三花智控（002050.SZ）：3Q26营业利润符合预期，汇兑与股权投资损失拖累净利；基于液冷及机器人业务维持H股买入、A股中性

Sanhua reported largely in-line 3Q26 results, with revenue, gross profit, EBIT and operating profit close to expectations, while net profit declined modestly year on year mainly due to a one-off FX loss and fair-value losses on equity investments in the quarter. HVAC control components grew and continued to outperform the domestic AC production trend, helped by fast-growing liquid cooling, resilient domestic residential sales and energy-efficiency upgrades in North America, Japan and Southeast Asia. The auto thermal management segment posted revenue growth, with exports likely to stay strong in 4Q26 and 1Q27 ahead of EU policy and export tax rebate changes, after which incremental demand from autonomous driving sensors, valves and controllers should take over. Liquid cooling revenue already reached a meaningful scale in 9M26, led by data centres with energy storage second, and management still expects strong full-year growth with potentially another 50-100% increase in 2027;