Zhejiang Sanhua Intelligent Controls Co Ltd ZSICY

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsChina

Last close 11.12 USD on Nov 2, 2026, −35.3% year to date

Quant rating

Quant rating C Rank 227 of 418 in Industrials

Growth A 24 of 418
Valuation D 329 of 418
Quality A 29 of 418
Revisions C 256 of 418
Momentum D 380 of 418

Wall Street consensus Buy (2.44)Average target 6.10 USD −45.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 20.1B
Enterprise value: 18.6B
52-week range: 3.25 – 17.45
3-year range: 3.25 – 17.45
Dividend yield: 2.11%
Beta (5 years): –
Shares outstanding: 4,208M
Next earnings: Mar 22, 2027

About the company

Zhejiang Sanhua Intelligent Controls Co Ltd is a China-based company principally engaged in refrigeration and air conditioning electrical components business and automotive components business. The refrigeration and air-conditioning electrical components Business is committed to the professional operation of building heating, ventilation and air conditioning (HVAC) and electrical equipment. Its main products include four-way reversing valve, electronic expansion valve, solenoid valve, microchannel heat exchanger, Omega pump and others. The automotive components business focuses on in-depth research in the field of automotive thermal management. Its main products comprise thermal expansion valve, electric expansion valve, electric water pump, and thermal management integrated module for new energy vehicle and others. The Company mainly operates its businesses in the domestic and overseas markets.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,435	3,829	3,460	3,095	2,522	–
Revenue growth	15.8%	10.7%	11.8%	22.7%	35.9%	19.0%
EPS (basic, normalized)	0.15	0.12	0.11	0.10	0.07	–
EPS growth	29.5%	3.2%	8.0%	39.4%	–	–
Gross margin	28.6%	27.3%	27.7%	25.6%	25.4%	26.9%
Net margin	13.1%	11.1%	11.9%	12.1%	10.5%	11.7%
ROE	15.9%	16.7%	18.9%	21.4%	15.9%	17.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,174
Current ratio	2.22x
Long-term debt (mil)	207
Net debt (mil)	−1,535
Total equity (mil)	4,889
Net debt / equity	−0.31x
Net debt / EBITDA	−1.73x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	4,435	+15.8%	4.2x	889	+41.3%	20.9x	0.15	+29.5%	74.3x
2026	5,101	+15.0%	3.6x	961	+8.2%	19.3x	0.15	+3.1%	72.1x
2027	5,834	+14.4%	3.2x	1,119	+16.4%	16.6x	0.19	+20.2%	60.0x
2028	6,602	+13.2%	2.8x	1,274	+13.8%	14.6x	0.21	+15.5%	51.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	5,101	−1.6%	−2.7%	−2.6%	0.15	−3.4%	−6.6%	−6.5%
2027	5,834	−1.8%	−3.8%	−3.4%	0.19	−1.4%	−2.2%	−2.5%
2028	6,602	−1.7%	−2.7%	−1.3%	0.21	−1.5%	−1.5%	−0.2%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	6,440	7,237	6,887	7,384	7,669	8,593	7,728	6,982	7,731	9,169
Sales mean (mil)	6,967	7,664	6,961	7,296	7,286	8,769	7,864	7,911	7,872	9,113
Surprise	−7.6%	−5.6%	−1.1%	+1.2%	+5.3%	−2.0%	−1.7%	−11.7%	−1.8%	+0.6%
EPS reported	0.17	0.23	0.21	0.23	0.24	0.33	0.27	0.19	0.22	0.27
EPS mean	0.22	0.24	0.22	0.24	0.21	0.27	0.26	0.28	0.24	0.30
Surprise	−22.7%	−5.3%	−6.4%	−2.4%	+13.0%	+20.1%	+3.8%	−31.4%	−9.8%	−9.8%

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ZSICY Zhejiang Sanhua Intelligent Controls Co Ltd	20.1B	−1.73x	13.1%	4.30x	72.1x	60.0x	19.3x	16.6x
VACNY VAT Group AG	20.5B	–	20.0%	24.70x	5.2x	3.0x	38.8x	23.1x
NVT nVent Electric PLC	20.0B	1.07x	11.0%	4.86x	23.2x	17.8x	16.2x	12.5x
FTV Fortive Corporation	19.9B	2.55x	12.8%	3.35x	21.5x	20.1x	17.2x	16.3x
KUBTY KUBOTA CORPORATION	19.1B	4.69x	6.2%	1.07x	10.9x	13.0x	9.2x	9.9x
SNA Snap-On Inc	18.8B	−0.31x	19.7%	3.09x	19.0x	17.7x	13.0x	12.4x
Mean		1.25x	13.8%	6.90x	25.3x	21.9x	19.0x	15.1x
Median		1.07x	13.0%	3.83x	20.2x	17.8x	16.7x	14.4x

