重要声明： 公司点评 盾安环境（002011.SZ）/家电 证券研究报告/公司点评 2024 年 5 月 4 日 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

公 司 研 究 ——公司信息更新报告 | --- | --- | --- | |-------------------------------------------|----------------------------------------------|-----------------------------------------------| | | | | | 吕明（分析师） | 周嘉乐（分析师） | 林文隆（联系人） | | lvming@kysec.cn 证书编号： S0790520030002 | zhoujiale@kysec.cn 证书编号： S0790522030002 | linwenlong@kysec.cn 证书编号： S0790122070043 | 分 业 务 ， 2023 年 制 冷 配 件 / 制冷设备 / 汽 车 热 管 理 业 务 分 别 实 现 营 收 84.56/16.46/4.73 亿元，同比分别+8.74%/+10.53%/+136.54%，2023H2 同比分别 +7.76%/+20.47%/+128.64%。此外 2023 年公司子公司盾安热工科技实现 ...

[ T able_StockInfo] 2024 年 04 月 19 日 证券研究报告•2023年报及 2024 一季报点评 持有 （维持） 当前价：11.57 元 盾安环境（002011）家用电器 目标价：——元（6 个月） 数据来源：聚源数据 [Table_Summary 事件：公司发布] 2023年年报及 2024年一季报，2023年公司实现营收 113.8亿 元，同比增长 12.2%；实现归母净利润 7.4 亿元，同比-12%；实现扣非净利润 8.2 亿元，同比增长 78.1%，其中归母净利润同比下滑主要原因在于公司 2022 年公司为盾安控股提供担保的担保义务解除后进行了预计负债冲回，导致的高基 数效应。单季度来看，Q4公司实现营收 29.4亿元，同比增长 1.4％；实现归母 净利润 2亿元，同比增长 43.1%；实现扣非后归母净利润 2亿，同比增长 126.8%。 2024 年 Q1公司实现营收 26.3亿元，同比增长 7.3%；实现归母净利润 2.1亿元， 同比 28.9%；实现扣非净利润 2 亿元，同比 13.9%。 冷配份额逐步提升，积极发展汽车热管理业务。分产品来看，公司 2023年制冷 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on expected performance relative to market indices [6][15]. Core Insights - The company reported a revenue of 11.382 billion yuan for 2023, reflecting a year-on-year growth of 11.5%. However, the net profit attributable to shareholders decreased by 11.5% to 738 million yuan. The adjusted net profit, excluding non-recurring items, increased by 78.08% to 821 million yuan [5][11]. - The gross margin for 2023 was 19.19%, an increase of 2.34 percentage points year-on-year, while the net profit margin was 6.48%, down by 1.69 percentage points [5]. - The company plans not to distribute cash dividends or issue bonus shares in 2023 [5]. Financial Performance Summary - For Q1 2024, the company achieved a revenue of 2.626 billion yuan, up 7.31% year-on-year, with a net profit of 208 million yuan, representing a 28.88% increase [5]. - The projected earnings per share (EPS) for 2024-2026 are 0.94, 1.09, and 1.26 yuan, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 11.7, 10.1, and 8.8 [11][14]. - The company’s revenue is expected to grow to 12.772 billion yuan in 2024, with a projected net profit of 1.005 billion yuan, marking a significant recovery from the previous year [4][11]. Market Data - As of April 19, 2024, the closing price of the company's stock was 11.04 yuan, with a total share capital of 1,065.44 million shares and a net asset value of 4,606.39 million yuan [3].

Investment Rating - The report assigns a "Buy" rating for Shun'an Environment, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [3][13]. Core Views - The report highlights that the company is positioned to benefit from the expansion of the upstream components industry due to increased air conditioning production and the rising penetration of new energy vehicles. The company, as a leading manufacturer of refrigeration components, is expected to share in the industry's growth dividends. Additionally, the rapid expansion of the new energy vehicle thermal management business is anticipated to drive revenue growth [3][8]. - The projected net profits for the company from 2024 to 2026 are estimated at 948 million, 1.14 billion, and 1.36 billion yuan, respectively, with corresponding EPS of 0.89, 1.07, and 1.27 yuan. The current stock price corresponds to PE ratios of 12.40, 10.32, and 8.67 times for the same years [3][9]. Financial Performance Summary - In 2023, the company achieved a revenue of 11.38 billion yuan, representing an increase of 11.50%, while the net profit attributable to shareholders was 738 million yuan, a decrease of 11.50%. The non-recurring net profit was 821 million yuan, showing a significant increase of 78.08% [6][9]. - For Q1 2024, the company reported a revenue of 2.63 billion yuan, up 7.31%, and a net profit of 208 million yuan, an increase of 28.88%. The non-recurring net profit for the same period was 200 million yuan, reflecting a growth of 13.94% [6][9]. - The company's revenue from refrigeration parts, refrigeration equipment, automotive thermal management, and other businesses in 2023 was 8.46 billion, 1.65 billion, 473 million, and 807 million yuan, respectively, with year-on-year growth rates of 8.74%, 10.53%, 136.54%, and 8.60% [6][9]. Business Segment Insights - The automotive thermal management business has shown remarkable growth, with its revenue share increasing to 4.15% in 2023, up by 2.19 percentage points. This segment, along with the high-margin refrigeration equipment business, is expected to enhance the company's long-term profitability [8][9]. - The company is focusing on technological upgrades and capacity expansion in the refrigeration sector, while also actively developing its new energy thermal management technology to become a reliable supplier for major manufacturers [8][9].

