盾安环境：成长提速，经营提效

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company achieved a revenue of 6.346 billion yuan in H1 2024, representing a year-on-year increase of 14%, and a net profit attributable to shareholders of 474 million yuan, up 44% year-on-year [1]. - In Q2 2024, the company reported a revenue of 3.720 billion yuan, a 19% increase year-on-year, and a net profit of 265 million yuan, up 59% year-on-year [1][2]. - The growth in revenue is attributed to the high demand in the downstream air conditioning industry, delayed revenue recognition in Q1, and significant expansion in the automotive parts business [2]. - The company’s gross margin for H1 2024 was 18.0%, down 1.2 percentage points year-on-year, with Q2 2024 gross margin at 18.3%, down 0.6 percentage points year-on-year, influenced by rising shipping costs and accounting changes [2]. - The company is positioned as a leader in the refrigeration components sector, with a clear path for profit improvement and structural upgrades in its home appliance business [2]. Financial Summary - The company’s revenue is projected to grow from 11.382 billion yuan in 2023 to 17.028 billion yuan in 2026, with growth rates of 12.21%, 13.95%, 15.24%, and 13.93% respectively [3][6]. - The net profit attributable to shareholders is expected to increase from 738 million yuan in 2023 to 1.484 billion yuan in 2026, with growth rates of -12.03%, 27.19%, 28.92%, and 22.60% respectively [3][6]. - The company’s earnings per share (EPS) is projected to rise from 0.69 yuan in 2023 to 1.39 yuan in 2026 [3][6]. - The price-to-earnings (P/E) ratio is expected to decrease from 15.11 in 2023 to 7.52 in 2026, indicating an improving valuation [3][6]. Business Segments - In H1 2024, the company’s revenue from refrigeration parts was 4.97 billion yuan, up 15.7% year-on-year, with significant sales to Gree amounting to 1.33 billion yuan, a 32.2% increase [2]. - The automotive thermal management segment saw a remarkable growth of 93.2%, generating 260 million yuan in revenue [2].