证券研究报告 | 公司点评报告 2025 年 04 月 29 日 盾安环境（002011.SZ） 汽零高增，业绩超预期 消费品/家电 事件：公司发布 2024 年年报。2024 年公司实现营业收入 126.8 亿元，同比 +11.4%；归母净利润 10.4 亿元，同比+41.6%；扣非归母净利润 9.3 亿元，同 比+13.2%。24Q4 实现营业收入 33.4 亿元，同比+13.8%；归母净利润 4.0 亿 元，同比+100%；扣非归母净利润 3.0 亿元，同比+52%。全年业绩完成股权激 励目标，超市场预期。 ❑ 风险提示：汇率与海运费大幅波动，原材料价格上涨，制冷需求不及预期等。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 11382 | 12678 | 14486 | 15984 | 17643 | | 同比增长 | 12% | 11% | 14% | 10% | 10% | | 营业利润(百万元) | 969 | 1182 | 1 ...

华泰联合证券有限责任公司 关于浙江盾安人工环境股份有限公司 2024 年度保荐工作报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：盾安环境 | | --- | --- | | 保荐代表人姓名：黄梦丹 | 联系电话：010-56839300 | | 保荐代表人姓名：樊灿宇 | 联系电话：010-56839300 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 | | | 不限于防止关联方占用公司资源的制度、募集资 | 是 | | 金管理制度、内控制度、内部审计制度、关联交 | | | 易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 不适用，募集资金专户已于 2023 年注销 | | （2）公司募集资金项目进 ...

华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为浙江盾安人工环境股份有限公司（以下简称"盾安环境"或"公司"）非公开 发行股票并在主板上市持续督导阶段的保荐人，履行持续督导职责期间截至 2024 年 12 月 31 日。目前，持续督导期已经届满，华泰联合证券根据《证券发 行上市保荐业务管理办法》《深圳证券交易所股票上市规则》《深圳证券交易所 上市公司自律监管指引第 13 号——保荐业务》等相关法规及规范性文件的要求， 出具本保荐总结报告书。 一、保荐人及保荐代表人承诺 华泰联合证券有限责任公司 关于浙江盾安人工环境股份有限公司 非公开发行 A 股股票 之保荐总结报告书 | 保荐人名称 | 华泰联合证券有限责任公司 | | --- | --- | | 保荐人编号 | Z26774000 | 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担法律 责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、深圳证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 3、本机构及本人自 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4][3]. Core Views - The company reported a revenue of 3.021 billion yuan in Q1 2025, representing a year-on-year increase of 15.05%, and a net profit attributable to shareholders of 218 million yuan, up 4.34% year-on-year [1]. - The automotive parts business is expected to maintain high double-digit growth, supported by a favorable production schedule in the air conditioning sector [2]. - The company is positioned as a leader in the refrigeration components sector, with ongoing structural upgrades in its home appliance business and improvements in profitability [3]. Summary by Sections Financial Performance - In Q1 2025, the gross margin was 16.1%, down 1.4 percentage points year-on-year, attributed to a decline in high-margin equipment business and raw material costs [2]. - The net profit margin for Q1 2025 decreased by 0.7 percentage points to 7.2% [2]. Business Segments - The automotive valve market is entering an expansion phase, driven by new strategies from companies like BYD, which is expected to create significant demand for valve components [2]. - The company’s dual business segments are performing well, with projected net profits of 1.19 billion, 1.38 billion, and 1.57 billion yuan for 2025, 2026, and 2027 respectively [3]. Market Outlook - The overall production schedule for air conditioning is expected to show double-digit growth, which will support the company's revenue in the second quarter [2]. - The company is leveraging opportunities in the high-growth new energy vehicle thermal management sector [3].

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company's Q1 2025 performance met expectations, with revenue of 3.021 billion yuan, a year-on-year increase of 15%, and a net profit attributable to the parent company of 218 million yuan, up 4% year-on-year [6] - The report highlights strong growth in the automotive thermal management segment, driven by the increasing production and sales of new energy vehicles, which saw a year-on-year growth of 50.4% and 47.1% respectively in Q1 2025 [6] - The report anticipates a recovery in profit margins in Q2 2025 as copper prices are expected to decline, which will help stabilize the company's gross margin [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are 14.383 billion yuan, with a year-on-year growth rate of 13.4% [2] - The net profit attributable to the parent company is forecasted to be 1.170 billion yuan in 2025, representing a year-on-year increase of 12% [2] - The earnings per share (EPS) is expected to be 1.10 yuan in 2025, with a projected gross margin of 18.9% [2] Market Data - As of April 25, 2025, the closing price of the stock is 12.12 yuan, with a market capitalization of 11.106 billion yuan [3] - The stock has a price-to-book ratio of 2.3 and a projected price-to-earnings ratio of 11 for 2025 [3] Business Segment Analysis - The report indicates that the refrigeration parts segment is experiencing growth, with domestic and export sales of household air conditioners increasing by 6.2% and 24.5% respectively in Q1 2025 [6] - The refrigeration equipment segment is expected to remain in a downward trend due to reduced capital expenditure in the lithium battery and photovoltaic sectors [6]

