Core Insights - Company reported a revenue of 12.678 billion, representing a year-on-year growth of 11.39%, and a net profit of 1.045 billion, showing a significant increase of 41.58% for the year 2024 [2][9] - The company has a diversified business model, with notable growth in the automotive thermal management sector, which saw a revenue increase of 71.66% [2][8] - The company is actively pursuing international market expansion and adapting its business strategies in response to global market conditions, including U.S. tariff policies [3] Financial Performance - In 2024, the company achieved a revenue of 12.678 billion, with a gross margin of 18.22%, which is a decrease of 0.83 percentage points compared to the previous year [2][9] - The breakdown of revenue by business segment shows that the refrigeration parts business generated 9.612 billion, up 13.67%, while the refrigeration equipment business declined by 9.16% to 1.496 billion [2] - The company’s net profit for Q4 2024 was 396 million, reflecting a remarkable year-on-year increase of 100.2% [9] Business Strategy - The company is focusing on enhancing its overseas business resilience and has been expanding its product offerings to cover various sectors, including air conditioning, heat pumps, and data centers [6][8] - The decline in refrigeration equipment revenue is attributed to lower demand in domestic sectors such as real estate and photovoltaics, prompting the company to optimize resource allocation towards high-growth potential areas [5] - The company is committed to continuous innovation and product development to meet diverse market demands and improve competitiveness [7]

Financial Performance - In 2024, the company achieved a revenue of 12.678 billion, representing a year-on-year growth of 11.39% [2] - The net profit attributable to shareholders was 1.045 billion, with a significant increase of 41.58% compared to the previous year [2] - The non-recurring net profit reached 929 million, reflecting a growth of 13.16% [2] - The gross profit margin stood at 18.22%, a decrease of 0.83 percentage points year-on-year [2] Business Segment Analysis - The refrigeration parts business generated a revenue of 9.612 billion, up by 13.67%, with a gross margin of 18.60%, down by 0.84 percentage points [2] - The refrigeration equipment segment saw a revenue decline to 1.496 billion, down 9.16%, with a gross margin of 21.07%, a decrease of 2.71 percentage points [2] - The automotive thermal management business experienced substantial growth, achieving a revenue of 812 million, an increase of 71.66%, with a gross margin of 23.13%, up by 0.76 percentage points [2] Strategic Responses - The company maintains a global perspective and is dynamically adjusting its business strategies in response to U.S. tariff policies, focusing on building a resilient overseas business framework [3] - The refrigeration parts orders remain strong, indicating a healthy production schedule [4] - The decline in refrigeration equipment revenue is attributed to the poor performance of key domestic sectors such as real estate and photovoltaics, prompting the company to explore overseas markets and optimize resource allocation towards high-growth potential sectors [5] Business Development Initiatives - The commercial components business has undergone significant transformation, expanding from a single central air conditioning focus to a diverse range of solutions including air conditioning, heat pumps, and data centers [6] - The company has made breakthroughs in research and development for commercial components, enhancing product performance to meet diverse market demands [6] - The electric vehicle thermal management business is rapidly growing, with revenues significantly increasing in 2024, and the company plans to further invest in this area to boost market share [6]

Core Insights - The company reported better-than-expected performance in 2024, achieving total revenue of 12.678 billion yuan, a year-on-year increase of 11%, and a net profit attributable to shareholders of 1.045 billion yuan, up 42% year-on-year [1] - The fourth quarter saw revenue of 3.343 billion yuan, a 14% increase year-on-year, and a net profit of 396 million yuan, which is a 100% increase year-on-year [1] - The company’s operating cash flow reached 1.161 billion yuan, a 43% increase year-on-year, indicating improved operational quality [4] Business Performance - The refrigeration parts business benefited from the old-for-new policy, achieving sales of 9.612 billion yuan in 2024, a 13.7% increase year-on-year, aligning with industry averages [2] - The company maintained a leading position in the market for key components, with the market share for shut-off valves being the highest globally, and second for four-way valves and electronic expansion valves [1] - The automotive thermal management segment saw significant growth, with sales reaching 812 million yuan, a 71.7% increase year-on-year, driven by the competitive advantage of its large-diameter valves [3] Market Outlook - The company anticipates a 17.1% growth in sales from transactions with Gree, projecting 2.9 billion yuan in 2025 compared to 2.477 billion yuan in 2024 [3] - Despite challenges in the central air conditioning market, which saw a 19.1% decline, the company’s refrigeration equipment sales were 1.496 billion yuan, down 9.2% year-on-year [3] - The company has raised its profit forecasts for 2025 and 2026, expecting net profits of 1.17 billion yuan and 1.35 billion yuan respectively, reflecting a positive growth outlook [4]

