Sanhua Intelligent Controls (002050.SZ): 2Q26 looks stable with commercial HVAC and liquid cooling as key growth drivers

研报英文原文证据摘录

Sanhua Intelligent Controls (002050.SZ): 2Q26 looks stable with commercial HVAC and liquid cooling as key growth drivers

Equity Research

6 July 2026 | 7:26PM HKT

Sanhua Intelligent Controls (002050.SZ): 2Q26 looks stable with

commercial HVAC and liquid cooling as key growth drivers

We hosted an in-person meeting with Sanhua Board Secretary Zhimi Li on July 6. Jacqueline Du

+852-2978-1783 |

Overall, 2Q26 trends appear broadly in line with our expectations. HVAC jacqueline.du@gs.com

Goldman Sachs (Asia) L.L.C.

components are trending positive in 2Q26E per company comments, vs. +2% yoy

per GSe, with overseas demand outperforming domestic and commercial HVAC

demand outpacing residential, although the segment remains pressured by domestic

policy fade and normalization of North America demand after last year’s high base.

Auto thermal management products continued to grow in 2Q26E, with growth

likely slightly weaker than or broadly in line with 1Q26 growth, consistent with our

+13% yoy GSe for 2Q26.

We were encouraged by the stronger momentum in commercial HVAC, with

cold-chain transportation highlighted as a key growth area. Liquid cooling also

continues to progress, with management expecting revenue to grow 50% yoy in

2026E and highlighting potential project breakthroughs in the AIDC space into

2H, where Sanhua is supplying multiple components.

Raw material cost pressure appears manageable, as HVAC component pricing is

linked to copper prices, North American auto thermal management customer pricing

is also linked to raw material movements, and European exposure is partly hedged.

The company is also continuing to improve internal operating efficiency and reduce

SG&A expenses, supporting OP margin improvement. 2Q26 may still see some FX