盾安环境2024Q3点评：盈利受信用减值损失影响

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance was impacted by credit impairment losses, with a reported revenue of 2.99 billion yuan (up 4.09% year-on-year) and a net profit attributable to shareholders of 175 million yuan (down 17.18% year-on-year) [1] - The company expects a recovery in its core refrigeration parts business and continued contribution from its automotive parts business [1] - The forecast for revenue from 2024 to 2026 is 12.53 billion yuan, 13.78 billion yuan, and 15.06 billion yuan respectively, with year-on-year growth rates of 10.1%, 10.0%, and 9.3% [2][3] Revenue Analysis - Q3 revenue growth was primarily driven by the automotive parts segment, while the refrigeration parts segment showed signs of slowing down [1] - The company completed the acquisition of Shanghai Dacreat on August 7, which is expected to strengthen its automotive parts business [1] Profitability Analysis - Q3 gross margin was 18.6%, reflecting a slight decline due to rising copper prices, while the net profit margin was 5.8% [1] - After excluding the impact of credit impairment losses, the net profit margin would have been 7.9%, indicating a slight improvement [1] Financial Forecasts - The company’s net profit for 2024 is projected to be 913 million yuan, with a year-on-year growth of 22.5% [2][4] - The projected earnings per share (EPS) for 2024 is 0.85 yuan, with a price-to-earnings (P/E) ratio of 13.05 [2][4]