DUN'AN ENVIRONMENTAL(SZ:002011) Huaxin Securities·2025-03-30 12:23Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][8]. Core Insights - The company is experiencing significant growth in its new energy vehicle thermal management orders, driven by favorable policies and strategic initiatives [3][5]. - The company has focused on consolidating its core business areas, particularly in refrigeration components, refrigeration equipment, heat exchangers, and new energy vehicle thermal management [4]. - The company has achieved a substantial order backlog of 13 billion yuan in its automotive thermal management business, with a market share approaching 50% in domestic new energy vehicles [5]. Summary by Sections Market Performance - The company’s stock price is currently at 12.37 yuan, with a total market capitalization of 13.2 billion yuan and a 52-week price range of 9.61 to 13.5 yuan [2]. Revenue and Profit Forecast - Revenue projections for the company are 12.712 billion yuan in 2024, 14.214 billion yuan in 2025, and 15.816 billion yuan in 2026, with corresponding EPS of 0.84, 1.00, and 1.15 yuan [8][10]. - The company is expected to see a revenue growth rate of 11.7% in 2024, 11.8% in 2025, and 11.3% in 2026 [10]. Business Strategy - The company has divested from non-core businesses to focus on its 3+1 business model, enhancing its core competitiveness [4]. - The acquisition of Shanghai Dacreat, which specializes in automotive OBD intelligent control products and new energy vehicle thermal management products, is expected to enrich the company's product matrix and enhance its R&D capabilities [4]. Order and Market Share - As of October 26, 2024, the company has secured 13 billion yuan in orders for its automotive thermal management business, with major clients including BYD, Geely, and Li Auto [5]. - The gross margin for this business segment has improved to 21.10% in the first half of 2024, indicating a positive trend in profitability [5].