盾安环境(002011)：业绩超预期 第二成长曲线汽零高增

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]