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].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 11.04 yuan [10]. Core Insights - In 2023, the company achieved a revenue of 11.38 billion yuan, representing a year-on-year increase of 11.50%. However, the net profit attributable to shareholders decreased by 11.50% to 740 million yuan, while the net profit excluding non-recurring items surged by 78.08% to 820 million yuan [4][5]. - The company is positioned as a leader in the refrigeration components sector, with a clear path for profit improvement through structural upgrades in its home appliance business and expansion into the high-growth new energy vehicle thermal management market [5][8]. - The company’s revenue for Q4 2023 was 2.94 billion yuan, up 1.72% year-on-year, with a net profit of 200 million yuan, reflecting a 44.00% increase [4]. Financial Performance Summary - The company’s revenue is projected to grow from 11.38 billion yuan in 2023 to 17.06 billion yuan by 2026, with annual growth rates of 12.21%, 14.50%, 14.62%, and 14.20% respectively [6]. - The net profit attributable to shareholders is expected to rise from 738 million yuan in 2023 to 1.54 billion yuan in 2026, with growth rates of -12.03%, 34.94%, 25.17%, and 23.57% respectively [6]. - The company’s EBITDA is forecasted to increase from 1.68 billion yuan in 2023 to 1.89 billion yuan in 2026 [6]. Business Segment Performance - The refrigeration parts segment generated 8.46 billion yuan in revenue, up 8.7% year-on-year, while the automotive thermal management segment saw a remarkable growth of 136.5%, reaching 470 million yuan [8]. - The company’s gross margin improved to 19.2% in 2023, an increase of 2.2 percentage points, driven by product innovation and cost reduction efforts [13]. Future Outlook - The company aims to achieve net profits of 1.0 billion yuan in 2024, 1.25 billion yuan in 2025, and 1.54 billion yuan in 2026, with corresponding P/E ratios of 11.8x, 9.4x, and 7.6x [5][6]. - The automotive thermal management business is expected to contribute significantly to revenue growth, supported by strong order backlogs from major domestic manufacturers [8].

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 15.58 CNY over the next six months [1][2]. Core Insights - The company, Shun'an Environment, is a leading player in the refrigeration components industry, actively expanding into refrigeration equipment and thermal management for new energy vehicles, which is expected to enhance profitability [2]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.87 CNY, 1.01 CNY, and 1.23 CNY respectively, maintaining the "Buy - A" rating [2]. - The company reported a revenue of 113.8 billion CNY in 2023, a year-on-year increase of 11.5%, and a net profit of 7.4 billion CNY, a decrease of 11.5% year-on-year [8][9]. Financial Performance Summary - Revenue growth is expected to continue, with projected revenues of 127.9 billion CNY in 2024, 146.3 billion CNY in 2025, and 168.0 billion CNY in 2026 [4]. - The net profit is forecasted to rise to 9.2 billion CNY in 2024, 10.8 billion CNY in 2025, and 13.2 billion CNY in 2026 [4]. - The company’s gross profit margin improved in Q4 2023, with a net profit margin of 6.7% and 7.9% in Q1 2024, reflecting a positive trend in profitability [10]. Market Dynamics - The demand for refrigeration components is expected to improve due to a recovery in the air conditioning market, with a year-on-year increase of 17.0% in air conditioning sales in Q1 2024 [9]. - The automotive thermal management business is experiencing high growth, with a reported year-on-year increase of 128.6% in H2 2023 [9]. - The company has established itself as a supplier for major automotive manufacturers, including BYD and Geely, which is anticipated to drive revenue growth [9]. Cash Flow and Efficiency - The operating cash flow for Q1 2024 showed significant improvement, with a net cash flow of 0.7 billion CNY compared to -1.7 billion CNY in the same period last year [10]. - The company’s financial metrics indicate a positive trend in operational efficiency, with a decrease in accounts receivable impairment losses and improved cash collection from sales [10].

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[Table_Page] 年报点评|家用电器 收入稳健增长，盈利持续改善 [Table_Summary] 核心观点： [相对市场表现 Table_PicQuote] 13.1 亿元，分别同比+27%、+21%、+16%。参考可比公司估值，给予 24 年 PE 15x，对应合理价值 13.17 元/股，给予"增持"评级。 识别风险，发现价值 请务必阅读末页的免责声明 2 / 4 [Table_ResearchTeam] 广发家电行业研究小组 袁雨辰 ：资深分析师，上海社科院经济学硕士，2017 年进入广发证券发展研究中心。 符超然 ：资深分析师，上海财经大学经济学硕士，同济大学工学学士，2021 年进入广发证券发展研究中心 。 陈 尧 ：高级分析师，新加坡国立大学金融工程专业硕士，2022 年加入广发证券发展研究中心。 买入： 预期未来 12 个月内，股价表现强于大盘 10%以上。 本报告署名研究人员所持中国证券业协会注册分析师资质信息和香港证监会批复的牌照信息已于署名研究人员姓名处披露。 广发证券股份有限公司及其关联机构可能与本报告中提及的公司寻求或正在建立业务关系，因此，投资者应当考虑广发证券股份有限公司 ...

盾安环境23年报暨24年一季报交流240418天风原文 2024年04月18日 21:54 发言人100:00 防二道贩子搬运车 发言人200:35 各位领导晚上好。东阳环境刚刚发布了二三年年报和24年一季报，我们第一时间就公司的经营情况与市 场沟通交流。本次业绩交流会的话是由我们天宫家电和电万家电来刘振总共同主持。我们邀请到会的是 公司的总裁李建军李总，财务总监徐彦刚徐总,副总裁中安机电科技总经理童泰丰童总，副总裁东安热 工科技总经理王砚峰王总，副总裁董事会秘书张真虎张总，汽车热管理副总经理山海建肖总，以及公司 的以及公司的证代王全景和IR于小路，一起跟我们一会参参会交流。首先的话就是我想辛苦李总，对李 总他对过公司过去年多的这个经营表现，然后给大家做一个回顾同学，谢谢。 万 发言人201:30 李总。 发言人301:31 可以年报。 发言人401:33 大家也看了吗？这个收入两稍微两位数的增长，扣非净利润增长还是不错。服务军。 发言人501:47 领导我领导。 发言人301:49 了这个业务单元。 发言人302:05 调研 我来补充,还有什么的话，我来补充一下。张总，张总等一下。这次我们在年报之后，出来不 ...

浙江盾安人工环境股份有限公司 ZHEJIANG DUN'AN ARTIFICIAL ENVIRONMENT CO.,LTD 章 程 二〇二四年四月 | 1 | | --- | | - | | 第一章 | 总 则 3 | | --- | --- | | 第二章 | 经营宗旨和范围 4 | | 第三章 | 股 份 4 | | 第一节 | 股份发行 4 | | 第二节 | 股份增减和回购 5 | | 第三节 | 股份转让 7 | | 第四章 | 股东和股东大会 8 | | 第一节 | 股 东 8 | | 第二节 | 股东大会的一般规定 10 | | 第三节 | 股东大会的召集 12 | | 第四节 | 股东大会的提案与通知 13 | | 第五节 | 股东大会的召开 15 | | 第六节 | 股东大会的表决和决议 18 | | 第五章 | 董事会 22 | | 第一节 | 董 事 22 | | 第二节 | 董事会 25 | | 第六章 | 总裁及其他高级管理人员 30 | | 第七章 | 监事会 32 | | 第一节 | 监 事 32 | | 第二节 | 监事会 32 | | 第八章 | 财务会计制度、利润分配和审计 ...