Core Insights - The company reported better-than-expected performance in 2024, achieving total revenue of 12.678 billion yuan, a year-on-year increase of 11%, and a net profit attributable to shareholders of 1.045 billion yuan, up 42% year-on-year [1] - The fourth quarter saw revenue of 3.343 billion yuan, a 14% increase year-on-year, and a net profit of 396 million yuan, which is a 100% increase year-on-year [1] - The company’s operating cash flow reached 1.161 billion yuan, a 43% increase year-on-year, indicating improved operational quality [4] Business Performance - The refrigeration parts business benefited from the old-for-new policy, achieving sales of 9.612 billion yuan in 2024, a 13.7% increase year-on-year, aligning with industry averages [2] - The company maintained a leading position in the market for key components, with the market share for shut-off valves being the highest globally, and second for four-way valves and electronic expansion valves [1] - The automotive thermal management segment saw significant growth, with sales reaching 812 million yuan, a 71.7% increase year-on-year, driven by the competitive advantage of its large-diameter valves [3] Market Outlook - The company anticipates a 17.1% growth in sales from transactions with Gree, projecting 2.9 billion yuan in 2025 compared to 2.477 billion yuan in 2024 [3] - Despite challenges in the central air conditioning market, which saw a 19.1% decline, the company’s refrigeration equipment sales were 1.496 billion yuan, down 9.2% year-on-year [3] - The company has raised its profit forecasts for 2025 and 2026, expecting net profits of 1.17 billion yuan and 1.35 billion yuan respectively, reflecting a positive growth outlook [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance exceeded expectations, with total revenue for 2024 reaching 12.68 billion yuan, a year-on-year increase of 11%, and net profit attributable to shareholders reaching 1.045 billion yuan, a year-on-year increase of 42% [6] - The company has adjusted its profit forecasts upwards, expecting net profits of 1.17 billion yuan in 2025 and 1.35 billion yuan in 2026, reflecting growth rates of 12% and 15% respectively [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 11.38 billion yuan - 2024: 12.68 billion yuan - 2025E: 14.38 billion yuan - 2026E: 15.72 billion yuan - 2027E: 17.61 billion yuan - Year-on-year growth rates are projected at 11.5%, 11.4%, 13.4%, 9.3%, and 12.0% respectively [5][8] - Net profit attributable to shareholders is forecasted as follows: - 2023: 738 million yuan - 2024: 1.045 billion yuan - 2025E: 1.17 billion yuan - 2026E: 1.348 billion yuan - 2027E: 1.592 billion yuan - Year-on-year growth rates are projected at -11.5%, 41.6%, 12.0%, 15.2%, and 18.1% respectively [5][8] - The company achieved a sales net profit margin of 8.2% in 2024, an increase of 1.8 percentage points year-on-year, and a historical high in operating net profit margin [6]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 15.54 [7][8]. Core Views - The company's net profit performance exceeded expectations, with a reported net profit of RMB 1.045 billion for 2024, representing a year-on-year increase of 41.58% [1][6]. - The revenue for 2024 is projected at RMB 12.678 billion, reflecting a year-on-year growth of 11.39% [1][6]. - The company is expected to maintain stable growth in its core business related to air conditioning, despite potential short-term impacts from US tariffs [1][2]. - The automotive parts business is anticipated to continue benefiting from the growth in electric vehicle sales, maintaining a high growth rate [3]. Summary by Sections Revenue and Profitability - The company reported a revenue of RMB 12.678 billion for 2024, up 11.39% year-on-year, with a net profit of RMB 1.045 billion, up 41.58% year-on-year [1][6]. - The revenue for Q4 2024 showed a year-on-year increase of 13.81%, with net profit doubling at 100.2% year-on-year [1]. Business Segments - The refrigeration parts segment benefited from a 19.5% increase in air conditioning production in 2024, with the company's valve business growing by 13.7% [2]. - The automotive parts segment achieved a revenue of RMB 810 million in 2024, a significant increase of 72% year-on-year, aided by the acquisition of Shanghai Dacai [3]. Margin and Cost