上 市 公 司 家用电器 2025 年 04 月 18 日 盾安环境 (002011) ——24 年报点评：业绩超预期，第二成长曲线汽零高增 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 17 日 | | --- | --- | | 收盘价（元） | 11.43 | | 一年内最高/最低（元） | 13.75/9.55 | | 市净率 | 2.4 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 10,473 | | 上证指数/深证成指 | 3,280.34/9,759.05 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 5.17 | | 资产负债率% | 54.65 | | 总股本/流通 A 股（百万） | 1,065/916 | | 流通 B 股/H 股（百万） | -/- | 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@s ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 15.54 [7][8]. Core Views - The company's net profit performance exceeded expectations, with a reported net profit of RMB 1.045 billion for 2024, representing a year-on-year increase of 41.58% [1][6]. - The revenue for 2024 is projected at RMB 12.678 billion, reflecting a year-on-year growth of 11.39% [1][6]. - The company is expected to maintain stable growth in its core business related to air conditioning, despite potential short-term impacts from US tariffs [1][2]. - The automotive parts business is anticipated to continue benefiting from the growth in electric vehicle sales, maintaining a high growth rate [3]. Summary by Sections Revenue and Profitability - The company reported a revenue of RMB 12.678 billion for 2024, up 11.39% year-on-year, with a net profit of RMB 1.045 billion, up 41.58% year-on-year [1][6]. - The revenue for Q4 2024 showed a year-on-year increase of 13.81%, with net profit doubling at 100.2% year-on-year [1]. Business Segments - The refrigeration parts segment benefited from a 19.5% increase in air conditioning production in 2024, with the company's valve business growing by 13.7% [2]. - The automotive parts segment achieved a revenue of RMB 810 million in 2024, a significant increase of 72% year-on-year, aided by the acquisition of Shanghai Dacai [3]. Margin and Cost Structure - The gross margin for 2024 was reported at 18.2%, a decrease of 0.97 percentage points year-on-year, primarily due to rising copper prices [4]. - The company managed to reduce its expense ratio by 0.6 percentage points year-on-year, with sales and financial expense ratios also declining [4]. Future Outlook - For 2025, the company anticipates revenue growth to RMB 14.041 billion, with a projected EPS of RMB 1.11, reflecting an 8% and 7% upward adjustment for 2025 and 2026 respectively [5][6]. - The target price of RMB 15.54 corresponds to a PE ratio of 14x for 2025, considering the potential impact of US tariffs on air conditioning exports [5].

盾安环境（ [Table_StockNameRptType] 002011） 公司点评 顺利完成激励目标 ——盾安环境 2024 年点评 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-18 | | [Table_BaseData] 收盘价（元） | 11.43 | | 近 12 个月最高/最低（元） | 13.75/9.55 | | 总股本（百万股） | 1,065 | | 流通股本（百万股） | 916 | | 流通股比例（%） | 86.00 | | 总市值（亿元） | 122 | | 流通市值（亿元） | 105 | [公司价格与沪深 Table_Chart] 300 走势比较 执业证书号：S0010524100003 邮箱：chengqianzhi@hazq.com [Table_CompanyReport] 相关报告 1.盾安环境 24Q3：盈利受信用减值损 失影响 2024-10-26 2.盾安环境 24Q2：汽零增长逻辑持续 验证 2024-09-02 3.收入稳健，持续体质增效 2024-04- 19 主要观点： ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 16.47 CNY for the next six months [4][7]. Core Views - The company reported a revenue of 12.68 billion CNY for 2024, representing a year-over-year increase of 11.4%, and a net profit attributable to shareholders of 1.04 billion CNY, up 41.6% year-over-year [1][3]. - The "old-for-new" subsidy policy has effectively boosted domestic air conditioning and new energy vehicle sales, leading to a recovery in revenue growth for the company's automotive thermal management and refrigeration parts businesses in Q4 [1][2]. - The company is expected to benefit from the expansion of the "old-for-new" policy in 2025, which will likely stimulate ongoing demand for air conditioning updates and related components [2]. Financial Performance Summary - In Q4, the company achieved a revenue of 3.34 billion CNY, a year-over-year increase of 13.8%, and a net profit of 400 million CNY, reflecting a significant year-over-year growth of 100.2% [1][3]. - The automotive thermal management revenue for the second half of 2024 reached 550 million CNY, marking a year-over-year increase of 62.9% [2]. - The gross profit margin for Q4 remained stable at 15.9%, while management and R&D expense ratios increased due to higher stock payment costs and increased R&D investment [2][3]. - The net profit margin for Q4 improved significantly to 11.9%, up 5.1 percentage points year-over-year, primarily due to the reversal of previously recognized credit impairment losses [3]. Future Earnings Projections - The company is projected to have earnings per share (EPS) of 1.10 CNY, 1.25 CNY, and 1.49 CNY for the years 2025, 2026, and 2027, respectively [4][8]. - The expected revenue growth rates for the upcoming years are 15.5% for 2025, 11.4% for 2026, and 12.9% for 2027 [8][12]. Market Position - The company is recognized as a leading player in the refrigeration components industry and is actively expanding its business in refrigeration equipment and new energy vehicle thermal management [3][4]. - The total market capitalization of the company is approximately 12.18 billion CNY, with a circulating market capitalization of about 10.47 billion CNY [4].

