CaiXin Securities: First giving Smart Control a "buy" rating, robots and AIDC liquid cooling are worth looking forward to.

The research report of Cai Xin Securities pointed out that Sanhua Intelligent Control's net profit attributable to mother in Q1-Q3 of 2025 was 3.242 billion yuan, an increase of 40.85% year-on-year; the net profit attributable to mother in Q3 was 1.132 billion yuan, an increase of 43.81% year-on-year, a decrease of 6.14% from the previous quarter. The performance is good. The company focuses on the research and application of heat pump technology and thermal management systems as its core, focusing on the development of environmental thermal management solutions that achieve efficient heat exchange and temperature intelligent control. Its business spans the two major sectors of refrigeration air conditioning appliances and automotive parts. Based on long-term technical accumulation and research and development innovation, the company continuously expands its business into emerging fields such as bionic robotics and electromechanical actuators. The company is rated as "hold" for the first time.