total share capital).

57%), promote the reasonable return of the company’s stock value, and show confidence in the company’s future development.

Company R & D, 2019H1 R & D 2.

4.9 billion, +21 a year.

01%, R & D investment continued to increase.

Investment suggestion: As a global leader in refrigeration control components, the company continues to consolidate its leading position.

Sanhuaqi’s zero-new energy vehicle thermal management business, expanding international first-tier car companies with full orders, will benefit from global new energy vehicle sales growth; we expect the company’s net profit to be 14 in 2019-2021.



12 ppm, an increase of 11 in ten years.

4% / 20.

6% / 159%, corresponding to 21/17/15 times the PE, maintaining the buying level.

Risk warning: downstream demand growth rate, exchange rate fluctuation risk, raw material price fluctuations, new energy vehicle sales are less than expected risk