盾安环境（002011）：热管理增速亮眼，盈利能力短期波动

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4][3]. Core Views - The company reported a revenue of 3.021 billion yuan in Q1 2025, representing a year-on-year increase of 15.05%, and a net profit attributable to shareholders of 218 million yuan, up 4.34% year-on-year [1]. - The automotive parts business is expected to maintain high double-digit growth, supported by a favorable production schedule in the air conditioning sector [2]. - The company is positioned as a leader in the refrigeration components sector, with ongoing structural upgrades in its home appliance business and improvements in profitability [3]. Summary by Sections Financial Performance - In Q1 2025, the gross margin was 16.1%, down 1.4 percentage points year-on-year, attributed to a decline in high-margin equipment business and raw material costs [2]. - The net profit margin for Q1 2025 decreased by 0.7 percentage points to 7.2% [2]. Business Segments - The automotive valve market is entering an expansion phase, driven by new strategies from companies like BYD, which is expected to create significant demand for valve components [2]. - The company’s dual business segments are performing well, with projected net profits of 1.19 billion, 1.38 billion, and 1.57 billion yuan for 2025, 2026, and 2027 respectively [3]. Market Outlook - The overall production schedule for air conditioning is expected to show double-digit growth, which will support the company's revenue in the second quarter [2]. - The company is leveraging opportunities in the high-growth new energy vehicle thermal management sector [3].