CICC: SANHUA 1Q Results In Line; Maintains Outperform Rating
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CICC reported that SANHUAdelivered 1Q results in line with expectations, with a revenue increase of 1.36% YoY to RMB7.774 billion. Despite a 3% YoY decline in domestic air-conditioner sales and a 6.6% YoY drop in passenger vehicle sales, SANHUA benefited from its expansion into data center and energy storage sectors. CICC maintained its earnings forecasts for 2026 and 2027, keeping an Outperform rating on both A-shares and H-shares, with target prices of RMB59.5 and HKD40, respectively.
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