盾安环境2024Q2点评：汽零增长逻辑持续验证

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to validate its growth logic in the automotive parts sector, with strong performance in automotive thermal management and commercial air conditioning components [1][2] - The company reported a revenue of 3.72 billion yuan in Q2 2024, representing a year-over-year increase of 19.00%, and a net profit attributable to shareholders of 265 million yuan, up 58.65% [1] - For H1 2024, the company achieved a revenue of 6.346 billion yuan, a 13.87% increase year-over-year, and a net profit of 474 million yuan, reflecting a 44.02% growth [1] Revenue Analysis - The revenue from refrigeration parts is expected to be around 2.8 billion yuan in Q2, with a year-over-year growth of 21% - Automotive thermal management revenue is projected at 200 million yuan in Q2, showing a significant year-over-year increase of 116% - Revenue from refrigeration equipment is anticipated to be approximately 400 million yuan in Q2, with a year-over-year growth of 10% [1] Profit Analysis - The gross margin for Q2 is reported at 18.3%, with a slight decrease of 0.7 percentage points year-over-year and an increase of 0.8 percentage points quarter-over-quarter - The net profit margin for Q2 stands at 7.1%, reflecting an increase of 1.8 percentage points year-over-year but a decrease of 0.8 percentage points quarter-over-quarter [1] - The company has optimized its expenses, with reductions in sales, management, R&D, and financial expense ratios [1] Earnings Forecast - The company is expected to achieve revenues of 12.532 billion yuan, 13.782 billion yuan, and 15.060 billion yuan for the years 2024, 2025, and 2026 respectively, with year-over-year growth rates of 10.1%, 10.0%, and 9.3% [2][4] - The net profit attributable to shareholders is forecasted to be 1.047 billion yuan, 1.174 billion yuan, and 1.367 billion yuan for the years 2024, 2025, and 2026, with growth rates of 41.9%, 12.1%, and 16.5% respectively [2][4]