公司点评 顺利完成激励目标 ——盾安环境 2024 年点评 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-18 | | [Table_BaseData] 收盘价（元） | 11.43 | | 近 12 个月最高/最低（元） | 13.75/9.55 | | 总股本（百万股） | 1,065 | | 流通股本（百万股） | 916 | | 流通股比例（%） | 86.00 | | 总市值（亿元） | 122 | | 流通市值（亿元） | 105 | [公司价格与沪深 Table_Chart] 300 走势比较 -27% -13% 1% 15% 29% 4/24 7/24 10/24 1/25 盾安环境 沪深300 [Table_Author] 分析师：邓欣 盾安环境（ [Table_StockNameRptType] 002011） 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 分析师：成浅之 执业证书号：S0010524100003 邮箱：chengqianzhi@hazq.com [Table ...

公募基金方面，本期较上一期持股增加的公募基金共计2个，包括中欧价值发现混合A、民生加银积极 成长发起式，持股增加占比达0.19%。本期较上一季度持股减少的公募基金共计10个，主要包括兴证全 球合瑞混合A、淳厚信泽A、中欧成长优选混合A、南方中证1000ETF、淳厚现代服务业A等，持股减少 占比达1.58%。本期较上一季度新披露的公募基金共计132个，主要包括景顺长城能源基建混合A、景顺 长城竞争优势混合、中欧潜力价值灵活配置混合A、景顺长城泰保三个月定开混合、景顺长城精选蓝筹 混合等。本期较上一季未再披露的公募基金共计3个，包括景顺长城策略精选灵活配置混合A、泰康颐 享混合A、富国稳健添利债券A。 2025年4月18日，盾安环境(002011.SZ)发布2024年年度报告。截至2025年4月17日，共有154个机构投资 者披露持有盾安环境A股股份，合计持股量达6.80亿股，占盾安环境总股本的63.82%。其中，前十大机 构投资者包括珠海格力电器股份有限公司、紫金矿业投资(上海)有限公司、全国社保基金一一三组合、 基本养老保险基金八零二组合、中国建设银行股份有限公司-中欧价值发现股票型证券投资基金、香港 中央结 ...

1、基本信息 （1）机构名称：中审众环会计师事务所（特殊普通合伙） （2）成立日期：中审众环始创于 1987 年，是全国首批取得国家批准具有从 事证券、期货相关业务资格及金融业务审计资格的大型会计师事务所之一。根据 财政部、证监会发布的从事证券服务业务会计师事务所备案名单，本所具备股份 有限公司发行股份、债券审计机构的资格。2013 年 11 月，按照国家财政部等有 关要求转制为特殊普通合伙制。 浙江盾安人工环境股份有限公司 董事会对会计师事务所 2024 年度履职情况评估及 审计委员会履行监督职责情况的报告 浙江盾安人工环境股份有限公司（以下简称"公司"）聘请中审众环会计师事 务所（特殊普通合伙）（以下简称"中审众环"）作为公司 2024 年度财务报告审 计机构、内部控制审计机构。根据《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司治理准则》《国有企业、上市公司选聘会计师事务所管理办法》 《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指引第 1 号 ——主板上市公司规范运作》和《浙江盾安人工环境股份有限公司章程》（以下 简称"《公司章程》"）等规定和要求，董事会审计委员会本着勤勉尽 ...