盾安环境（002011）：汽零持续高增，铜涨价等影响盈利释放，二季度有望改善

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company's Q1 2025 performance met expectations, with revenue of 3.021 billion yuan, a year-on-year increase of 15%, and a net profit attributable to the parent company of 218 million yuan, up 4% year-on-year [6] - The report highlights strong growth in the automotive thermal management segment, driven by the increasing production and sales of new energy vehicles, which saw a year-on-year growth of 50.4% and 47.1% respectively in Q1 2025 [6] - The report anticipates a recovery in profit margins in Q2 2025 as copper prices are expected to decline, which will help stabilize the company's gross margin [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are 14.383 billion yuan, with a year-on-year growth rate of 13.4% [2] - The net profit attributable to the parent company is forecasted to be 1.170 billion yuan in 2025, representing a year-on-year increase of 12% [2] - The earnings per share (EPS) is expected to be 1.10 yuan in 2025, with a projected gross margin of 18.9% [2] Market Data - As of April 25, 2025, the closing price of the stock is 12.12 yuan, with a market capitalization of 11.106 billion yuan [3] - The stock has a price-to-book ratio of 2.3 and a projected price-to-earnings ratio of 11 for 2025 [3] Business Segment Analysis - The report indicates that the refrigeration parts segment is experiencing growth, with domestic and export sales of household air conditioners increasing by 6.2% and 24.5% respectively in Q1 2025 [6] - The refrigeration equipment segment is expected to remain in a downward trend due to reduced capital expenditure in the lithium battery and photovoltaic sectors [6]