盾安环境（002011）：24年报点评：业绩超预期，第二成长曲线汽零高增

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance exceeded expectations, with total revenue for 2024 reaching 12.68 billion yuan, a year-on-year increase of 11%, and net profit attributable to shareholders reaching 1.045 billion yuan, a year-on-year increase of 42% [6] - The company has adjusted its profit forecasts upwards, expecting net profits of 1.17 billion yuan in 2025 and 1.35 billion yuan in 2026, reflecting growth rates of 12% and 15% respectively [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 11.38 billion yuan - 2024: 12.68 billion yuan - 2025E: 14.38 billion yuan - 2026E: 15.72 billion yuan - 2027E: 17.61 billion yuan - Year-on-year growth rates are projected at 11.5%, 11.4%, 13.4%, 9.3%, and 12.0% respectively [5][8] - Net profit attributable to shareholders is forecasted as follows: - 2023: 738 million yuan - 2024: 1.045 billion yuan - 2025E: 1.17 billion yuan - 2026E: 1.348 billion yuan - 2027E: 1.592 billion yuan - Year-on-year growth rates are projected at -11.5%, 41.6%, 12.0%, 15.2%, and 18.1% respectively [5][8] - The company achieved a sales net profit margin of 8.2% in 2024, an increase of 1.8 percentage points year-on-year, and a historical high in operating net profit margin [6]