Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Views - The company reported a robust revenue growth of 13.87% year-on-year for H1 2024, achieving a total revenue of 6.346 billion yuan [3]. - The net profit attributable to shareholders increased by 44.02% year-on-year, reaching 474 million yuan [3]. - The company’s gross margin for H1 2024 was 18.00%, a decrease of 1.19 percentage points compared to the previous year [3]. - The report highlights strong growth in the automotive parts business, with significant contributions from core customers [3][4]. Financial Summary - For 2023, the company’s revenue is projected at 11,382 million yuan, with a year-on-year growth of 11.5% [2]. - The net profit attributable to shareholders for 2023 is estimated at 738 million yuan, reflecting a decline of 11.5% year-on-year [2]. - The gross margin is expected to be 19.2% in 2023, with a projected return on equity (ROE) of 16.7% [2]. - The earnings per share (EPS) for 2024 is forecasted to be 0.91 yuan, with a dynamic PE ratio of 11.0 [3][2].

上 市 公 司 证 券 研 究 报 告 家用电器 公 司 研 究/ 公 司 点 评 2024 年 08 月 28 日 盾安环境 (002011) ——2024 年中报点评：经营质量持续提升，新能车热管 理业务加速成长 | --- | --- | |-----------------------------|------------------------------------| | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 9.94 | | 一年内最高/最低（元） | 13.94/9.55 | | 市净率 | 2.3 | | 息率（分红/股价） | - | | 流通 A 股市值（百万元） | 9,108 | | 上证指数/深证成指 | 2,848.73/8,103.76 | | | 注："息率"以最近一年已公布分红计算 | | --- | --- | |-------------------------------|-------------------------------| | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 4.59 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 28 日 盾安环境(002011.SZ) 热管理收入持续高增，冷配业务快速增长 事件：盾安环境公布 2024 年半年报。公司上半年实现收入 63.5 亿元，YoY+13.9%，实现归母净利润 4.7 亿元，YoY+44.0%，实现 扣非归母净利润 4.7 亿元，YoY+10.2%；经折算，公司 Q2 单季度 实现收入 37.2 亿元，YoY+19.0%，实现归母净利润 2.7 亿元， YoY+58.7%,实现扣非归母净利润 2.7 亿元，YoY+7.6%。我们认为， Q2 盾安汽车热管理收入延续高增，冷配业务受益于下游空调生产 积极，单季经营表现稳步提升。 冷配收入快速增长，制冷设备业务表现平稳：分产品来看，1） 2024H1 盾安冷配业务收入 YoY+15.7%，我们推断 Q2 公司冷配业 务收入同比延续快速增长态势。据产业在线数据，Q2 盾安截止阀、 四通阀、电子膨胀阀销量 YoY+22.5%、+3.5%、+22.4%。下游空调 生产较为积极，带动制冷配件需求提升，Q2 空调行业生产量 YoY+12.5%。2）2024 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.08.28 ——2024H1 盾安环境业绩点评 业绩符合预告中枢，期待汽零业务改善 盾安环境(002011) 家用电器业[Table_Industry] /可选消费品 | --- | --- | --- | --- | |----------|-------------------------------------|----------------------|----------------------------| | | | | | | | [table_Authors] 蔡雯娟 ( 分析师 ) | 谢丛睿 ( 分析师 ) | 曲世强 ( 研究助理 ) | | | 021-38031654 | 021-38038437 | 021-38031025 | | | caiwenjuan024354@gtjas.com | xiecongrui@gtjas.com | qushiqiang028 ...

