SANHUA (02050) surged over 8%, reaching a new listing high of HK$30.82. As of press time, the stock was up 8.03% to HK$30.68, with turnover of HK$233 million.

On the news front, Goldman Sachs pointed out that SANHUA is a global leading supplier of HVAC controls and thermal management components, and is optimistic about its growth potential in the humanoid robot actuator field, building on its solid global market leadership position in HVAC components and electric vehicle thermal management components. The firm expects SANHUA's revenue and net profit to achieve a compound annual growth rate of 19% from 2025 to 2030. The firm believes that humanoid robots represent an important long-term technology trend, and SANHUA, as a highly visible actuator assembler, is expected to secure a key role in the supply chain. It predicts that by 2030, this business segment will contribute 25% and 18% of total revenue and net profit respectively.

CICC stated that the robot joint assembly business brings a completely new growth curve, and the company possesses multiple advantages including motor and electronic control technology synergy, large-scale mass production capabilities, and upstream and downstream industrial chain collaboration. Currently, the company has deployed multiple patents in the robot actuator field, further enhancing its product competitive advantages. Additionally, the company has established overseas production bases in Poland, Thailand, Vietnam, and Mexico, with 13 factories overseas, achieving localized capacity support. During 2017-2024, overseas revenue accounted for over 45%.

The firm believes that the company has built competitive moats in areas such as lean production management, supporting global customer customized development, and sufficient long-term R&D reserves, empowering the company to achieve steady growth in traditional main businesses and rapid expansion of new businesses.