冰轮环境（000811）：业绩短期承压，海外市场打开新增量

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.635 billion yuan in 2024, a decrease of 11.48% year-on-year, with a net profit attributable to shareholders of 628 million yuan, down 4.76% [4][5] - The domestic market faced a decline in demand, leading to a 20.53% drop in revenue from the domestic market, while the overseas market saw a revenue increase of 20.95% [5] - The company has a strong technical advantage and has made significant R&D investments, with a new product filling a domestic gap and achieving international leading standards [6] - The company adjusted its revenue forecasts downward due to short-term domestic demand fluctuations but raised profit forecasts based on better-than-expected profit margins [7] Financial Summary - In 2024, the company achieved a gross margin of 27.63% and a net margin of 10.06%, both showing improvements year-on-year [5][10] - The projected revenues for 2025-2027 are 6.935 billion, 7.558 billion, and 8.386 billion yuan, respectively, with corresponding net profits of 662 million, 740 million, and 852 million yuan [7][10] - The diluted EPS for 2025-2027 is projected to be 0.87, 0.97, and 1.12 yuan, respectively, with current P/E ratios of 14, 12, and 11 times [7][10]