Sanhua Intelligent Control (002050): Long-term development optimistic about long-term development

Sanhua Intelligent Control (002050): Long-term development optimistic about long-term development

Event: Sanhua Zhikong announced the first quarter report of 2019.

The company achieved revenue of 27 in 2019Q1.

800 million, a year-on-year increase of +7.

9%; achieve performance 2.

600 million, a year-on-year increase of +4.


We believe that Sanhua Intelligent Control is leading in the field of refrigeration control parts and automotive spare parts. It has entered the field of new energy vehicles by supplying Tesla. In the long term, the transformation of new energy vehicles is gradually promoted. The company is expected to maintain the industry leading level.

Q1 single-quarter performance growth rate declines: The company’s Q1 performance growth rate declines, our analysis is preliminary: 1) Q1 Sanhua Micro Channel is expected to slow down the growth rate of Yaweike’s business revenue.

2) The gross profit margin of Q1 company is 25.

2%, twice -2.

3 points.

3) According to the announcement, since 2018Q2?
Sanhua 北京夜生活网 supplemented the consolidated company in Q3, the staff budget increased in the first quarter of 2019, and SanY’s administrative expenses YoY + 32 in Q1 2019.


We believe that the addition of the current quarter’s revenue growth rate is phased.

In the long run, the growth trend of the air-conditioning industry is obvious. Sanhua, as an important component supplier, will continue to grow orders. The auto zero business will increasingly benefit from the growth of new energy vehicles.

Q1 net operating cash flow improved significantly: Sanhua 2019 Q1 net operating cash flow was 2.

800 million yuan, -0 in the same period last year.

700 million.

The company’s cash flow increased significantly, mainly due to the good return of the channel.

At the end of March, bills receivable and inventories decreased by 2 from the 无锡桑拿网 end of the fourth quarter of 2018, respectively.

5, 1.


Repurchasing company shares to enhance shareholder confidence: According to the announcement, as of the end of the first quarter of 2019, the company had repurchased 1,394 shares in a centralized bidding transaction.

30,000 shares, about 0 of the company’s total share capital before the implementation of the repurchase program.

65%, with a total payment of nearly 20,000 yuan (excluding transaction costs).

We believe that this repurchase is conducive to increasing the company’s long-term investment value and safeguarding shareholders’ rights and interests.

Investment suggestion: We expect the main business of Sanhua Household Appliances to continue to improve, and the injected auto and zero business will also bring new performance highlights.

What do we expect the company 2019?
The EPS in 2020 are 0.


78 yuan, maintain Buy-A investment rating, 6-month target price is 20.

28 yuan, corresponding to a dynamic price-earnings ratio of 26 times in 2020.

Risk warning: RMB appreciates substantially, raw material prices rise