盾安环境（002011）：汽零高增，业绩超预期

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3] Core Views - The company reported a revenue of 12.68 billion yuan for 2024, representing a year-on-year increase of 11.4%, and a net profit attributable to shareholders of 1.04 billion yuan, up 41.6% year-on-year [1] - The company exceeded market expectations by achieving its equity incentive targets for the year [1] - The automotive thermal management segment saw significant growth, with revenue increasing by 72% year-on-year to 810 million yuan, aided by the acquisition of Shanghai Dacreat [6] Financial Data and Valuation - Total revenue is projected to grow from 11.38 billion yuan in 2023 to 17.64 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 10% [2][12] - The net profit attributable to shareholders is expected to rise from 738 million yuan in 2023 to 1.53 billion yuan in 2027, reflecting a CAGR of about 17% [2][12] - The company's price-to-earnings (PE) ratio is forecasted to decrease from 17.5 in 2023 to 8.4 in 2027, indicating an attractive valuation [2][12] Revenue Breakdown - The cold chain business generated 9.6 billion yuan in revenue, up 14% year-on-year, driven by the implementation of the old-for-new policy [6] - The commercial air conditioning segment reported a revenue decline of 9% to 1.5 billion yuan, attributed to a downturn in the real estate market [6] - The automotive thermal management segment's revenue reached 810 million yuan, marking a 72% increase year-on-year [6] Profitability and Cost Management - The overall gross margin for the year was 18.2%, a decrease of 1 percentage point year-on-year, influenced by competitive pricing in the air conditioning sector [6] - The company effectively managed its expenses, with sales, management, R&D, and financial expense ratios at 2.6%, 3.1%, 4.0%, and 0.0% respectively [6]