It plans to invest in the construction of a robotic mechatronic actuator production base, and is optimistic about the company's medium- to long-term profit growth
On January 3, Sanhua Intelligent Control Co., Ltd. announced that recently, the company and its holding subsidiary Xiantang New Area Management Committee signed the “Sanhua Intelligent Control Future Industrial Center Project Investment Agreement”, planning to invest at least 5 billion yuan to build the Xiantu Intelligent Variable Frequency Controller production base project, robot electromechanical actuator and domain controller R&D and production base project. The company's HVAC appliances, automotive thermal management, and robotics businesses are progressing positively. We maintain an estimated net profit of 29.6/35.7/4.23 billion yuan for 23-25, respectively. Wind agreed that the average PE value of the company in 24 years was 21 times. Considering the rapid development of the company's robotics business and active production capacity support, we gave the company 31 times PE in 24 years, corresponding to a stock price of 29.76 yuan, maintaining the “gain” rating.
It is planned to invest 5 billion yuan to increase the robotics and home appliance auto parts business
The total investment of this agreement is planned to be no less than 5 billion yuan. The construction includes two sub-projects. Among them, Xiantu Electronics plans to invest in the construction of a Xiantang intelligent inverter controller production base project in Qiantang District, with a total planned investment of not less than 1.2 billion yuan; the company plans to invest in the construction of a robotic electromechanical actuator and domain controller R&D and production base project in Qiantang District, with a total planned investment of not less than 3.8 billion yuan. The implementation of the agreement will help the company expand the scale of the refrigeration and air conditioning electrical components and auto parts business, enhance the company's comprehensive competitive strength in the field of HVAC appliances and automobile thermal management. At the same time, the development of robot servo mechatronic actuator integration projects will help the company improve its overall competitiveness, fully benefit from the wave of robot industrialization, and enable long-term performance growth.
Resources and industry collaborate to enter robots, opening up room for long-term growth. Robot-related projects invested this time include motor actuators. According to the company's previous announcement, these actuators are divided into two categories: rotary and linear, and are mainly composed of core components such as servo motors, deceleration mechanisms, and encoders.
Among them, rotary actuators are mainly distributed at joints that require rotation at a large angle, such as shoulders and hips, etc., and linear actuators are distributed in single-degree-of-freedom joints with little swing angle, such as knees and elbows, and joints with two double degrees of freedom but compact size at wrist and ankle. The company's accumulation in the automotive field will help it quickly enter the robot industry chain, and it is expected that with the mass production and application of robots, it will continue to inject momentum into the company's performance growth.
Deeply involved in HVAC appliances and automotive thermal management for more than 30 years, expanding production and stabilizing the leading position, the company has been deeply involved in the fields of global building HVAC, home appliances, and automotive thermal management control components for more than 30 years. Currently, it has become a leading enterprise in the industry, and the basic market is stable. In terms of business development, in addition to robots, we are actively expanding applications in the energy storage market. We have broken through industry benchmark customers this year and achieved revenue. Furthermore, the company is actively promoting a global layout and building production bases in Mexico, Poland and Shaoxing Binhai, Zhongshan, and Shenyang. The company's diversified layout continues to advance, and there are sufficient orders in hand. We are optimistic about the company's growth.
Risk warning: Increased industry competition; changes in raw material prices; international trade and exchange rate fluctuations; NEV sales fall short of expectations, etc.