Zhejiang Sanhua Co Ltd
- Industrie
- Diversified Industrials
- Bourse
- Shenzhen
- Pays / Région
- China
- Date d'introduction en bourse
- 7 juin 2005
- Effectif
- 19 090
- Site web
- www.zjshc.com
Fourchette de valorisation composite · prudent ¥18–¥28 / raisonnable ¥30–¥40 / optimiste ¥50–¥65. À ¥37.19, Dans la fourchette de valeur intrinsèque raisonnable.
À la publication ¥46.6 (5 juin 2026)
Données EODHD, présentées dans la devise de reporting ; à titre indicatif uniquement, ne constitue pas un conseil en investissement.
Zhejiang Sanhua Intelligent Controls Co.,Ltd engages in the research, manufacture, and sale of refrigeration and air-conditioning electrical parts, and auto parts in China and internationally. Its products include valves, four-way reversing valves, electronic and thermal expansion valves, solenoid valves, micro-channel heat exchangers, omega pumps, electronic water pumps, energy vehicle thermal management integrated components, and accumulators. The company's products are used in air conditioners, refrigerators, cold chain logistics, and dishwashers, as well as automobiles and other fields. Zhejiang Sanhua Intelligent Controls Co.,Ltd was founded in 1994 and is headquartered in Shaoxing, China.
Historique
Founded in 1994 and headquartered in Shaoxing, China, Zhejiang Sanhua traces back to a 1967 agricultural-machinery repair factory in Xinchang, Zhejiang. Founder Zhang Daocai joined the factory in 1979 and became its head in 1984, redirecting it toward refrigeration components; in 1987 it produced China's first 2-position-3-way solenoid valve, which passed Haier testing, and in 1995 it developed the four-way reversing valve. The company listed on the Shenzhen SME board on 2005-06-07, issuing 30 million shares at 7.39 yuan for net proceeds of about 206 million yuan and a post-issue share count of roughly 113 million. At the 2005 IPO only part of the refrigeration business was placed in the listed entity, while four-way valves, tube-set kits and accumulators remained with the Sanhua group and were injected in stages over the following decade: in 2008 it issued 151 million shares for about 2.01 billion yuan to acquire the group's Ranco four-way-valve and related refrigeration assets, in 2012 it acquired Germany's Aweco, in 2015 it added microchannel heat exchangers, and in 2017 it injected Sanhua Auto (valued at about 2.15 billion yuan) to enter new-energy-vehicle thermal management; in 2007 it had already acquired Invensys's Ranco four-way-valve global business for about 16 million U.S. dollars, lifting its share to roughly 60%. In August 2017 it appeared as a supplier at the first deliveries of the Tesla Model 3. From 2023 the company extended its precision mechatronics and liquid-cooling capabilities into humanoid-robot actuators, and on 2025-06-23 it listed on the Hong Kong Stock Exchange (2050.HK), raising net proceeds of about 9.19 billion HKD (about 10.74 billion HKD including the greenshoe). The company is controlled by the Zhang family, which holds about 45% through Sanhua Holding; founder Zhang Daocai's son Zhang Yabo became chairman and general manager in 2012.
Position dans le secteur
Zhejiang Sanhua is a maker of precision refrigeration and thermal-management components, with FY2025 revenue of about 31.012 billion yuan split between refrigeration and air-conditioning components at 18.585 billion yuan (59.93%) and automotive (new-energy-vehicle) parts at 12.427 billion yuan (40.07%). On a 2024 Frost & Sullivan basis cited in its H-share prospectus, it held about a 55.4% global share in four-way reversing valves and about 51.4% in electronic expansion valves, both ranking first worldwide, alongside about 48.3% in automotive electronic expansion valves, about 65.6% in automotive electronic-expansion-valve integrated assemblies, and about 45.5% across refrigeration and air-conditioning control components overall; these segments are highly concentrated, with four-way-valve CR3 at about 98% and electronic-expansion-valve CR3 at about 96% (Sanhua, Fujikoki, Dunan). Its refrigeration and air-conditioning control parts are sold to home-appliance and HVAC customers such as Midea, Gree, Daikin, Carrier and BSH, while its automotive thermal-management parts go to carmakers including Tesla, BYD, Mercedes-Benz and BMW. The sources of its position include decades of cost-curve and yield accumulation, long-cycle customer certification and high switching costs once designed into appliance and automotive supply chains, and a price-linkage and futures-hedging mechanism that lets it pass most copper and aluminum cost increases through to customers. In automotive thermal management it competes with players such as Yinlun, Tuopu, Denso, Valeo and Mahle, differentiating through integration that raises per-vehicle value content.
Pas encore d'analyse sur cette valeur dans votre langue.