盾安环境（002011）：归母净利润高增，盈利改善兑现

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].