Investment Rating - The investment rating for the company is "Buy" with a target price of 20.37 CNY, maintaining the previous rating of "Buy" [2][28]. Core Views - The company's performance in 2023 met expectations, with a revenue of 11.38 billion CNY, a year-on-year increase of 11.5%, and a net profit attributable to shareholders of 738 million CNY, a year-on-year decrease of 11.5% [12][28]. - The revenue structure is gradually improving, and profitability has increased, with a notable rise in operating cash flow quarter by quarter [12][20]. - The automotive thermal management business has started to ramp up, while traditional businesses have shown steady growth [13][16]. Summary by Sections 1. Performance Overview - In 2023, the company achieved a revenue of 113.82 billion CNY, with a net profit of 7.38 billion CNY, and a significant increase in net profit after excluding non-recurring items [12][28]. - The fourth quarter of 2023 saw a revenue of 29.37 billion CNY, a year-on-year increase of 1.43%, and a net profit of 1.98 billion CNY, a year-on-year increase of 43.11% [12]. 2. Revenue Analysis - The company experienced steady growth in 2023, with the automotive thermal management business growing by 137%, while traditional businesses also showed resilience [13][14]. - In the first quarter of 2024, revenue was 26.26 billion CNY, a year-on-year increase of 7.3% [12][15]. 3. Profitability Analysis - The gross margin for 2023 was 19.19%, an increase of 2.34 percentage points year-on-year, while the net margin was 6.43%, a decrease of 1.7 percentage points [16][18]. - The company is expected to maintain a positive long-term profitability trend despite short-term pricing pressures [16][18]. 4. Cash Flow Improvement - The company reported a net cash flow from operating activities of 8.12 billion CNY in 2023, with a significant improvement in cash flow in the fourth quarter [20]. - The cash and cash equivalents at the end of 2023 were 30.26 billion CNY, an increase of 85.57% year-on-year [20]. 5. Dividend Outlook - The company is expected to resume dividend payments in 2024, with a commitment to maintain a stable dividend policy [22][28]. 6. Investment Recommendations - The report maintains the profit forecast for 2024-2025 and introduces a new forecast for 2026, with expected net profits of 9.36 billion CNY, 11.20 billion CNY, and 13.01 billion CNY respectively [28].

速动比率 公司报告 | 年报点评报告 公允价值变动收益 3.56 2.26 2.00 2.00 2.00 每股收益 资料来源：公司公告，天风证券研究所 公司报告 | 年报点评报告 事件：2023 年公司实现营收 113.8 亿元，同比+11.50%；归母净利润 7.4 亿元，同比-11.50%；扣非归母净利润 8.2 亿元，同比+78.08%。23Q4 公司 实现营收 29.4 亿元，同比+1.72%；归母净利润 2.0 亿元，同比+44.00%；扣 非归母净利润 2.0 亿元，同比+126.75%。24Q1 公司实现营收 26.3 亿元， 同比+7.31%；归母净利润 2.1 亿元，同比+28.88%；扣非归母净利润 2.0 亿 元，同比+13.94%。 投资建议：盾安是制冷元器件领域龙头，家电主业结构升级、盈利改善路 径清晰，将业务延伸高景气新能源车热管理赛道后，抓住二供机遇逐渐打 造出新的增长曲线。公司双板块发展持续向好，激励锚定较高增长目标， 预计 24-26 年归母净利润 10.0/12.5/15.4 亿元（24-25 年前值 9.5/12.0 亿 元），对应 24-26 年 PE 11.8x/9. ...

| --- | --- | |--------------------------|--------------------| | | 证券研究报告 | | | 其他通用机械 | | 投资评级 | 买入 -A | | | 维持评级 | | 6 个月目标价 | 15.58 元 | | 股价 (2024-04-19) 11.04 | 元 | | 交易数据 | | | 总市值(百万元 | ) 11,762.42 | | 流通市值 | (百万元) 10,116.09 | | 总股本 | (百万股) 1,065.44 | | 流通股本 | (百万股) 916.31 | | 12 个月价格区间 | 10.03/14.87 元 | 投资建议：盾安是制冷元器件行业龙头企业，积极拓展制冷设 备和新能源汽车热管理业务，盈利能力有望持续提升。预计公司 2024 年~2026 年的 EPS 分别为 0.87/1.01/1.23 元，维持买入-A 的投资评级，给予公司 2024 年 18 倍动态市盈率，相当于 6 个月 目标价 15.58 元。 公司快报/盾安环境 | --- | --- | --- | --- | --- | --- ...

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