Technical analysis

1M−11.0%
3M−15.8%
1Y−35.3%
3Y−35.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Zhejiang Sanhua Intelligent Controls Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,435	3,829	3,460	3,095	2,522	1,856
Cost of revenue	3,165	2,782	2,501	2,302	1,883	1,312
Gross profit	1,270	1,047	959	793	639	544
Selling, general & administrative expenses	378	349	309	269	213	211
Research & development	188	178	149	138	113	74.7
Depreciation/amortization	32.4	30.9	25.0	24.5	23.6	19.5
Interest expense (income), operating	13.4	8.3	1.0	1.1	−10.5	−0.6
Unusual expense (income)	12.3	5.8	2.2	−64.6	5.3	0.6
Other operating expenses	−48.5	−31.0	−26.0	−17.2	−16.0	−19.9
Operating income	694	506	499	443	312	259
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.9	−0.1	1.4	−0.2	−0.5	0.5
Net income before taxes	693	506	501	442	311	259
Provision for taxes	105	79.5	87.3	64.3	42.8	33.5
Minority interest	−6.3	−1.7	−1.8	−5.0	−3.3	−1.7
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	581	425	412	373	265	224
Extraordinary items	–	–	–	–	–	–
Net income	581	425	412	373	265	224
EBIT, normalized	719	520	502	379	306	259
EBITDA, normalized	890	656	613	471	389	323
Basic EPS, normalized	0.15	0.12	0.11	0.10	0.07	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Zhejiang Sanhua Intelligent Controls Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,340	916	917	854	1,057	636
Receivables	1,640	1,380	1,221	1,202	935	744
Total inventory	806	723	648	628	573	354
Prepaid expenses	17.8	24.6	27.6	20.3	19.5	18.3
Other current assets	17.4	11.4	14.4	14.2	25.4	22.7
Total current assets	4,822	3,055	2,828	2,719	2,609	1,775
Property, plant & equipment	1,964	1,686	1,420	1,115	912	685
Goodwill	0	0	1.0	1.1	1.2	4.9
Intangibles	180	147	119	105	110	77.8
Long-term investments	7.4	6.5	6.5	5.9	4.9	3.9
Note receivable	1.4	0.5	0.5	0.5	0.6	0.3
Other long-term assets	90.2	85.6	118	107	81.6	63.3
Total assets	7,065	4,981	4,493	4,054	3,718	2,610
Liabilities
Accounts payable	1,457	1,339	1,108	937	804	539
Payable/accrued	–	–	–	–	–	–
Accrued expenses	146	125	111	85.3	66.4	49.9
Short-term debt	208	216	170	187	116	58.7
Current portion of long-term debt	227	80.9	203	82.8	277	20.0
Other current liabilities	159	107	72.2	78.1	51.0	56.8
Total current liabilities	2,197	1,868	1,665	1,371	1,315	725
Long-term debt	153	313	178	694	569	276
Minority interest	41.7	30.4	23.9	25.8	16.1	13.5
Other liabilities	133	126	105	87.1	63.7	54.2
Total liabilities	2,525	2,337	1,972	2,178	1,963	1,068
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	602	511	526	521	565	550
Additional paid-in capital	1,802	448	487	41.0	58.8	48.3
Retained earnings (accumulated deficit)	2,208	1,756	1,552	1,304	1,152	1,001
Treasury stock	−74.4	−52.3	−59.7	−47.8	−64.9	−43.1
Other equity	2.7	−19.0	16.2	58.1	44.1	−13.7
Total equity	4,540	2,644	2,521	1,876	1,755	1,542
Total liabilities & shareholders' equity	7,065	4,981	4,493	4,054	3,718	2,610

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Zhejiang Sanhua Intelligent Controls Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	−673	−587	−541	−444	−381	−324
Cash from operations	728	598	525	364	245	320
Investing activities
Capital expenditures	−451	−451	−387	−427	−307	−176
Other investing cash flows	−91.6	−30.3	216	39.2	−488	54.3
Cash from investing	−542	−481	−170	−387	−795	−122
Financing activities
Financing cash flow items	−62.5	−45.5	−43.7	−20.2	−32.9	1.5
Cash dividends paid	−151	−196	−147	−147	−152	−129
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,330	111	36.5	80.6	629	66.4
Cash from financing	1,116	−131	−154	−86.5	444	−60.6
Foreign exchange effects	−8.1	−11.1	21.4	17.2	−6.3	−7.7
Net change in cash	1,293	−24.9	222	−92.7	−112	130
Free cash flow	277	147	138	−62.7	−62.4	144

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.