盾安环境（002011）：净利表现超预期，阀件、汽零仍有空间

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].