浙江盾安人工环境股份有限公司 关于珠海格力集团财务有限责任公司的风险持续评估报告 5.提供成员单位委托贷款、债券承销、非融资性保函、财务顾问、信用鉴证 及咨询代理业务； 6.从事同业拆借； 浙江盾安人工环境股份有限公司（以下简称"本公司"）第八届董事会第十 三次会议审议通过了《关于珠海格力集团财务有限责任公司的风险持续评估报 告》。根据《深圳证券交易所上市公司自律监管指引第 7 号——交易与关联交易》 的要求，本公司通过查验珠海格力集团财务有限责任公司（以下简称"财务公司"） 的《金融许可证》《企业法人营业执照》等证件资料及相关财务资料，对财务公 司的经营资质、业务和风险状况进行了评估，现将有关风险评估情况报告如下： 一、财务公司基本情况 财务公司是经国家金融监督管理总局批准成立的非银行金融机构，1995 年 5 月 29 日取得《企业法人营业执照》（统一社会信用代码：91440400192591748C）， 2003 年 4 月领取《金融许可证》（金融许可证机构编码：L0062H344040001），公 司法定代表人：董明珠，注册地址：珠海市前山金鸡路 901 号。 财务公司注册资本为人民币 30 亿元，其 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥6,345,721,830.47, representing a 13.87% increase compared to ¥5,572,956,043.69 in the same period last year[10]. - Net profit attributable to shareholders was ¥473,916,567.03, a significant increase of 44.02% from ¥329,065,325.84 year-on-year[10]. - The basic earnings per share rose to ¥0.45, up 45.16% from ¥0.31 in the previous year[10]. - The total assets at the end of the reporting period were ¥11,551,209,498.24, reflecting a 7.12% increase from ¥10,782,979,700.54 at the end of the previous year[10]. - The net assets attributable to shareholders increased by 10.70% to ¥4,889,980,543.63 from ¥4,417,310,362.48[10]. - The net cash flow from operating activities improved significantly to ¥272,397,787.34, compared to a negative cash flow of -¥173,873,374.92 in the same period last year, marking a 256.66% increase[10]. - The company's weighted average return on equity increased to 10.18%, up by 1.6 percentage points from 8.58% in the previous year[10]. - The company reported a net profit from non-recurring gains and losses of ¥465,314,554.92, which is a 10.23% increase from ¥422,129,485.52 in the previous year[10]. - The company reported a total operating cost of CNY 5,803,235,769.61 for the first half of 2024, which is an increase of 13.9% from CNY 5,092,558,363.43 in the previous year[99]. - The total profit for the first half of 2024 was CNY 555,882,928.22, an increase from CNY 397,804,212.81 in the first half of 2023, marking a growth of 39.7%[100]. Market Position and Strategy - The company has a leading market share in the global refrigeration components industry, with the market share for its shut-off valve ranked first globally and for its four-way valve and electronic expansion valve ranked second[16]. - The company aims to expand its market share in commercial air conditioning and refrigeration sectors while enhancing its presence in overseas markets[17]. - The company is actively developing new products suitable for new refrigerants to support global customers in achieving green and efficient product development[15]. - The company has established long-term partnerships with major automotive manufacturers and battery companies, including BYD and CATL, to enhance its position in the new energy vehicle thermal management market[16]. - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[106]. - The company has initiated new strategies for technology development and market expansion, although specific details were not provided in the documents[106]. Research and Development - Research and development investment rose by 6.76% to ¥216,064,366.31, indicating a continued focus on innovation[19]. - The company has applied for a total of 3,895 patents, including 1,165 invention patents, and has been awarded 3,244 patents, with 514 being invention patents[17]. - The company has established long-term partnerships with several universities and research institutes to enhance its innovation capabilities[18]. Environmental Responsibility - The company is committed to environmental protection, adhering to relevant laws and regulations, and has obtained pollution discharge permits for its subsidiaries[46]. - The company invested over 6 million RMB in new wastewater treatment systems, enhancing treatment capacity and water quality[50]. - The company has implemented advanced treatment processes such as SBR and MBR systems to improve wastewater management[50]. - The company has established a comprehensive environmental management system, ensuring stable operation of pollution control facilities[50]. - The company has not experienced any environmental pollution incidents, maintaining compliance with emission standards[50]. - The company actively promotes water conservation and clean production measures, including the installation of smart water meters[50]. - The company installed distributed photovoltaic systems at manufacturing bases, reducing carbon dioxide emissions by approximately 6,500 tons annually[53]. Financial Management - The company has maintained a complete internal control system to safeguard the rights of shareholders and creditors[55]. - The company has not engaged in speculative derivative investments during the reporting period[35]. - The company’s derivative investments are aimed at hedging against raw material price risks and exchange rate risks, with strict adherence to internal management regulations[33]. - The company reported a total of ¥1,793,376,303.58 in receivables financing, with an ending balance of ¥2,515,062,565.92[25]. - The company has not engaged in entrusted financial management during the reporting period[75]. Shareholder Information - The company plans to implement a long-term incentive plan, granting 8.81 million restricted stocks at a price of ¥6.61 per share and 4.99 million stock options with an exercise price of ¥13.21 per share[44]. - The company will not distribute cash dividends or bonus shares for the half-year period[43]. - The largest shareholder, Zhuhai Gree Electric Appliances Co., Ltd., holds 38.46% of the total shares, amounting to 409,774,802 shares[83]. - The total number of shareholders at the end of the reporting period was 43,493, with 10 shareholders holding more than 5% of the shares[83]. - The company’s stock incentive plan is designed to align the interests of management with those of shareholders[81]. Risk Management - The company has outlined potential risks and corresponding measures in its management discussion section, emphasizing the importance of investor awareness regarding investment risks[1]. - The company faces risks from raw material price fluctuations, particularly for copper, aluminum, and zinc, which significantly impact production costs[41]. - The company has established subsidiaries in Thailand, the USA, Japan, and Europe, and is implementing measures to mitigate operational risks in these regions[41]. Corporate Governance - The company has not provided guarantees for shareholders or related parties, with a total of 0 for such guarantees[74]. - The company has not identified any significant doubts regarding its ability to continue as a going concern for the next 12 months[130]. - The financial report was approved by the company's board of directors on August 26, 2024[127]. Accounting Policies - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that the financial statements reflect the true financial condition and operating results as of June 30, 2024[132]. - The company recognizes revenue from sales of refrigeration parts and automotive thermal management products at the point of delivery, confirmed upon customer acceptance[196]. - The company measures share-based payments based on the fair value of equity instruments granted, recognizing costs over the service period[193]. - Deferred tax assets and liabilities are recognized based on temporary differences between the carrying amount of assets and liabilities and their tax bases[200].