Structure - The gross margin for 2024 was reported at 18.2%, a decrease of 0.97 percentage points year-on-year, primarily due to rising copper prices [4]. - The company managed to reduce its expense ratio by 0.6 percentage points year-on-year, with sales and financial expense ratios also declining [4]. Future Outlook - For 2025, the company anticipates revenue growth to RMB 14.041 billion, with a projected EPS of RMB 1.11, reflecting an 8% and 7% upward adjustment for 2025 and 2026 respectively [5][6]. - The target price of RMB 15.54 corresponds to a PE ratio of 14x for 2025, considering the potential impact of US tariffs on air conditioning exports [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company successfully achieved its incentive targets for 2024, with a notable increase in revenue and net profit [7][9] - The revenue for 2024 is reported at 12.68 billion yuan, reflecting a year-on-year growth of 11.4%, while the net profit attributable to the parent company is 1.045 billion yuan, up 41.6% year-on-year [10][12] - The company is expected to benefit from national subsidies in the home appliance sector, with high-value products like electronic expansion valves likely to increase in proportion [7] - The automotive thermal management segment saw a significant revenue increase of 72% for the year, with expectations for continued growth due to strong customer relationships and new model releases [9] Revenue Analysis - The company reported a revenue of 33.4 billion yuan in Q4, a year-on-year increase of 13.8% [9] - The revenue for the entire year of 2024 was 126.8 billion yuan, with a projected revenue growth of 14% for 2025, reaching 145.1 billion yuan [10][12] Profit Analysis - The net profit for Q4 was 400 million yuan, showing a remarkable year-on-year increase of 100.2% [9] - The projected net profit for 2025 is 1.224 billion yuan, representing a year-on-year growth of 17.1% [10][12] Financial Forecast - The company forecasts revenues of 145.1 billion yuan, 163.2 billion yuan, and 179.6 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.224 billion yuan, 1.406 billion yuan, and 1.580 billion yuan [7][10] - The projected P/E ratios for the next three years are 10, 9, and 8 respectively [7] Key Financial Metrics - The company’s gross margin for 2024 is reported at 18.2%, with expectations for slight improvements in the following years [10][12] - The return on equity (ROE) is projected to decline from 19.0% in 2024 to 16.2% by 2027 [10][12]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 16.47 CNY for the next six months [4][7]. Core Views - The company reported a revenue of 12.68 billion CNY for 2024, representing a year-over-year increase of 11.4%, and a net profit attributable to shareholders of 1.04 billion CNY, up 41.6% year-over-year [1][3]. - The "old-for-new" subsidy policy has effectively boosted domestic air conditioning and new energy vehicle sales, leading to a recovery in revenue growth for the company's automotive thermal management and refrigeration parts businesses in Q4 [1][2]. - The company is expected to benefit from the expansion of the "old-for-new" policy in 2025, which will likely stimulate ongoing demand for air conditioning updates and related components [2]. Financial Performance Summary - In Q4, the company achieved a revenue of 3.34 billion CNY, a year-over-year increase of 13.8%, and a net profit of 400 million CNY, reflecting a significant year-over-year growth of 100.2% [1][3]. - The automotive thermal management revenue for the second half of 2024 reached 550 million CNY, marking a year-over-year increase of 62.9% [2]. - The gross profit margin for Q4 remained stable at 15.9%, while management and R&D expense ratios increased due to higher stock payment costs and increased R&D investment [2][3]. - The net profit margin for Q4 improved significantly to 11.9%, up 5.1 percentage points year-over-year, primarily due to the reversal of previously recognized credit impairment losses [3]. Future Earnings Projections - The company is projected to have earnings per share (EPS) of 1.10 CNY, 1.25 CNY, and 1.49 CNY for the years 2025, 2026, and 2027, respectively [4][8]. - The expected revenue growth rates for the upcoming years are 15.5% for 2025, 11.4% for 2026, and 12.9% for 2027 [8][12]. Market Position - The company