盾安环境（002011）：Q1收入快速增长，盈利能力有所承压

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 15.68 yuan for the next six months [5]. Core Views - The company reported a Q1 revenue of 3.02 billion yuan, representing a year-over-year increase of 15.0%, and a net profit attributable to shareholders of 220 million yuan, up 4.3% year-over-year [1][2]. - The growth in revenue is attributed to the continued stimulus from the old-for-new subsidy policy, which has boosted domestic air conditioning sales [1]. - Despite the revenue growth, the company's profitability has been under pressure due to rising raw material prices, particularly copper [2]. Summary by Sections Q1 Performance - Q1 revenue increased significantly, driven by the old-for-new subsidy policy, with upstream valve component demand also improving [1]. - The company’s Q1 net profit margin was 7.2%, a decrease of 0.7 percentage points year-over-year, primarily due to rising copper prices [2]. Financial Metrics - The company’s operating cash flow for Q1 was 150 million yuan, a substantial increase of 118.4% year-over-year, attributed to a decrease in cash paid for goods and services [2]. - The company’s cash balance at the end of the period was 2.9 billion yuan, reflecting a year-over-year increase of 7.4% [2]. Future Outlook - The company is expected to continue expanding its high-margin commercial refrigeration components and automotive thermal management business, which may improve profitability [2]. - Forecasted EPS for 2025, 2026, and 2027 are 1.05 yuan, 1.17 yuan, and 1.35 yuan respectively, with a projected revenue growth rate of approximately 12.1% for 2025 [4][13].