研报掘金丨爱建证券：首予三花智控“买入”评级，机器人业务拓成长边界

格隆汇2025-12-24

爱建证券研报指出，三花智控为全球热管理平台龙头，机器人业务拓成长边界。公司为全球制冷控制元器件和汽车热管理系统的领军企业，产品涵盖电子膨胀阀、电磁阀、新能源车热管理集成组件等，业务与产能高度全球化，2024年海外收入占比44.7%。全球制冷空调控制元器件市场规模稳步增长，整体复合增速约7%，其中阀类与换热器贡献主要增量、增速领先。公司具备高可靠机电执行器领域的技术与规模优势，使其具备向机器人赛道...

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