上市公司2024年半年度非经营性资金占用及其他关联资金往来情况汇总表 司及其附属企业 第 2 页 上市公司的子公 | 上市公司的子公 | 浙江盾安冷链系统有限公司 | 子公司 | 其他应收款 | 9,432.68 | 955.12 | 172.02 | | 10,559.82 资金调度及代垫费用 | 非经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 重庆华超金属有限公司 | 子公司 | 其他应收款 | 5,412.35 | 8,735.28 | 97.22 | 5,659.63 | 8,585.21 资金调度及代垫费用 | 非经营性往来 | | 司及其附属企业 | 盾安精工（美国）有限公司 | 子公司 | 其他应收款 | 5,241.20 | 32.63 | | | 5,273.83 资金调度及代垫费用 | 非经营性往来 | | | 南昌中昊机械有限公司 | 子公司 | 其他应收款 | 5,042.80 | 35,776.60 | 106.15 | 27,729.51 | 13,196.04 资金调度及代垫费用 ...

证券代码：002011 证券简称：盾安环境 公告编号：2024-038 浙江盾安人工环境股份有限公司 所有外汇交易行为均以正常生产经营为基础，以具体经营业务为依托，公司 不进行单纯以盈利为目的的外汇交易，不得进行投机和套利交易，以规避汇率风 险为目的。 关于开展外汇套期保值业务的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 1、投资种类：公司拟开展的外汇套期保值业务包括但不限于远期结售汇业 务、外汇掉期、货币掉期、外汇互换及外汇期权等业务。 2、交易额度：预计动用的交易保证金和权利金上限不超过人民币5,000万元 （含等值外币）；预计累计金额不超过15,000万美元（含等值外币）的外汇套期 保值业务，期限内任一时点的交易金额（含前述投资的收益进行再投资的相关金 额）不应超过该投资额度。 3、特别风险提示：公司开展的外汇套期保值业务，不做投机性、套利性的交 易操作，但外汇套期保值操作仍存在市场风险、汇率波动风险、内部控制风险和 客户违约风险，公司将积极落实内部控制制度和风险防范措施。敬请投资者充分 关注投资风险。 浙江盾安人工环境股份有限 ...

浙江盾安人工环境股份有限公司 关于开展外汇套期保值业务的可行性分析报告 一、业务背景 随着浙江盾安人工环境股份有限公司（以下简称 "公司"） 国际业务规模 的稳步推进，公司外汇收入占比提升，汇率波动对公司经营成果的影响日益增大， 为有效规避汇率及利率等波动的市场风险，防范大幅波动对公司造成不良影响， 合理降低财务费用，公司及子公司拟通过外汇资金的衍生产品业务来规避汇率风 险，以保证公司稳健经营的需求和目标利润的实现。 二、 外汇衍生品交易概述 2、交易对手：具备外汇衍生品交易资质的银行等金融机构。 3、交易金额：公司及子公司拟继续开展外汇套期保值业务，预计动用的交 易保证金和权利金上限不超过人民币5,000万元（含等值外币），预计累计金额不 超过15,000万美元（含等值外币），在上述额度范围内，资金可循环使用。 4、流动性安排：所有外汇资金业务均与公司主营业务密切相关，且在规模、 方向、期限等方面相互匹配，不会对公司流动性造成影响。 在人民币兑外汇汇率浮动的背景下，为了规避进出口收付汇业务的汇率波动 风险，结合与公司生产经营主要的结算币种，公司及子公司拟开展美元、欧元、 泰铢等外汇资金衍生产品以下业务： 1 ...

证券代码：002011 证券简称：盾安环境 公告编号：2024-040 浙江盾安人工环境股份有限公司 第八届监事会第十二次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 1、监事会会议通知的时间和方式 浙江盾安人工环境股份有限公司（以下简称 "公司"）第八届监事会第十二 次会议通知于 2024 年 8 月 16 日以电子邮件方式送达各位监事。 2、召开监事会会议的时间、地点和方式 本次会议应表决监事 5 名，实际参加表决监事 5 名；发出表决单 5 份，收到有 效表决单 5 份。 4、监事会会议主持人 （一）审议通过《2024 年半年度报告全文及摘要》。 具体内容详见公司于 2024 年 8 月 28 日刊登于《证券时报》、《证券日报》 和巨潮资讯网上的《2024 年半年度报告摘要》（公告编号：2024-036）及同日刊 登于巨潮资讯网上的《2024 年半年度报告》。 会议于 2024 年 8 月 26 日以现场结合通讯表决方式召开。 3、监事会会议出席情况 会议由监事会主席张伟先生主持。 5、本次监事会会议的合法、合规性 ...