DUN'AN ENVIRONMENTAL(002011) 天风证券·2025-04-20 10:23Investment 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 heat management segment and the implementation of a replacement policy in the household cooling parts sector [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, while the gross profit margin was 18.2%, down 1.0 percentage points from the previous year [1][2]. - The company’s operating income for 2024 was 1.76 billion yuan, with a projected net profit of 1.19 billion yuan for 2025, indicating a continued upward trend in profitability [4][10]. - The company’s earnings per share (EPS) for 2024 is estimated at 0.98 yuan, with a price-to-earnings (P/E) ratio of 11.87x [4][10]. Business Segment Performance - The heat management segment generated 810 million yuan in revenue, a substantial increase of 71.7% year-on-year, while the cooling parts segment contributed 9.61 billion yuan, up 13.7% [1]. - The company’s overseas business grew by 17.1% in 2024, outperforming domestic growth, indicating successful expansion strategies [1][3]. Future Projections - The company is expected to achieve net profits of 1.19 billion yuan in 2025, 1.38 billion yuan in 2026, and 1.57 billion yuan in 2027, with corresponding P/E ratios of 10.5x, 9.0x, and 7.9x respectively [3][4].