盾安环境（002011）：营收小幅增长，减值大额冲回带动利润率明显改善

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company achieved a revenue of 9.723 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 4.15%. The net profit attributable to shareholders was 769 million yuan, up 18.46% year-on-year, and the net profit after deducting non-recurring gains and losses was 737 million yuan, an increase of 17.29% year-on-year. In Q3 2025, the company reported a revenue of 2.993 billion yuan, a slight increase of 0.11% year-on-year, with a net profit of 233 million yuan, up 33.43% year-on-year, and a net profit of 221 million yuan after deducting non-recurring gains and losses, an increase of 35.14% year-on-year [2][6]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company's gross profit margin was 17.91%, a decrease of 0.13 percentage points year-on-year. The operating profit for the same period was 779 million yuan, reflecting a year-on-year growth of 15.84%, with an operating profit margin of 8.01%, an increase of 0.81 percentage points year-on-year. In Q3 2025, the gross profit margin improved to 19.25%, an increase of 0.81 percentage points year-on-year, with an operating profit of 250 million yuan and an operating profit margin of 8.34%, up 1.81 percentage points year-on-year [13]. Business Strategy - The company focuses on the refrigeration and air conditioning sector, as well as the new energy vehicle industry. It has established a clear strategic positioning for the coordinated development of refrigeration components, refrigeration equipment, and thermal management for new energy vehicles. The company aims to enhance its market position in commercial air conditioning and refrigeration while expanding its overseas market share. The thermal management business for new energy vehicles is expected to provide long-term growth momentum [13]. Future Outlook - The company is positioned as a leader in global refrigeration components. With a renewed focus on its core refrigeration business and the support from its major shareholder, Gree Electric Appliances, the company's operational performance is stabilizing. The domestic air conditioning market still has significant growth potential, and the company is expected to achieve steady growth in revenue and profits through its technological advantages. The new energy vehicle thermal management sector is anticipated to become a core driver of future growth, with orders beginning to ramp up [13].