盾安环境（002011）：价值低估的全球制冷阀件龙头

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 20.39 CNY, indicating a significant upside potential from the current price of 13.81 CNY [5][7]. Core Insights - The company, Shun'an Environment, is a leading player in the global refrigeration components industry, with a clear strategy focusing on the synergy of three main business areas: refrigeration components, refrigeration equipment, and automotive thermal management [2][23]. - The company is expected to achieve a revenue of 12.7 billion CNY in 2024, with a net profit of 1.04 billion CNY, reflecting a net profit margin of 8.2% [2][5]. - The company has a strong balance sheet, with cash holdings of 1.7 billion CNY, representing 12% of its market value, which is higher than its peers [2][47]. Summary by Sections Company Overview - Shun'an Environment is recognized as the global leader in refrigeration components, with the highest market share in shut-off valves and the second highest in four-way and electronic expansion valves as of 2024 [2][23]. - The company has undergone significant restructuring since becoming a subsidiary of Gree Electric Appliances, which has helped stabilize its operations and improve financial performance [29][32]. Future Outlook 1: Refrigeration Business - The refrigeration business is expected to provide stable growth, with short-term drivers including increased orders from Gree and a rebound in orders from Midea [3][57]. - The company aims to enhance its product structure by expanding into the commercial refrigeration sector and increasing its market share in overseas markets [3][4]. Future Outlook 2: Automotive Thermal Management - The automotive thermal management segment is projected to grow significantly, with revenues expected to reach 810 million CNY in 2024, marking a 72% increase from 2023 [4][5]. - The company has secured substantial orders from major clients such as BYD and Geely, indicating strong demand for its products in the electric vehicle market [4][5]. Future Outlook 3: Long-term Incentive Mechanism - The company has implemented a long-term incentive plan to enhance employee engagement and retention, which is expected to support its growth trajectory [4][5]. Profit Forecast, Valuation, and Rating - The company is projected to achieve net profits of 1.09 billion CNY, 1.26 billion CNY, and 1.47 billion CNY for the years 2025 to 2027, respectively, reflecting growth rates of 4%, 16%, and 16% [5][6]. - The report highlights that Shun'an Environment's price-to-earnings (P/E) ratio is significantly lower than its peers, suggesting that the market undervalues the company [5][14].