2Q26 Preview: Revenue Better than Feared

研报英文原文证据摘录

2Q26 Preview: Revenue Better than Feared

Update

July 13, 2026 07:41 AM GMT

Morgan Stanley Asia Limited+MZhejiang Sanhua Intelligent Controls | Asia Pacific Shelley Wang, CFA

Equity Analyst

2Q26 Preview: Revenue Better Shelley.Wang@morganstanley.comTim Hsiao +852 3963-0047

Tim.Hsiao@morganstanley.com +852 2848-1982

than Feared Peggy Wang

Research Associate

Peggy.Pc.Wang@morganstanley.com +852 3963-3934

Key Takeaways Joey Xu, CFA

We estimate Sanhua's 2Q26 revenue will grow both YoY and QoQ, despite Joey.Xu@morganstanley.com +852 3963-0337

declines in China's domestic EV and air-conditioner (AC) volumes on a YoY basis.

Strong EV export growth from China, double-digit YoY volume growth from a

major US EV customer, and increasing module mix likely supported Sanhua's 2Q

revenue.

Mgmt has reiterated its target to grow liquid cooling revenue by >50% YoY in Zhejiang Sanhua Intelligent Controls (002050.SZ, 002050

2026. Besides the primary (outdoor) side, it is also developing parts for the CS)

secondary (indoor) side. China Autos & Shared Mobility | China

Stock Rating Equal-weight

FX losses likely remained a headwind in 2Q, as the RMB continued to appreciate Industry View In-Line

Price target Rmb40.00

against the USD.

Up/downside to price target (%) (7)

Shr price, close (Jul 10, 2026) Rmb43.20

We also expect higher copper and aluminum prices to have weighed on 2Q

52-Week Range Rmb60.77-25.25

margins, although Sanhua has partially mitigated this impact through hedging. Sh out, dil, curr (mn) 4,200

Mkt cap, curr (mn) Rmb181,425

EV, curr (mn) Rmb167,712

Avg daily trading value (mn) Rmb6,829

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

EPS (Rmb)** 1.02 1.12 1.35 1.54

EPS, basic (Rmb)** 1.02 1.12 1.35 1.54

Revenue, net (Rmb mn) 31,012 33,894 39,149 43,259