<div id="readability-page-1"><div><p>BofAS said in a research report that SANHUA (02050.HK)<span> </span><span> +1.200 (+3.614%)  </span> <span> Short selling $6.22M; Ratio 5.270%  </span>  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><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><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><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>

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<p>BofAS reported that SANHUAexperienced a 1% YoY revenue growth in 1Q, with a 15% increase in automotive components but a 6% decline in refrigeration. Gross margin improved to 27.8%, though net profit rose only 3% YoY, missing expectations due to foreign exchange losses. The broker lowered revenue and earnings forecasts for 2026-2028 by 2% and maintained an Underperform rating, citing a potential growth slowdown to 10% this year and a high valuation at 27 times forecast PE, with a target price of HKD30.</p>

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BofAS: SANHUA  1Q Net Profit Misses; Reiterates Underperform