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 15.68 yuan for the next six months [5]. Core Views - The company reported a Q1 revenue of 3.02 billion yuan, representing a year-over-year increase of 15.0%, and a net profit attributable to shareholders of 220 million yuan, up 4.3% year-over-year [1][2]. - The growth in revenue is attributed to the continued stimulus from the old-for-new subsidy policy, which has boosted domestic air conditioning sales [1]. - Despite the revenue growth, the company's profitability has been under pressure due to rising raw material prices, particularly copper [2]. Summary by Sections Q1 Performance - Q1 revenue increased significantly, driven by the old-for-new subsidy policy, with upstream valve component demand also improving [1]. - The company’s Q1 net profit margin was 7.2%, a decrease of 0.7 percentage points year-over-year, primarily due to rising copper prices [2]. Financial Metrics - The company’s operating cash flow for Q1 was 150 million yuan, a substantial increase of 118.4% year-over-year, attributed to a decrease in cash paid for goods and services [2]. - The company’s cash balance at the end of the period was 2.9 billion yuan, reflecting a year-over-year increase of 7.4% [2]. Future Outlook - The company is expected to continue expanding its high-margin commercial refrigeration components and automotive thermal management business, which may improve profitability [2]. - Forecasted EPS for 2025, 2026, and 2027 are 1.05 yuan, 1.17 yuan, and 1.35 yuan respectively, with a projected revenue growth rate of approximately 12.1% for 2025 [4][13].

