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研報掘金丨長江證券:三花智控Q1業績亮眼,維持“買入”評級

長江證券研報指出,三花智控(002050.SZ)25Q1實現營業收入76.70億元,同比增長19.10%,實現歸母淨利潤9.03億元,同比增長39.47%。公司2025Q1收入端超預期,家電、汽車均實現增長。公司作爲全球熱管理龍頭,市場地位明確,當前家電、汽車下遊景氣支撐主業增長加速,全年主業有望實現高速增長。此外,機器人方面,公司緊密配合客戶,滿足客戶需求;產品關鍵性能指標持續自主優化,並圍繞自研產品方案構築工藝和專利技術護城河,公司作爲核心Tier1,產品卡位優勢明顯,未來有望形成可觀收入利潤貢獻。預計公司2025年歸屬淨利37億元。維持“買入”評級。

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