DUN'AN ENVIRONMENTAL(002011) 开源证券·2025-04-21 11:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 12.678 billion yuan in 2024, representing a year-on-year increase of 11.39%. The net profit attributable to shareholders was 1.045 billion yuan, up 41.58% year-on-year. The non-recurring net profit was 929 million yuan, an increase of 13.16% [6] - In Q4 2024, the company reported a revenue of 3.343 billion yuan, a growth of 13.81%, and a net profit of 396 million yuan, which is a significant increase of 100.2% year-on-year. The non-recurring net profit for the quarter was 300 million yuan, up 52.18% [6] - The company is expected to see continued growth in automotive thermal management and steady improvement in its refrigeration business due to structural optimization and cost reduction [6] Financial Summary - The company's revenue for 2024 was 126.78 billion yuan, with a year-on-year growth of 11.39%. The net profit attributable to shareholders was 10.45 billion yuan, reflecting a 41.58% increase [6] - The revenue breakdown for 2024 shows refrigeration equipment at 1.496 billion yuan (down 9.16%), refrigeration parts at 9.612 billion yuan (up 13.67%), automotive thermal management at 812 million yuan (up 71.66%), and other businesses at 759 million yuan (down 5.97%) [6] - The company’s gross margin for 2024 was 18.22%, a decrease of 0.83 percentage points year-on-year, while the net profit margin was 8.2%, an increase of 0.11 percentage points [7] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 1.121 billion yuan, 1.297 billion yuan, and 1.473 billion yuan respectively, with corresponding EPS of 1.05 yuan, 1.22 yuan, and 1.38 yuan [6][8] - The current price-to-earnings ratio (P/E) is projected to be 11.1 for 2025, 9.6 for 2026, and 8.4 for 2027 [8] Business Segments - The automotive thermal management segment is expected to continue its high growth trajectory, driven by acquisitions and increased orders from major clients. The refrigeration parts segment is anticipated to benefit from domestic subsidies and expansion into overseas markets [6]