TacticScaleWhat Zhejiang Sanhua Intelligent Controls (三花智控) Does & How It Makes Money (002050.SZ)
Updated October 2026 · reflects Zhejiang Sanhua Intelligent Controls's latest reported financials
Chinese maker of HVAC control valves and EV thermal management parts. It earns revenue by manufacturing and selling refrigeration, air-conditioning and automotive components to equipment and vehicle makers in China and abroad.
How Zhejiang Sanhua Intelligent Controls makes money
It earns revenue by manufacturing and selling refrigeration, air-conditioning and automotive components to equipment and vehicle makers in China and abroad.
What Zhejiang Sanhua Intelligent Controls does
Zhejiang Sanhua Intelligent Controls, founded in 1994 and based in Shaoxing, China, researches, makes and sells control components for refrigeration and air-conditioning systems, as well as auto parts. Its range includes four-way reversing valves, electronic and thermal expansion valves, solenoid valves, micro-channel heat exchangers, omega pumps, electronic water pumps and accumulators. It sells in China and internationally. Its parts are used in air conditioners, refrigerators, dishwashers and cold-chain logistics. In automobiles, it supplies thermal management integrated components for new energy vehicles, so the business covers both home appliances and the shift to electric vehicles.
Products & services
- Four-way reversing valves
- Electronic and thermal expansion valves
- Solenoid valves
- Micro-channel heat exchangers
- Electronic water pumps
- New energy vehicle thermal management integrated components
三花智控是做什么的？
浙江三花智能控制股份有限公司成立于1994年，总部位于浙江绍兴，从事制冷空调电器零部件和汽车零部件的研发、制造与销售。主要产品包括四通换向阀、电子膨胀阀和热力膨胀阀、电磁阀、微通道换热器、omega泵、电子水泵、储液器等。 公司产品在国内外销售，用于空调、冰箱、洗碗机和冷链物流等领域。在汽车领域，公司提供新能源汽车热管理集成组件，业务覆盖家电和汽车电动化两个方向。
What is Zhejiang Sanhua Intelligent Controls worth?
On an owner-earnings DCF, Zhejiang Sanhua Intelligent Controls's most-likely value is about ¥12 versus a recent price near ¥33 (171% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥6) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
One company, two listings
Zhejiang Sanhua Intelligent Controls trades in mainland China and in Hong Kong. Same business, same profits — but the two markets can price it at different multiples, because they have different investors, money and reference points.
| Market | Ticker | Price | P/E |
|---|---|---|---|
| Shenzhen (A shares) | 002050.SZ | ¥32.83 | 35.3× |
| Hong Kong (H shares) | 2050.HK | HK$22.34 | 21.5× |
As of 12 October 2026. Prices in each listing's own currency. Why one profit can carry two prices: Valuation Is Not a Property of the Company.
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