东吴证券研报指出，三花智控Q2业绩预告超预期，人形静待量产节奏提速。因制冷空调业务受益市场需求增长，汽零业务通过标杆客户的示范效应持续拓展订单，且公司降本增效显著，公司Q2业绩超市场预期。传统制冷需求Q2超预期、叠加出口也有所贡献，该行预计Q2板块收入同增20-30%。美国关税缓和，且公司采用FOB定价+墨西哥生产模式，同时公司加快泰国工厂建设，足以对冲贸易风险。人形机器人量产节奏有短期扰动但不改Tier1地位、未来利润弹性显著。给予25年50xPE，对应目标价46元，维持“买入”评级。
东吴证券研报指出，三花智控Q2业绩预告超预期，人形静待量产节奏提速。因制冷空调业务受益市场需求增长，汽零业务通过标杆客户的示范效应持续拓展订单，且公司降本增效显著，公司Q2业绩超市场预期。传统制冷需求Q2超预期、叠加出口也有所贡献，该行预计Q2板块收入同增20-30%。美国关税缓和，且公司采用FOB定价+墨西哥生产模式，同时公司加快泰国工厂建设，足以对冲贸易风险。人形机器人量产节奏有短期扰动但不改Tier1地位、未来利润弹性显著。给予25年50xPE，对应目标价46元，维持“买入”评级。
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