<p>美银证券在一份研究报告中表示，三花智控（02050.HK）上涨 1.200（+3.614%），短线卖空金额为 622 万美元；比例为 5.270%。该公司在第一季度仅录得 1% 的同比收入增长，而环比收入增长 11%。在其各个业务板块中，制冷业务的收入同比下降 6%，而汽车零部件业务的收入同比增长 15%。毛利率同比提高 1 个百分点至 27.8%。尽管环比下降 3.4 个百分点，但仍好于券商预期的 27%。</p>
<p>得益于对运营费用的有效控制，第一季度的营业利润同比增长 15%，环比增长 25%，超出券商预期 5%。然而，净利润同比仅增长 3%，环比增长 13%，因外汇损失和证券投资损失未能达到预期。公司维持全年 15% 的盈利增长指引不变。</p>
<p>考虑到第一季度的业绩，券商将 2026 年至 2028 年的收入和盈利预测平均下调 2%，并重申其表现不佳的评级，指出今年增长可能放缓至 10%，且以 27 倍预期市盈率的估值过高。目标价为 30 港元。（ss/j）（香港股票报价延迟至少 15 分钟。短线卖空数据截至 2026 年 5 月 4 日 12:25。）</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>

三花智控

<p>BofAS 报告称，三花智控在第一季度实现了 1% 的同比收入增长，汽车组件增长 15%，但制冷业务下降 6%。毛利率提高至 27.8%，尽管净利润同比仅增长 3%，因外汇损失未能达到预期。该券商将 2026-2028 年的收入和盈利预测下调 2%，并维持 “跑输大市” 评级，指出今年潜在的增长放缓至 10%，且以 27 倍预测市盈率的高估值为由，目标价定为 30 港元</p>

<p>BofAS said in a research report that SANHUA (02050.HK) +1.200 (+3.614%)  Short selling $6.22M; Ratio 5.270%  recorded only 1% YoY revenue growth in 1Q, while revenue rose 11% QoQ. Among its segments, revenue from the refrigeration business fell 6% YoY, while revenue from the automotive components business increased 15% YoY. Gross margin improved by 1 ppt YoY to 27.8%. Although it declined by 3.4 ppts QoQ, it was still better than the brokers expectation of 27%.</p>
<div class="lb-trans"><p>美银证券在一份研究报告中表示，三花智控（02050.HK）上涨 1.200（+3.614%），短线卖空金额为 622 万美元；比例为 5.270%。该公司在第一季度仅录得 1% 的同比收入增长，而环比收入增长 11%。在其各个业务板块中，制冷业务的收入同比下降 6%，而汽车零部件业务的收入同比增长 15%。毛利率同比提高 1 个百分点至 27.8%。尽管环比下降 3.4 个百分点，但仍好于券商预期的 27%。</p>
</div><p>Benefiting from effective control of operating expenses, operating profit in 1Q rose 15% YoY and 25% QoQ, exceeding the brokers forecast by 5%. However, net profit increased only 3% YoY and 13% QoQ, missing expectations due to foreign exchange losses and losses from securities investments. The company maintained its full-year earnings growth guidance of 15% unchanged.</p>
<div class="lb-trans"><p>得益于对运营费用的有效控制，第一季度的营业利润同比增长 15%，环比增长 25%，超出券商预期 5%。然而，净利润同比仅增长 3%，环比增长 13%，因外汇损失和证券投资损失未能达到预期。公司维持全年 15% 的盈利增长指引不变。</p>
</div><p>Taking into account the 1Q results, the broker lowered its revenue and earnings forecasts for 2026 to 2028 by an average of 2% and reiterated its Underperform rating, citing a potential slowdown in growth to 10% this year and an excessive valuation at 27 times forecast PE. The TP is HKD30. (ss/j)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-04 12:25.)</p>
<div class="lb-trans"><p>考虑到第一季度的业绩，券商将 2026 年至 2028 年的收入和盈利预测平均下调 2%，并重申其表现不佳的评级，指出今年增长可能放缓至 10%，且以 27 倍预期市盈率的估值过高。目标价为 30 港元。（ss/j）（香港股票报价延迟至少 15 分钟。短线卖空数据截至 2026 年 5 月 4 日 12:25。）</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>
</div>

BofAS: SANHUA  1Q Net Profit Misses; Reiterates Underperform

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美银证券：三花智控第一季度净利润未达预期，重申其表现不佳的评级