is recognized as a leading player in the refrigeration components industry and is actively expanding its business in refrigeration equipment and new energy vehicle thermal management [3][4]. - The total market capitalization of the company is approximately 12.18 billion CNY, with a circulating market capitalization of about 10.47 billion CNY [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company successfully achieved its incentive targets for 2024, with a notable increase in revenue and net profit [7][9] - The revenue for 2024 reached 12.68 billion yuan, representing a year-on-year growth of 11.4%, while the net profit attributable to the parent company was 1.045 billion yuan, up 41.6% year-on-year [10][12] - The company expects revenue growth of 14% in 2025, 13% in 2026, and 10% in 2027, with net profit projections of 1.22 billion yuan, 1.41 billion yuan, and 1.58 billion yuan respectively [7][10] Revenue Analysis - The revenue from refrigeration parts increased by 14% year-on-year, driven by national subsidies and a release in downstream air conditioning demand [9] - The automotive thermal management segment saw a significant revenue increase of 72% year-on-year, with expectations for continued growth due to major client contributions [9] - Revenue from refrigeration equipment decreased by 9% year-on-year, but is expected to recover with a focus on energy storage in 2025 [9] Profit Analysis - The company reported a gross margin of 18.2% for 2024, with a slight decrease expected in subsequent years [10][12] - The net profit margin for 2024 was 8.2%, with projections for gradual improvement in the following years [13] - The company’s EBITDA for 2024 was 1.448 billion yuan, with expectations for growth in the coming years [12] Financial Projections - The company forecasts revenues of 14.51 billion yuan in 2025, 16.32 billion yuan in 2026, and 17.96 billion yuan in 2027 [10][12] - The projected net profit for 2025 is 1.22 billion yuan, increasing to 1.58 billion yuan by 2027 [10][12] - The P/E ratio is expected to decrease from 10.92 in 2024 to 7.71 by 2027, indicating potential for improved valuation [10][12]

Group 1 - The core viewpoint of the news is that Shield Environment (002011.SZ) has reported its annual results for 2024, highlighting significant institutional investor holdings and changes in public fund investments [1][2] Group 2 - As of April 17, 2025, a total of 154 institutional investors disclosed holdings in Shield Environment A-shares, with a total holding of 680 million shares, accounting for 63.82% of the total share capital [1] - The top ten institutional investors hold a combined 57.44% of the shares, with a slight decrease of 0.80 percentage points compared to the previous quarter [1] Group 3 - In the public fund sector, two funds increased their holdings, accounting for a 0.19% increase, while ten funds decreased their holdings, representing a 1.58% decrease [2] - A total of 132 new public funds were disclosed this period, while three funds were no longer disclosed compared to the previous quarter [2] Group 4 - Foreign investment sentiment showed a decrease in holdings from one foreign fund, Hong Kong Central Clearing Limited, with a reduction of 0.52% [2]

1、基本信息 （1）机构名称：中审众环会计师事务所（特殊普通合伙） （2）成立日期：中审众环始创于 1987 年，是全国首批取得国家批准具有从 事证券、期货相关业务资格及金融业务审计资格的大型会计师事务所之一。根据 财政部、证监会发布的从事证券服务业务会计师事务所备案名单，本所具备股份 有限公司发行股份、债券审计机构的资格。2013 年 11 月，按照国家财政部等有 关要求转制为特殊普通合伙制。 浙江盾安人工环境股份有限公司 董事会对会计师事务所 2024 年度履职情况评估及 审计委员会履行监督职责情况的报告 浙江盾安人工环境股份有限公司（以下简称"公司"）聘请中审众环会计师事 务所（特殊普通合伙）（以下简称"中审众环"）作为公司 2024 年度财务报告审 计机构、内部控制审计机构。根据《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司治理准则》《国有企业、上市公司选聘会计师事务所管理办法》 《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指引第 1 号 ——主板上市公司规范运作》和《浙江盾安人工环境股份有限公司章程》（以下 简称"《公司章程》"）等规定和要求，董事会审计委员会本着勤勉尽 ...

浙江盾安人工环境股份有限公司 2024 年度监事会工作报告 2024 年度，浙江盾安人工环境股份有限公司（以下简称"公司"）监事会根 据《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作》等有关法律法规以及《浙江盾安人工环境股份有限公司 章程》（以下简称"《公司章程》"）《监事会议事规则》的要求，从切实维护公 司利益和广大中小股东权益出发，履行监督、检查职责，有效督促公司合法合规 运作。现将 2024 年监事会主要工作汇报如下： 一、监事会组成及工作概述 1、监事会组成 公司监事会由 5 名监事组成（其中 3 名股东代表监事，2 名职工代表监事）， 设监事会主席 1 名。 2、监事会工作概述 报告期内，公司监事会按照《公司法》《公司章程》等规定，认真履行了监 督职能。监事会成员均参加了历次监事会会议，审议各项议案；出席股东大会， 接受股东及股东代表的质询；列席董事会会议，对董事会审议的事项进行监督， 对公司重大事项进行核查，对公司的经营管理、财务状况、关联交易、董事及高 级管理人员履职情况等事项进行监督，促进公司规范运作，维护公司及全体股东 权益。 二、监事会会议 ...