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盾安环境(002011):毛利率有所企稳 经营利润大幅增长

Core Viewpoint - The company reported a stable performance in the first half of 2025, with revenue growth driven by the new energy vehicle thermal management business, despite a slight decline in Q2 revenue [1][2][4]. Financial Performance - In H1 2025, the company achieved revenue of 6.729 billion yuan, a year-on-year increase of 6.05%, and a net profit attributable to shareholders of 535 million yuan, up 12.94% [1]. - In Q2 2025, revenue was 3.708 billion yuan, a slight decline of 0.31% year-on-year, while net profit attributable to shareholders increased by 19.69% to 318 million yuan [1][2]. Business Segment Analysis - The refrigeration equipment segment saw a significant revenue decline of 31.43%, attributed to a downturn in the central air conditioning industry and strategic contraction to avoid competition with the controlling shareholder, Gree Electric [2]. - The refrigeration air conditioning components segment grew by 8.80%, benefiting from the "old-for-new" policy boosting demand for downstream air conditioning products [2]. - The new energy vehicle thermal management segment experienced substantial growth of 81.84%, driven by the gradual release of prior orders [2]. Profitability Metrics - In H1 2025, the company's gross margin decreased by 0.54 percentage points, with the refrigeration equipment segment's gross margin down by 2.69 percentage points [3]. - The operating profit for H1 2025 was 530 million yuan, reflecting a year-on-year increase of 10.93%, with an operating profit margin of 7.87%, up 0.35 percentage points [3]. - In Q2 2025, the operating profit was 336 million yuan, a 16.82% increase year-on-year, with an operating profit margin of 9.05%, up 1.33 percentage points [3]. Strategic Outlook - The company is focusing on its core refrigeration business and has made strategic adjustments to avoid competition with Gree Electric, which may lead to short-term challenges [4]. - The domestic air conditioning market still has significant growth potential, and the company aims to leverage its technological advantages for stable revenue and profit growth [4]. - The new energy vehicle thermal management business is expected to be a key growth driver, with a broad global market potential and increasing order volumes [4].