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Maker of valves and thermal-management components for HVAC, refrigeration and electric-vehicle cooling systems.
Maker of valves and thermal-management components for HVAC, refrigeration and electric-vehicle cooling systems.
Supplies components into other makers' products, so revenue depends on winning a place in each customer's design and then on that customer's production volumes. Valves for air conditioners and refrigerators were the base business; car thermal parts are the newer line. Founded in Zhejiang and still controlled by the founding Zhang family, it also has shares listed in Shenzhen.
In one line: A Chinese thermal-components supplier akin to Danfoss for HVAC/EV parts.
Moat: narrow (customer qualification, process know-how, scale). Long qualification cycles with HVAC OEMs and EV makers for safety-critical thermal parts.
Headquarters: Xinchang, China · Founded: 1984 · Employees: 19,090
Size Zhejiang Sanhua Intelligent Controls (2050.HK) is a Hong Kong Industrials company (Industrial Machinery) with a market value of $11.9B, the 143rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$21.96 on 6 Nov 2026.
Performance Over six months the shares fell 38.0%, against -11.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 8.1% over the last twelve months (peer median +8.7%); the operating margin is 15.3% (peer median 16.1%).
Valuation It trades at 18.4× forward earnings against a peer median of 23.3× (6th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.7 points above its cost of capital (10.8% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$36.7B | HK$33.5B | HK$30.2B | HK$27.1B | HK$24.8B |
| Revenue growth | — | +11% | +12% | +9% | — |
| Gross profit | HK$11.6B | HK$9.35B | HK$7.98B | HK$7.22B | HK$6.21B |
| EBITDA | n/a | HK$6.59B | HK$4.99B | HK$4.55B | HK$3.69B |
| Net income | HK$4.42B | HK$4.41B | HK$3.36B | HK$3.23B | HK$2.99B |
| Free cash flow | HK$3.21B | HK$2.13B | HK$1.18B | HK$1.08B | -HK$497M |
| Capital expenditure | HK$3.42B | HK$3.42B | HK$3.57B | HK$3.03B | HK$3.42B |
| Total debt | HK$10.2B | HK$9.57B | HK$9.15B | HK$8.21B | HK$10.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Zhejiang Sanhua Intelligent Controls 2050.HK | $11.9B | -38% | +8% | 15% | 18.4× | 8.7% |
| Emerson Electric EMR | $90.6B | +15% | +5% | 21% | 22.3× | 19.9% |
| Aishida 002403.SZ | $530M | -6% | +1% | -9% | n/a | 51.6% |
| Zhejiang Dun'an Artificial Environment 002011.SZ | $1.81B | -4% | +8% | 8% | 11.4× | -0.4% |
| Zhejiang Yinlun Machinery 002126.SZ | $3.53B | -39% | +28% | 7% | 23.0× | 14.6% |
| Hanon Systems 018880.KS | $2.31B | -28% | +5% | 4% | 12.3× | 3.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2050.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.5% | -6.0% | 10th lowest of 21 |
| 6-month return | -38.0% | -11.9% | 4th lowest of 21 |
| Distance from 52-week high | -49.6% | -39.7% | 8th lowest of 21 |
| Revenue growth (TTM) | +8.1% | +8.7% | 10th lowest of 21 |
| Operating margin | 15.3% | 16.1% | 10th lowest of 21 |
| Forward P/E | 18.4× | 23.3× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 8.7% | 14.1% | 5th least demanding of 15 |
| Growth delivered (Del g) | +19.9% | +8.4% | 2nd highest of 15 |
| Hurdle (Req g minus delivered) | -11.3 pp | +4.1 pp | least demanding of 15 |
| ROIC minus cost of capital | +6.7 pp | +3.1 pp | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang Sanhua Intelligent Controls 2050.HK | Hong Kong | $11.9B | -38% | +8% | 15% | 18.4× | 8.7% | +19.9% |
| Lennox International LII | United States | $11.7B | -34% | +2% | 19% | 15.3× | 5.0% | +7.4% |
| Madison Air Solutions MAIR | United States | $11.6B | -45% | +27% | 17% | 20.6× | 31.9% | +27.3% |
| Watts Water Technologies WTS | United States | $11.6B | +17% | +17% | 19% | 24.6× | 15.8% | +10.1% |
| GEA Group Aktiengesellschaft G1A.DE | Germany | $12.6B | +25% | +4% | 12% | 21.0× | 5.8% | +3.5% |
| BELIMO BEAN.SW | Switzerland | $11.0B | +1% | +20% | 21% | 37.2× | 12.5% | +11.1% |
| Daifuku 6383.T | Japan | $10.9B | -33% | +21% | 15% | 18.9× | 14.7% | +8.3% |
| Graco GGG | United States | $10.9B | -13% | +5% | 27% | 20.0× | 8.1% | +6.3% |
| Pentair PNR | United States | $10.9B | -11% | -4% | 22% | 13.2× | 7.1% | +6.7% |
| Lifco LIFCO-B.ST | Sweden | $13.1B | +1% | +7% | 19% | 29.3× | 15.2% | +15.4% |
| Flowserve FLS | United States | $10.2B | +13% | 0% | 14% | 17.8× | 15.0% | +4.9% |
| Indutrade INDT.ST | Sweden | $9.94B | +39% | +6% | 12% | 28.6× | 18.4% | +10.9% |
| ACM Research (Shanghai) 688082.SS | China | $14.6B | +30% | +9% | 15% | 54.1× | n/a | n/a |
| Huagong Tech 000988.SZ | China | $9.54B | -47% | +16% | 7% | 30.9× | n/a | n/a |
| Lincoln Electric LECO | United States | $14.9B | +2% | +11% | 18% | 22.0× | 13.3% | +9.7% |
| Ebara 6361.T | Japan | $9.28B | -40% | +9% | 11% | 14.5× | n/a | n/a |
| NIBE Industrier NIBE-B.ST | Sweden | $9.25B | +7% | +2% | 10% | 27.3× | 13.5% | +8.5% |
| Guangdong Dtech Technology 301377.SZ | China | $9.23B | -18% | +119% | 36% | 50.9× | n/a | n/a |
| Ihi 7013.T | Japan | $15.4B | -20% | +8% | 10% | 12.7× | 16.7% | +8.1% |
| Shenzhen Han's CNC Technology 301200.SZ | China | $9.08B | -25% | +98% | 21% | 32.1× | n/a | n/a |
| Beijing E-Town Semiconductor Technology 688729.SS | China | $8.94B | -14% | +10% | 12% | 52.3× | n/a | n/a |