Financial Performance - The company's operating revenue for Q1 2025 was ¥3,021,228,727.34, representing a 15.05% increase compared to ¥2,626,059,123.69 in the same period last year[5] - Net profit attributable to shareholders was ¥217,507,609.07, a 4.34% increase from ¥208,450,931.85 year-on-year[5] - Basic and diluted earnings per share both increased by 5.00% to ¥0.21 from ¥0.20[5] - Total operating revenue for the current period reached ¥3,021,228,727.34, an increase of 15.0% compared to ¥2,626,059,123.69 in the previous period[18] - Net profit attributable to the parent company was ¥217,507,609.07, representing a growth of 4.9% from ¥208,450,931.85 in the previous period[19] - The company reported a total comprehensive income of ¥205,080,990.07, an increase from ¥176,285,201.09 in the previous period[20] Cash Flow - The net cash flow from operating activities surged by 118.37% to ¥147,017,570.02, up from ¥67,325,366.47 in the previous year[5] - Operating cash inflow from sales was ¥1,441,084,497.53, slightly up from ¥1,426,296,836.07 in the previous period[21] - The net cash flow from operating activities was $147,017,570.02, an increase from $67,325,366.47 in the previous period, reflecting a significant improvement[22] - The total cash outflow from investing activities was $66,536,958.40, down from $200,485,756.26, indicating a reduction in investment expenditures[22] - The net cash flow from investing activities was -$58,800,565.98, an improvement compared to -$189,191,125.78 in the prior period[22] - The cash inflow from financing activities totaled $10,000,000.00, a decrease from $184,228,812.00, showing a decline in financing activities[22] - The net cash flow from financing activities was -$70,465,267.82, compared to -$89,647,830.67 previously, indicating a smaller cash outflow[22] - The net increase in cash and cash equivalents was $23,465,286.36, contrasting with a decrease of $207,856,739.93 in the previous period[22] - The ending balance of cash and cash equivalents was $2,757,032,937.48, an increase from $2,228,298,143.24, indicating a stronger liquidity position[22] Assets and Liabilities - Total assets decreased by 1.93% to ¥11,919,219,248.18 compared to ¥12,153,293,741.25 at the end of the previous year[5] - The total current assets amount to ¥9,440,087,332.39, down from ¥9,690,022,183.37 at the beginning of the period, representing a decrease of approximately 2.58%[16] - The total non-current assets are valued at ¥2,479,131,915.79, slightly up from ¥2,463,271,557.88, reflecting an increase of approximately 0.64%[16] - The total liabilities amount to ¥5,763,463,307.91, down from ¥6,198,875,484.35, showing a decrease of about 7.05%[16] - Total liabilities decreased to ¥6,198,830,989.15 from ¥6,641,501,611.14, indicating a reduction of approximately 6.7%[17] - The total equity attributable to shareholders increased to ¥5,723,893,566.42, up from ¥5,509,483,365.80, reflecting a growth of 3.9%[17] Expenses - Total operating costs increased to ¥2,825,247,545.57, up 16.0% from ¥2,435,008,789.72 in the previous period[18] - Research and development expenses rose to ¥114,247,226.32, a significant increase of 26.4% compared to ¥90,365,388.83 in the previous period[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 37,467[12] - Zhuhai Gree Electric Appliances holds 38.46% of shares, totaling 409,774,802 shares[12] Other Information - The company did not undergo an audit for the first quarter report, which may affect the perception of financial reliability[23] - The company will implement new accounting standards starting in 2025, which may impact future financial reporting[23]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 12.678 billion yuan in 2024, representing a year-on-year increase of 11.39%. The net profit attributable to shareholders was 1.045 billion yuan, up 41.58% year-on-year. The non-recurring net profit was 929 million yuan, an increase of 13.16% [6] - In Q4 2024, the company reported a revenue of 3.343 billion yuan, a growth of 13.81%, and a net profit of 396 million yuan, which is a significant increase of 100.2% year-on-year. The non-recurring net profit for the quarter was 300 million yuan, up 52.18% [6] - The company is expected to see continued growth in automotive thermal management and steady improvement in its refrigeration business due to structural optimization and cost reduction [6] Financial Summary - The company's revenue for 2024 was 126.78 billion yuan, with a year-on-year growth of 11.39%. The net profit attributable to shareholders was 10.45 billion yuan, reflecting a 41.58% increase [6] - The revenue breakdown for 2024 shows refrigeration equipment at 1.496 billion yuan (down 9.16%), refrigeration parts at 9.612 billion yuan (up 13.67%), automotive thermal management at 812 million yuan (up 71.66%), and other businesses at 759 million yuan (down 5.97%) [6] - The company’s gross margin for 2024 was 18.22%, a decrease of 0.83 percentage points year-on-year, while the net profit margin was 8.2%, an increase of 0.11 percentage points [7] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 1.121 billion yuan, 1.297 billion yuan, and 1.473 billion yuan respectively, with corresponding EPS of 1.05 yuan, 1.22 yuan, and 1.38 yuan [6][8] - The current price-to-earnings ratio (P/E) is projected to be 11.1 for 2025, 9.6 for 2026, and 8.4 for 2027 [8] Business Segments - The automotive thermal management segment is expected to continue its high growth trajectory, driven by acquisitions and increased orders from major clients. The refrigeration parts segment is anticipated to benefit from domestic subsidies and expansion into overseas markets [6]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5][16]. Core Views - The company achieved a significant increase in net profit, with a year-on-year growth of 41.6% to reach 1.04 billion yuan in 2024, driven by a strong performance in the heat management segment and the implementation of a replacement policy in the household cooling parts sector [1][2]. - The company is positioned as a leader in the refrigeration components industry, with ongoing structural upgrades in its main appliance business and continuous profit improvement [3]. - The automotive valve market is expected to experience rapid expansion due to increasing demand from the electric vehicle sector, particularly following strategic initiatives from major players like BYD [2]. Financial Performance Summary - In 2024, the company reported total revenue of 12.68 billion yuan, reflecting an 11.4% year-on-year increase, while the gross profit margin was 18.2%, down 1.0 percentage points from the previous year [1][2]. - The company’s operating income for 2024 was 1.76 billion yuan, with a projected net profit of 1.19 billion yuan for 2025, indicating a continued upward trend in profitability [4][10]. - The company’s earnings per share (EPS) for 2024 is estimated at 0.98 yuan, with a price-to-earnings (P/E) ratio of 11.87x [4][10]. Business Segment Performance - The heat management segment generated 810 million yuan in revenue, a substantial increase of 71.7% year-on-year, while the cooling parts segment contributed 9.61 billion yuan, up 13.7% [1]. - The company’s overseas business grew by 17.1% in 2024, outperforming domestic growth, indicating successful expansion strategies [1][3]. Future Projections - The company is expected to achieve net profits of 1.19 billion yuan in 2025, 1.38 billion yuan in 2026, and 1.57 billion yuan in 2027, with corresponding P/E ratios of 10.5x, 9.0x, and 7.9x respectively [3][4].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5][16]. Core Views - The company achieved a significant increase in net profit, with a year-on-year growth of 41.6% to reach 1.04 billion yuan in 2024, driven by a strong performance in the household cooling components sector and the benefits from the old-for-new policy [1][2]. - The company is positioned as a leader in the refrigeration components industry, with ongoing structural upgrades in its main appliance business and continuous profit improvement [3]. - The automotive valve market is expected to experience rapid expansion due to increasing demand from the electric vehicle sector, particularly following strategic initiatives from major players like BYD [2]. Financial Performance Summary - In 2024, the company reported total revenue of 12.68 billion yuan, reflecting an 11.4% year-on-year increase, and a gross margin of 18.2%, down 1.0 percentage points from the previous year [1][2]. - The breakdown of revenue by segment shows that thermal management revenue surged by 71.7% to 810 million yuan, while cooling components generated 9.61 billion yuan, up 13.7% [1]. - The company’s net profit is projected to grow to 1.19 billion yuan in 2025, with a corresponding PE ratio of 10.5x [3][4]. Business Outlook - The company is expected to continue benefiting from the old-for-new policy, which is driving growth in valve components, and is also expanding its overseas and commercial business segments [1][3]. - The forecast for net profit from 2025 to 2027 is 1.19 billion yuan, 1.38 billion yuan, and 1.57 billion yuan respectively, indicating a positive growth trajectory [3][4].