盾安环境2024年点评：顺利完成激励目标

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company successfully achieved its incentive targets for 2024, with a notable increase in revenue and net profit [7][9] - The revenue for 2024 is reported at 12.68 billion yuan, reflecting a year-on-year growth of 11.4%, while the net profit attributable to the parent company is 1.045 billion yuan, up 41.6% year-on-year [10][12] - The company is expected to benefit from national subsidies in the home appliance sector, with high-value products like electronic expansion valves likely to increase in proportion [7] - The automotive thermal management segment saw a significant revenue increase of 72% for the year, with expectations for continued growth due to strong customer relationships and new model releases [9] Revenue Analysis - The company reported a revenue of 33.4 billion yuan in Q4, a year-on-year increase of 13.8% [9] - The revenue for the entire year of 2024 was 126.8 billion yuan, with a projected revenue growth of 14% for 2025, reaching 145.1 billion yuan [10][12] Profit Analysis - The net profit for Q4 was 400 million yuan, showing a remarkable year-on-year increase of 100.2% [9] - The projected net profit for 2025 is 1.224 billion yuan, representing a year-on-year growth of 17.1% [10][12] Financial Forecast - The company forecasts revenues of 145.1 billion yuan, 163.2 billion yuan, and 179.6 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.224 billion yuan, 1.406 billion yuan, and 1.580 billion yuan [7][10] - The projected P/E ratios for the next three years are 10, 9, and 8 respectively [7] Key Financial Metrics - The company’s gross margin for 2024 is reported at 18.2%, with expectations for slight improvements in the following years [10][12] - The return on equity (ROE) is projected to decline from 19.0% in 2024 to 16.2% by 2027 [10][12]