Sanhua Intelligent Control (002050) Three Quarterly Report Review: Tesla’s domestic production with promising future for zero-zero thermal management continues to benefit

The company released its third quarter report on October 25, 2019.

Operating income for the first three quarters of 86.

21 ppm, an increase of 4 per year.

30%; Realize net profit attributable to mother 10.

56 ppm, an increase of 3 per year.

twenty two%.

Among them, the company’s third quarter revenue was 27.

89 ppm, an increase of 4 per year.

12%; net profit attributable to mother 3.

63 ppm, an increase of 4 per year.


The gross profit margin increased, the receivables increased, and the company’s 杭州桑拿网 stable operation in the first three quarters of 2019 had four fees13.

65%, an increase of 1 over the same period last year.


Among them, selling expenses 4.

29%, a decrease of 0 compared with the same period last year.

45 points; administrative expenses 5.

20%, an increase of 0 compared with the same period last year.

48%; R & D expense ratio continues to rise to 0.

65 points to 4.

52%; financial expense ratio increased by 0 due to the impact of exchange gains and losses.

45 points to -0.


The report communique stated that the company’s net operating cash increased by 101 each year.

1%, mainly due to the increase in sales return to 11.

2.7 billion.

Q3 expenses decreased, gross profit increased, and profitability increased. The company achieved operating income in Q3.

89 ppm, a ten-year increase4.

12%; net profit attributable to mother 3.

6.3 billion, an annual increase of 4.


The company’s gross profit margin was 29 in the third quarter.

64%, an increase of 1 over the same period last year.

05%, we believe that the company’s profitability enhancement is affected by two factors: 1) the company’s period period expense rate control is significant, the third quarter rate of 12%.

47%, a decrease of 0 from the previous period.

71 points.

2) The company actively develops global mainstream new energy vehicle companies. At present, it has successfully obtained new energy vehicle platform orders from Volkswagen, Daimler, BMW, Volvo, Audi, PSA, Jaguar, Land Rover, etc .; China mainly has Geely, BYD, SAIC, etc.It is mainly equipped with water cooling plates, coolers, valve parts, water pumps and component products.

One of Volvo’s new energy vehicles is worth 5,000 yuan.Recently, nearly 1 billion new orders for General Motors electronic water pumps have been added.

The thermal management system is an indispensable component of new energy vehicles. Tesla’s domestic production is favorable. We believe that the thermal management system of new energy vehicles is an essential and important component.In the temperature range, the work efficiency is improved; the thermal management value of new energy vehicles for bicycles is expected to impact 7,000 yuan.

The company fully benefits as a leader in new energy vehicle thermal management.

With the increasing orders of major OEMs in the future and the establishment of Tesla’s Shanghai plant, the company strives to fully benefit.

From this we expect the company’s net profit attributable to its parent to be 14 in 2019-2021.

8.4 billion, 15.

8.9 billion, 17.

370,000 yuan, corresponding to PE 27x, 25x, 23x, maintaining the “overweight” rating.

Risks suggest that the downstream production and sales of automobiles are less than expected, and the penetration of new energy thermal management systems is less than expected.