盾安环境：4月18日接受机构调研，景顺长城基金、长城基金等多家机构参与

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]